Purchasing My First Rental Property

I am so excited to have purchased my first rental property. I have family in Oklahoma that found a two-acre piece of land with a rambler on for super cheap. Due to foreclosure, the property was almost being given away. I found a local realtor to help negotiate the price of the property and eventually met on common ground with the property owner. We will be flying into renovate the rambler so we can flip it into a rental quickly before the 1st months' mortgage is due. I’m not particularly fond of Oklahoma but my cousin is out there and she has experience with rental properties and promised to help me find tenants for it. She also uses the most experienced property management OKC has (http://www.energypmokc.com/).

The benefits to having someone else manage your property is that when something goes wrong, they manage it for you. This is especially important if you are going to live out of state or out of the country. Local real estate investments can be managed by the property owner a lot easier than out of state investments. My parents own 3 homes within a 10-mile radius of Tampa, Florida. My dad handles all the simple fixes that include appliances and general maintenance. Anything outside of a simple fix and he hires a local contractor to make repairs.

This might be my first investment, but it definitely won’t be my last. Over the past few years, I have learned a ton about real estate investments, the pros and the cons to investing. I think the pros definitely outweigh the cons and make it an appealing option for those looking to diversify their investment portfolio. Homeownership on a personal level and on a business level is a great opportunity for any individual or family looking to build wealth.

There are a ton of resources online to find realtors, investors, builders, movers, and property managers. Doing your research is important if you want to guarantee your success. Call, email, and meet with the people you will be counting on to invest in real estate. Learn for them and those around you that have been successful buying and selling Real estate before you make any long-term commitments.

Oklahoma is a beautiful place to begin your investment journey. There are still really cheap properties available, especially in Moore and other areas that see tornado action yearly. My suggestion, however, would be to stay clear of tornado alley and move to the outskirts of those parts to avoid any harsh weather conditions leaving your home in rubble. Tornadoes are very destructive and can turn a piece of investment real estate into a nightmare property.

Having someone on the inside to help you through this process is extremely important which is why we recommend a property manager in Oklahoma City to help you identify those needs and find you solutions to match.