This blog will discuss my experiences investing in real estate in the Oklahoma City area.
I bought my first investment property in 2005, and a second in 2006, both in Edmond Oklahoma. I liked the idea of having a tenant pay off my mortgage for me. I had no idea how to manage a rental property or what the expenses would be. Neither did my realtor, who was supposed to be managing the properties for me. After 2 years of late payments, missed payments and destructive tenants, I took over management of my own properties. I realized I needed to remodel my houses to make them attractive to the kind of tenants who would pay on time and take good care of the property. I also realized I needed to buy cheaper houses. I first rehabbed and stabilized my rentals in Edmond. Then, from 2010 through 2013 I bought 5 houses in the Midwest City/Del City area, ranging in price from $30,000 to $50,000. I performed (or at least managed) extensive rehabs on each of these properties, taking them from abandoned foreclosures to some of the most desirable rental properties on the market. I also learned how to screen tenants and to properly market and manage rental properties. Since 2009, my properties have averaged 2% vacancy.
My goal with this blog is to share my knowledge and experiences with anyone who is curious about investing in real estate in the Oklahoma City area. I will also detail some of my current investing activities.