Last Saturday I took several of the Wealth School participants on a tour of REO (bank owned) properties in northwest Oklahoma City. We looked at a total of seven properties.
Why did we engage in this activity? For starters, we wanted to take a look at some good deals that are always on the market. Right now, there are plenty of bank owned properties coming onto the market.
We also wanted our students to become more familiar with some of the neighborhoods. We mainly focused on two areas.
The first area was near NW 30 and Pennsylvania. We took a look at several 2 bed, 1 bath houses. Most of these properties didn’t need much work to get them rented. The asking prices for these homes ranged from the high 20’s to the low 40’s.
Our consensus was that these properties would rent for about $500 per month. It was definitely worth putting an offer in all of the homes we looked at.
The other area we checked out was in Bethany west of Rockwell and south of NW 10. We identified two 4 bed 2 bath houses in that area. Both properties we priced in the low 60’s. We were interested because the properties would have comparables of about $120,000 once they were fixed up.
One of the properties was a VA repo. The property was in decent condition, but in my opinion not cheap enough yet to buy for a rental.
My experience with VA properties is the VA is not very flexible on price. It wasn’t an ideal rental because of the 2 upstairs bathrooms.
The other property was in worse condition. It backed up to a condominium development that has a very bad reputation. I advised the class that this property would not make a good fix and flip because of the issue with neighborhood.
However, as a rental at a much lower price, this property would make good sense.
All in all, the REO tour was a success. We look forward to having more in the future.
March 7th, 2011 at 9:04 pm
I permanently wanted to write on my site something like that. but I dont know how to start , I am so lucky found your blog site!2
March 8th, 2011 at 9:28 pm
haha you wrote a typo! other than that I’d say this is a great blog! Keep up the nice work
March 9th, 2011 at 9:02 am
This is a great blog! I would really like to keep reading your blogs. Cant wait for the next post. Good blogs are hard to find!
March 10th, 2011 at 12:30 am
Some of the images are not showing properly but I think that might be noscript, the web site still looks good. I have been coming to this blog for a few weeks now and i’m really impressed with the content. What is the rss feed address?
March 15th, 2011 at 6:08 pm
I reaped reading & I must say which I i has very inspired via A New writing experience. keep up The great the office it’s ideal refreshing To observe Somebody like this you.
March 21st, 2011 at 4:54 am
The next time I learn a blog, I hope that it doesnt disappoint me as a lot as this one. I imply, I do know it was my option to learn, but I actually thought youd have something fascinating to say. All I hear is a bunch of whining about one thing that you may repair if you happen to werent too busy on the lookout for attention.
May 15th, 2011 at 11:04 am
Could not thank you enough for the articles on your web site. I know you’d put a lot of time and effort into these and truly hope you know how deeply I enjoy it. I hope I could do the identical thing for someone else at some time.
July 5th, 2011 at 1:41 pm
Hey there i’m for the first time here. I found this blog and I find It truly useful and it helped me out a lot. I hope to give something back and help others like it has helped me.
September 18th, 2011 at 10:59 pm
Hello could I use some of the content here in this site if I provide a link back to your site?
October 23rd, 2011 at 1:56 pm
Wow, wonderful blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your website is great, as well as the content!