Anyone from Dallas invest in OKC?

Question

Currently house-hacking in a SFH in Plano, looking to save up for a down payment to purchase a property in OKC within the next year.  Anyone here go out of state to the OKC market? I've already spoken with a realtor I like, anyone have any tips or recommendations PM or areas?

Harrison Sharp · Answer

Looking like it’s going to be an eviction after getting a bullshit excuse from a tenant “their ex stole all of the money out of their bank accounts” lol. Good news is it can only go up from here right?

That’s good to know on the rents in the area.

I’m using a property management company (Homeworx) since i live in Dallas

Ralph Justiz · Answer

Way to stay positive! The first one is always a learning experience but it sounds like you're figuring it out pretty quick. This fall was particularly difficult to lease out properties. The general consensus around here is that because mortgages are so cheap right now a lot of potential tenants decided to buy instead of rent. I am still dealing with a vacancy in Edmond from October and have had to lower rent a couple times to garner interest.

Are you using a property manager or are you managing the property yourself?

My wife and I love Midwest city and have had some success investing there. We try to stick to the Carl Albert school district but recently branched out and have not had any issues.

Harrison Sharp · Answer

Picked up a house a few months ago in Midwest city.

Purchase price -85k

Repairs - 4K Rent - $925

I had a few things go wrong so far, the city thought i was doing plumbing work and i had To get an inspection and work done because they said it wasn’t up to code. That cost me an extra $1,000. Also i set my initial rent price too high and it sat vacant for around a month and a half. I think Part of this was bad time of the year to find renters (late Oct/Nov). And now in the second month the tenant is late on payment... so hoping i dont Start my first property with a messy eviction.

Learning experience so far but because i live so cheap and my house hack in Dallas has been great i can afford the hiccups.

Ralph Justiz · Answer

Hey guys I've been spending some time on the forums and came across this post. I was wondering if y'all ever made a move in OK? I've been investing in the area for a bit and would love to share stories.

Kevin Cox · Answer

Hey @Harrison Sharp, I live up in Celina and I've actually been looking in to the same strategy.  Reading about Dallas and how hot it is, you get mixed opinions between "there are still deals everywhere" and "you're late to the party, the time to be investing was 5 years ago."  I'm still working with people and looking for deals in parts of DFW but I'm primarily looking to OKC for rentals right now.  Did a bunch of market research and both OKC and Tulsa really look like they're recovering from the oil slump and found ways to not be so dependent on one industry.  I'll also be looking to grab my first property at the beginning of next year so if you ever want to compare notes or kick ideas around, feel free to send me a PM.