Tulsa job market, and areas to stay out of

10 Replies

Hello, I’m an investor who has property in Memphis, Dayton, and Detroit. I’m looking into the Tulsa and broken arrow markets. Anyone have good job and employment information? What areas should I stay away from in terms of crime or sub markets that are hard to rent? I’ll be looking at b and c class property. Any info is gratefully accepted. Thanks!

Originally posted by @Christopher Toth :

Hello, I’m an investor who has property in Memphis, Dayton, and Detroit. I’m looking into the Tulsa and broken arrow markets. Anyone have good job and employment information? What areas should I stay away from in terms of crime or sub markets that are hard to rent? I’ll be looking at b and c class property. Any info is gratefully accepted. Thanks!

For me, I'd stay out of the Northside of Tulsa (generally North of Pine street)  Lot's of gang activity, shootings, drive-bys, etc. Here's a crime map for you:

https://www.tulsapolice.org/content/tutorial-crime...

Out South-west near 61st & Peoria is a "bad part" of town too, because of the concentration of public subsidized apartments. When you go over the river to the west into Sand Springs and Prattville there's working class neighborhoods that might be interesting. We've got this big Fancy Schmancy shopping center called Tulsa Hills that is just blowing up over in West Tulsa. Maybe around there might be nice? 

I'm not sure where to get hard numbers on jobs and employment. My impression over the years is we have some swings, but generally we're in better shape than the national average.

Broken Arrow is a nice bedroom community for Tulsa. I don't really know if there is a "bad" part of town in Broken Arrow. But I just don't know much about BA.

If you have a property you want an anonymous, free, random opinion from a guy in Tulsa send me the address and I'll accommodate you.  

HTH!

Originally posted by @Christopher Toth :

Hello, I’m an investor who has property in Memphis, Dayton, and Detroit. I’m looking into the Tulsa and broken arrow markets. Anyone have good job and employment information? What areas should I stay away from in terms of crime or sub markets that are hard to rent? I’ll be looking at b and c class property. Any info is gratefully accepted. Thanks!

Hey Christopher, I am new to BP, but I've lived in Tulsa my whole life (minus 6 years spent in the Navy), and my business partner currently lives in Broken Arrow. I'm still learning about REI, but I can say that James' recommendations are pretty accurate. The North side of Tulsa has plenty of available properties, but is definitely not the class that you are looking for.

I was able to find some labor statistics for both Tulsa and Broken Arrow. I'm not sure if this is the information that you are looking for, but I'm sure that it will be useful. The links are below:

https://www.bls.gov/eag/eag.ok_tulsa_msa.htm

https://datausa.io/profile/geo/broken-arrow-ok/

As I stated earlier, I am brand new to REI, but if you need someone to go to a couple of properties for you, or meet with realtors, property managers, contractors, etc. I'd be more than happy to help out. I'm really looking to jump in and learn whatever I can, so I might as well help out a fellow investor in the process. PM me if you need anything!

Thanks, 

Have a Great Day!

 @James Niemeyer @Nathan McElrath Thank you both for that valuable information! I will definetly let you know if I can use your help. 

James - what kind of ROI are you getting on your properties? What are the numbers for acquisition, rehab, and rents?

Originally posted by @Christopher Toth :

 @James Niemeyer @Nathan McElrath Thank you both for that valuable information! I will definetly let you know if I can use your help. 

James - what kind of ROI are you getting on your properties? What are the numbers for acquisition, rehab, and rents?

I've sort of backed into the properties here before they hit the MLS so I got them below market. One was a 3 BR foreclosure by the HOA that was 28K but I probably put another 15-20K in rehabbing. It had sat empty for a couple of years and needed almost everything mechanical, new paint, new flooring, all that stuff. I don't have definitive numbers for that unit, but I moved in, so it's my residence.

I moved out of my 35K two bedroom townhouse and I'm in the process of rehabbing it because it's amazing how worn everything looks after a few years of being lived in...but I'm not putting a whole lot of money into the remodel, more of a "freshening up" of the place. I'm planning on renting it for ~$750 for a ROI of 13.93% if I hold the remodel to under 5K...

Number 3 was a three bedroom townhouse I bought from a FSBO who was under the gun to get it sold and leave the country. The numbers probably will be comparable to my old condo. But I can't really tell you because my daughter is staying there while they fix up their home in Broken Arrow. Doh! It's not a problem, really, and it's nice having the grandkids here for the summer. :)

Number 4 was bought from an estate for a good 25K price. I heard about it from a neighbor who noticed the family clearing the place out. The deal I made was they didn't have to clean anything, move anything, or nothing like that. They could take what they wanted and leave the rest. My daughter and her husband finished cleaning up the place. It wasn't in bad shape, the owner was a non-smoker with no animals and had help come in to clean. So all I did for it was buy a nice used refrigerator and range, clean the carpets and ta da! I've got a good tenant in there for under market rent of $600.00. That makes it an ROI of 15.16%.

