Any Investors looking to buy outside of Tulsa?

12 Replies

I have a seller in Bartlesville OK who cannot afford the taxes and insurance on a 2 bed 1 bath property. I did a walk through and it needs work in every room of the house, eventually a new roof, new windows, and possibly an HVAC system. Would be a nice rental at $500-550 per month.

How much ?  What is the county tax valuation and neighborhood for comps?  Sounds ok if the price is right and all.  Phil

It’s A little over 14,000 and I am waiting for the realtor to get back with me on comps

@Cheree Harris I buy all over Oklahoma, and own other rentals near Bartlesville.  Send me the details, and depending on repair needs, I may be interested.  

I pretty much buy SFRs priced below 65% ARV minus repairs or below 50x monthly rent minus repairs and anywhere within the following:

  • Within 25 miles radius around OKC Metro
  • Almost anywhere in NE Oklahoma
  • North and East of OKC along I-35 and east to Arkansas state line, along I-40 and north to Kansas state line.

And will look at Multi-Units (below 50X monthly rents), Commercial Properties, or Acreage ANYWHERE in Oklahoma or Surrounding States. 

- 4Lease4Sale

@Jeff Filali I’m waiting on a realtor in Bartlesville to get back with me on the comps today. As soon as I get those numbers I will have a good idea whether this is going to work and will let you know.

All I need is the address and repair needs cost.  I don't depend on others for comps. 

@Jeff Filali the address is 1503 Oak, Bartlesville, OK. With all of the work that needs to be done, looking at between $10-15k to make it look decent. He says its valued at $15k and will only take $5k to repair and rent out but I beg to differ. I made an offer of less than he is asking and he refused. He is asking $10k firm. No owner carry.

@Phil Hartten the owner is asking $10k firm. Cost of repairs is anywhere between $10-15k and this includes replacing some pretty heavily damaged aluminum windows.

@Cheree Harris At $10K plus $2500 in closing plus even $10K in repairs, that's $22,500.  The Windows alone would probably be $3K-5K. Add in paint (in/out) and new flooring, which I do both on every property I buy before renting them, that's at least another $5K.  Plus we all know there's probably other needed repairs.  If it was a 3Bed maybe, but being a small 672 sq ft 2 Bedroom, there's no way.  The most I'd consider would be around $7K tops and I'd have to send my GC to confirm repairs first. 

@Jeff Filali I totally agree. I made an offer of $5k and he turned it down stating that he was firm on his price and the house is work $15k. Comps in the area close to that size are between $1400 and $10k.

@Cheree Harris @Jeff Filali Working in Bartlesville and driving past the property. It's pretty rough. the westside of town is also pretty rough. You both are on the right path for offering/suggesting less than $10K. 
County Records show it is 672 sq. ft.
Best of Luck with the process and let me know if I can be of service!!

@Donnie Martens thank you! Are you an investor? I may have two other potentials. Waiting on one to call me back after initial inquiry and one just called and left a message today.

@Cheree Harris , I'm not an active investor. I'm working hard to get a few line items straightened out!! Again if you need any boots of the ground in the Bartlesville or Owaso area. Please let me know and I'll be happy to help!!

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