All Forum Posts by: Alyssa Dyer

@Randall Cornelison happy to chat about OKC with you anytime! 

@Karis Reavis happy to help you dig into the market. We can overview the market, what I see investors doing typically and how things are changing. Feel free to reach out! Exciting time to get started. Good luck to you and your friends! 

@Jacob Atleski here's a few things that come to mind! 

1. Figure out how to run your numbers. Realtors are great salespeople and they'll tell you yes when you ask them if the property is a good deal or if it will ultimately make you money. 

2. Research what you can get for rent when you move out. Again do not rely on your realtor for this info. 

3. If you're planning to do rehab be prepared to have a contractor walk the property on the first day of your due diligence if you get something under contract. It may take them a few days to get you the bid so you need to do it early. It's worth the $250 bid fee to know if your estimates on the cost of rehab are 20k off.

4.  Negotiate that the seller pays part of your closing costs so you can keep more cash in your pocket.

@Tyler Baltus I see a lot of first-time investors come to OKC. The price point is super approachable and it's a historically stable market so people can invest with a lot of peace of mind. @William McGuire is from OKC and recently made his first investment. It's not a first time OOS investor, but he seems like someone who would be great as far as giving an overview of their experience. @Greg Ko made his first and second OOS investment here and is about to help his family jump into the market. 

Good luck getting started! 

You can also house hack with a single-family. Just move into a single-family home based on its ability to perform when you move out. 1 year is the requirement to qualify for an owner occupant loan that you only have to put 5% down on. So stay for a year and then repeat in a year. You can get 3 properties for what you would have spent on one 20% down investment property + closing costs!

@Ryan Vega

@Chandler J. happy to discuss OKC with you anytime! 

@Ryan Vega house hacking might be a great first step. If you can lower your cost of living by having a duplex tenant pay part of your mortgage, you can save more to invest! It doesn't make sense in every market, but it's something to look into. 

@Celia Moore I see a steady flow of investors 1031ing into OKC. It's super approachable from a price point perspective, insulated to recession and VERY landlord-friendly laws!

@Chandler J.

I typically see the best deals in C class areas. Midwest City, Del City and South OKC. In those areas, if you factor out 5% vacancy, 3-10% on maintenance depending on condition, 10% property management, insurance and taxes. On a 70k property, you'll be looking at $480 net operating income and $180 after debt service.
You're likely seeing an increase in prices because on-market inventory is low. There isn't any rapid appreciation happening! I'm happy to discuss with your further, provide concrete examples etc. Good luck!

@Sam Guertler I'm in agreement with Will that the real appreciation will happen in 10-15 years. So as long as you're willing to wait or figure out a way to make money off of the property along the way it could be a green light!