I'm just getting started with REI, and up to now, it's been easy peasy using cash. But I'm running out of handy cash so I suppose my next step will be to line up a line of credit, or something like that. But I guess my point is, I wouldn't dream of moving in on someone else's deal if you need a scout of sorts here in Tulsa I'd be happy to offer my (probably worthless) advice.

Originally posted by @Christopher Toth :

 @James Niemeyer @Nathan McElrath Thank you both for that valuable information! I will definetly let you know if I can use your help. 

James - what kind of ROI are you getting on your properties? What are the numbers for acquisition, rehab, and rents?

So am I chopped liver or what @Christopher Toth? Did I answer you wrong? Were you shopping me or was I shopping you? Don't discount the seemingly modest numbers please.

@James Niemeyer James, forgive me for not responding quick enough. I don't get to frequent BP as much as I'd like. Hence the awaited response. I had to work 16 hr shift. 

Anyway, great job on getting your portfolio built up. You're doing great. 

I've decided to stick to Broken arrow for now. I feel there is more in the way of appreciation as well as cash flow in properties there. Rents are decent, average two bed room is $750 and average three bedroom is $950.

If you need cash, you might be able to put a mortgage on one or more of your properties and take 75% cash out to purchase more properties. 

Originally posted by @Christopher Toth :

@James Niemeyer James, forgive me for not responding quick enough. I don't get to frequent BP as much as I'd like. Hence the awaited response. I had to work 16 hr shift. 

Anyway, great job on getting your portfolio built up. You're doing great. 

I've decided to stick to Broken arrow for now. I feel there is more in the way of appreciation as well as cash flow in properties there. Rents are decent, average two bed room is $750 and average three bedroom is $950.

If you need cash, you might be able to put a mortgage on one or more of your properties and take 75% cash out to purchase more properties. 

Thanks for your response. :) Didn't mean to nag, really but I thought we were talking here.

Originally posted by @James Niemeyer :
Originally posted by @Christopher Toth:

 @James Niemeyer @Nathan McElrath Thank you both for that valuable information! I will definetly let you know if I can use your help. 

James - what kind of ROI are you getting on your properties? What are the numbers for acquisition, rehab, and rents?

I've sort of backed into the properties here before they hit the MLS so I got them below market. One was a 3 BR foreclosure by the HOA that was 28K but I probably put another 15-20K in rehabbing. It had sat empty for a couple of years and needed almost everything mechanical, new paint, new flooring, all that stuff. I don't have definitive numbers for that unit, but I moved in, so it's my residence.

I moved out of my 35K two bedroom townhouse and I'm in the process of rehabbing it because it's amazing how worn everything looks after a few years of being lived in...but I'm not putting a whole lot of money into the remodel, more of a "freshening up" of the place. I'm planning on renting it for ~$750 for a ROI of 13.93% if I hold the remodel to under 5K...

Number 3 was a three bedroom townhouse I bought from a FSBO who was under the gun to get it sold and leave the country. The numbers probably will be comparable to my old condo. But I can't really tell you because my daughter is staying there while they fix up their home in Broken Arrow. Doh! It's not a problem, really, and it's nice having the grandkids here for the summer. :)

Number 4 was bought from an estate for a good 25K price. I heard about it from a neighbor who noticed the family clearing the place out. The deal I made was they didn't have to clean anything, move anything, or nothing like that. They could take what they wanted and leave the rest. My daughter and her husband finished cleaning up the place. It wasn't in bad shape, the owner was a non-smoker with no animals and had help come in to clean. So all I did for it was buy a nice used refrigerator and range, clean the carpets and ta da! I've got a good tenant in there for under market rent of $600.00. That makes it an ROI of 15.16%.

I'm just getting started with REI, and up to now, it's been easy peasy using cash. But I'm running out of handy cash so I suppose my next step will be to line up a line of credit, or something like that. But I guess my point is, I wouldn't dream of moving in on someone else's deal if you need a scout of sorts here in Tulsa I'd be happy to offer my (probably worthless) advice.

James, I just moved to Tulsa and am looking at getting in to real estate.  I'm a little concerned about the economy and energy prices and what that'll do to housing prices in Tulsa, but I'm always on the lookout for a good deal.  I'm in no rush, but have some $ I'd like to get invested.  It might be worth us having a chat at some point.

Originally posted by @NA V. :

James, I just moved to Tulsa and am looking at getting in to real estate.  I'm a little concerned about the economy and energy prices and what that'll do to housing prices in Tulsa, but I'm always on the lookout for a good deal.  I'm in no rush, but have some $ I'd like to get invested.  It might be worth us having a chat at some point.

Welcome to Tulsa.

@NA V.

Though your concerns about energy prices are certainly valid, I would argue the damage of sustained low oil prices has been absorbed at this point.  If not in the entire economy, then at least housing, as we are entering year 4 of sub $70 barrel prices.

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