What To Do With $15K In Tulsa, OK.
The Facts:
I’m finishing my last year of law school in Tulsa OK. I have about 15K cash and good credit. I already live in a home with 13 years left on the mortgage. There’s around 20k equity in the home. One obstacle is the fact that I will have roughly 65K in student loans upon graduation in Spring 2006.
The Question:
What would TCI investors do given the facts above?
ok-realtor
Have you assisted investors with either assigning or sec 8 before?
If you are buying in a hot market, you should start looking before your family property closes. There is another issue. Is this property an investment property? If not, you should rent it out (if it is improved property) before selling or it will not qualify for an exchange.
I think you are on the right track by looking out of state if you are going to be a buy an hold investor. You can find properties here in the Bay Area where you can add value and resell.
You can certainly find large multi-family complexes with the amount you are talking about. You might want to start with SFRs or duplexes to gain experience. They are relatively easy to manage and you can track their performance with greater ease. I am not fond of most property management companies but they will be easier to monitor if they are managing SFRs.
We have found what we believe to be excellent markets for different investment strategies. At present we have concentrated on markets in Kentucky, Georgia, and Florida. Tremendous bargains are available in each market.
iwill_xcd,
If you are looking to buy and hold, you might need to look out of state. You can probably find, rehab and rent out for awhile in the Bay area. Where you are in Oakland may be a good place. I had a pre-foreclosure sometime back that I got way below market. Exchanged it for properties in Phoenix after renting it for a year.
OracleEagle,
I just got back from OKC and Claremore. I would be interested in talking with you if you can send me a PM with info on contacting you.