I think nationwide we are seeing a crowded market in this space, particularly in up and coming urban areas like Okc. There are some niche sub-markerts in Oklahoma and what we lack for in huge spreads we make up for in steady appreciation that is virtually “certain” given the state is far behind national averages. Aka any investment here, within reason, can be a safe bet.
Despite what my profile says I live in Tulsa ... but bought my first two in Okc.
I still know a lot of people down there I like and can refer etc.
Also if you’re open to driving a ways outside the metro, or buy and hold in urban pockets that are still up and coming with a 5 year play of waiting to cash out if ever, I think there’s a lot of opportunity still to be had.
And besides that, welcome to our state! Glad to see another person out there seeing value and the potential we are all proud of. Good luck in your endeavors!
There are still deals to be had with flips, but it's definitely a highly competitive space.
Like @Nate Sanow and @Rocky Griffin said, the market is super crowded right now. If you want to get into something with enough profit to flip, you will probably need to connect with some wholesalers and watch their inventory. If something with good margins gets sent out it's usually under contract in no time.
All these folks are spot on, flipping is getting pretty risky in OKC. Too many people getting in and paying more than they should. It leaves very little room for profit and no room for mistakes. It's definately a Professionals game right now. Even the wholesalers are having a hard time finding properties. People know they can throw just about anything on the MLS and get an offer.
There are deals, but they are few and very competitive when they do come available.
Seems like I am late to the convo, however I concur with what everyone is saying lol
I don't think we're all that different than others, we get some from Wholesalers, and some from our own leads. We don't really buy off the MLS any more, haven't found much on there for about a year now. We do get some direct from the Bank Foreclosures, but that's due to our relationship with them.
I did go to the Sheriff sale this year, seems like it's fine for rental properties but not so good for flips. Most of them get bid up to about 80% of ARV, not much meat left for a flipper.