So I'm currently house-hacking in Chicago and the prices have just gone crazy through most of the city here. I'm originally from Tulsa and still have family there, so I'm considering possibly investing somewhere in Tulsa, preferably as close to downtown as possible. I know there aren't a ton of multi-unit homes for sale, so I guess what I'm wondering is what your guidelines are for a property if you're a buy & hold investor. Do you follow the 2% rule, the 1% rule, some hybrid guidelines? One reason a multi-unit interests me is that I could have a unit as a vacation rental and have a place to stay any time I came down there for myself. I've analyzed a ton of properties up here, but I'm having trouble finding rent prices and things like that to know what constitutes a good deal in Tulsa.
Also, are there still a lot of renters? With some of the house prices, I'm not sure why people wouldn't just buy instead of rent or if renters are being drawn to specific areas.
Also, as a side note, are there any up-and-coming neighborhoods worth checking out? I know Kendall-Whitier is near the Pearl District which seems to have seen some growth (based on a short trip I took recently), but is it too soon or too late? Any other areas worth checking out?
Thanks in advance!
Hi Lucas! It sounds like you have done some homework about the Tulsa market! In my opinion, Kendall Whittier is a great option for investors; it is benefiting from the resurgence of downtown and the support of TU, plus Capital Homes is building a ton on new homes that is helping to turn the neighborhood around. That being said, there are still plenty of opportunities to buy low and rehab, if that is what you are thinking. There are plenty of old, character apartment buildings, but they don't come on the market very often and get snapped up. You might be able to find a duplex or triplex, but it will likely need work. To answer your question, no, it's not too late for Kendall-Whittier. If you want close to downtown, there are great neighborhoods a bit north and west of downtown, with some great old homes. Look into Crosbie Heights and Owen Park. They are very close to downtown and starting to take off. Good luck!
@Lisa Williams , thanks for the reply! Would you happen to know if rents justify the purchase price/mortgage there? I'm having trouble researching rent-to-mortgage ratios to know what constitutes a good deal there. Also, do you or someone you know have rental properties that I might be able to ask some questions to? Thanks again!
if you have a 30 year fixed rate mort, it's hard not to cashflow in this city.
Lucas, I work with @Heidi Hughes and she is a BP regular. She has several single family properties, in a couple of areas, and is would be a good person for you to connect with. She is in California, with family here, buying long distance.
Thanks @Deren Huang and @Lisa Williams for the input! Sounds like I'm looking to do something similar to Heidi and I'll reach out to her soon to get her input on investment areas. I'm hoping to move on a property in the next few months once my wife and I discuss criteria and long-term goals. Thanks again!
I sent you a PM today. Reach out if you need any additional input.
Hi all - just saw this thread. I have a home right next to Owen Park neighborhood in Tulsa OK I need to sell. It is renovated and leased. I have owned it for years and it has been amazing cash flow. Only reason I need to sell to get my capital out for a construction project we are working on. I'd be happy to get you more info. It is professionally managed as I also live in CA. Here is a flyer I put together on.
@Alan Siebenaler , the link doesn't seem to be working (at least on my phone). Is this on the MLS?
@Lucas Hammer No it's not on the MLS, we wanted to sell it off market to an investor direct. I just tried the link on my computer and it worked. Maybe try again on a computer?
@Alan Siebenaler Just did, and it worked. I'll check it out, thanks!