If you're looking to build lasting wealth, then real estate should be your focus. Real estate helps more people retire early, and creates more millionaires than any other asset class.
And the first step to buying your first investment property is choosing a market. The goal is to choose a market on the rise. You want to choose an area that isn't overpriced but is experiencing steady growth year over year.
While countless investors are buying up property in Florida and Arizona, smart investors are buying up Tulsa real estate. The greater Tulsa area recently hit one million residents, so now is a great time to get into the Tulsa real estate market.
What does it take to get started? Keep reading below to learn how to get your first, or next, rental property now.
1. Know the Local Tulsa Real Estate Market
Success in the Tulsa market boils down to choosing the perfect area. There are countless neighborhoods to invest in within the greater Tulsa area. Each is different and caters to different types of tenants.
Countless families are relocating to the Tulsa area, thanks to the opportunity of remote work. Three-bedroom homes are in high demand and can fetch healthy monthly rents.
Tulsa is home to multiple large universities, making student rentals a viable option. Student rentals benefit from longer occupancy rates, making this an attractive strategy.
2. Secure Financing
When you've decided where you want to invest, it's time to get your financing in order. There are many ways to finance real estate investments in the Tulsa area.
If you can afford a 20% down payment, conventional mortgages offer the most competitive interest rates. By working with local banks and credit unions, you can usually find more favorable loan terms as well.
3. Work With an Experienced Agent
To make money in real estate, you need to get a good deal. Good deals are getting harder and harder to come by, especially as the housing market continues to heat up across the country.
That's why working with an experienced agent is vital for investors. When an opportunity comes along, you need to be the first in line. Choose an agent that has experience working with investors.
4. Outsource Property Management
Once you've secured your property, it's time to market the property, screen tenants, and sign a lease agreement. But before you tackle this yourself, understand that it's a time-consuming process.
To market your property, you need professional photos. You need to create listings on numerous websites. You'll need to field phone calls and process applications.
Managing a rental property is a big job, especially if you want to find the best tenants and keep them as long as possible to minimize vacancy.
Smart investors will hire a property manager as soon as possible to handle the entire management process on their behalf. If you're investing in the Tulsa area, check out how Home River Group can handle property management on your behalf.
Finding Success in the Tulsa Market
Tulsa real estate is one of the best opportunities for new investors. Prices are much more affordable, yet demand for rental units continues to increase as the population and job market continue growing each year.
Once you secure your Tulsa real estate investment, make sure to put the best property manager in place to make your investment as passive as possible for you. Contact us to learn more today.