Out of State OKC Investors
Hi
We are under contract for our first OKC BRRRR! We are working with an agent who has provided us some of his connections and is very helpful. I am hoping to find another out of state investor who would be willing to chat about ways to be successful managing the rehab and the general chaos. The nerves of the first major rehab are kicking in!!!
#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Charlotte, NC
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#2 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Charlotte, NC
Hey Matt, congrats on your first BRRRR!
While I do not invest personally in OKC I work with a lot of folks who do. Happy to connect!
having a trustworthy contractor is key. if you don't have that relationship you need to get on site as often as possible to ensure things are going well or hire a local property manager to oversee things for you and then rent it out for you.
Congratulations! The first one is always the one that teaches you the most. My biggest piece of advice would be to stay on top of your contractors. Show up unexpectedly and let them earn your trust don't just give it out right away. Good luck to you!
Congrats Matt! That's great to hear.
I would say one of the best things to do is find a local contact who you trust. Someone that would be willing to drop-in on the project from time to time and give you honest feedback on what's going on. Your agent might be great but I would suggest a third-party. Could be some type of project manager or general contractor if you plan on having more properties there in the future.
Good luck!
Thank you all for the responses and feedback.
Quote from @Matt Hubert:
Hi
We are under contract for our first OKC BRRRR! We are working with an agent who has provided us some of his connections and is very helpful. I am hoping to find another out of state investor who would be willing to chat about ways to be successful managing the rehab and the general chaos. The nerves of the first major rehab are kicking in!!!
All good pieces of advice from others here. I like going to projects at random times to check as well. Do scheduled and unscheduled inspections.
Good referrals works well. For us, since we manage quite a few rentals. I'll have them do a few small jobs as a "trial" period, before unleashing them on a bigger project.
Good luck and if we could be of any help let me know!
