Hey, I'm a first-timer with a few questions. I'm planning on looking to purchase a multifamily unit (probably a duplex) in a few months and I'm trying to get ahead on gathering information. For those of you who have experience in the Tulsa market, do you have any suggestions on finding listings? Do you typically rely on a good agent to help you find properties (and if so do you recommend anyone)? Although I'm not yet ready to buy, I've been keeping an eye on some listings and it seems like multifamily units in Tulsa move FAST.
Also, on the rental side of it all, what kind of vacancy percentages are you guys seeing (in general)?
Thanks for the help!
Hi Kevin, I would absolutely say you need a good investor-friendly realtor. Networking on her will help too, driving around your preferred area is a time-tested way to scout out possibilities, and then you can use tax records, foreclosure filings, sheriff sale lists to dig up info on some of them. A good agent can set you up with a search of expired listings, and many investors will contact those disappointed home owners, just as realtors do. Good luck and happy hunting!
Great thanks for the advice @Lisa Williams
A List Broker can help you find a list of Multifamily Home Owners.
Here are some list statistics for Tulsa County:
1211 owners with 2-4 unit homes with a total of 1,660 properties in the county
618 of these owners are age 60 or older
1392 of the properties have a home market value under $200,000
867 of the multifamily properties were purchased more than 10 years ago
@Karen E. thanks for the advice and statistics, I'm surprised (though I guess I shouldn't be) by the number of MFP's in the area
Kevin make sure you are working with someone who specializes in investment property. I think working with a good property manager is the best option. Full disclosure I am a property manager. I have seen many times realtors just sell you a house because they want the commission and then they are out. If you use a PM that will be managing the property they are married to it just like you. Better chance you don’t buy junk that just looks good on paper
Good point @Tracy Streich , definitely something I hadn't thought about before.
I agree with @Tracy Streich . I own and manage several hundred units in and around the Tulsa area and have found people doing what we do are much more helpful than those seeking a commission.
Thanks for the input @Callum K. I'll probably end up talking to both PM's and RE agents as I try to find my first property
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