All Forum Posts by: Ben Scott

The state of Oklahoma recently enacted Senate Bill 212. Below are the only people or entities allowed to take title on property as of November 2023. There may be an obstacle if you have no intention of becoming a US Citizen.

U.S. Citizens;
Native Americans born in the United States;
Aliens or persons who are NOT citizens of the U.S. who are or may become
bona fide residents of Oklahoma
Business Entities or Trusts who are similarly attesting that they are either U.S.
citizens or NOT U.S. citizens but may become bona fide residents of
Oklahoma.

That is not true. You can purchase real estate as an investment in Oklahoma. There was recently a new law enacted where a buyer has to sign an affadavit to verify that he or she is in compliance with state laws on foreign ownership of property. That began 11/1/2023. That might be the confusion. 

Welcome @Regan CdeBaca. Local agent and PM here. Happy to connect.

Definitely want someone who is keen on depreciation schedules and S-Corp entities.

Oklahoma City agent and property manager here. We haven't bit hit by a big tornado since 2013. It seems tornado alley has moved a bit east in the last 10-15 years. Oklahoma does have very high insurance premiums relative to other markets due to frequent hail storms. We recommend our out of state investors look at SFHs in suburban areas around the city with good schools. Less turnover and deferred maintenance. Most of the homes built in the urban core of OKC are 1950s or older.

Do you have property insurance and is there damage to the roof? For a contractor, I'd make sure to get references and see if you can tour any of his/her current job sites to get a good idea of how they work. I'd suggest purchasing your own materials and then paying the contractor in stages and avoid putting up a large chunk of the funds up front.

OKC Bigger Pockets Meet Up at American Solera in Edmond's Ice House district. We'll gather on Thursday, May 23 from 6p-8p. Newbies and seasoned veterans. All are welcome. No pitch. Just good people sipping brews and talking real estate. 

This in Carverdale?

I'd select one or two that have the best opportunity for appreciation and rent them for 12-18 months to alleviate the cash flow issue.

I would echo what @Samuel Eddinger said regarding normal wear and tear. The spirit of the deposit is that the tenant will return the property in the same condition in which it was found. I would keep receipts on whatever it costs you to clean up and remove personal items and then deduct that from the tenant's security deposit.