Oklahoma City Real Estate News

Edmond is one of Oklahoma City’s most booming suburbs. With amazing schools, parks and shopping, Edmond has a lot to offer. When moving to Edmond, or even just moving to another new home in neighborhood, there are many neighborhoods to choose from.

The Trails : The Trails is a developed addition with homes ranging from around 1600 sq. ft to over 3000 sq. ft. The addition was started in the 70’s and finished in the early 90’s. This neighborhood has creek side and waterfront home sites, old growth trees and very well cared for homes. The Trails features a neighborhood pool, two parks and a pond. Located in west Edmond close to shopping and schools, this is a perfect family neighborhood.

Valencia: Valencia is a large planned community by Edmond builder, Ideal Homes. With starter homes in the 130’s to larger custom homes in the high 300’s there are many different homes to choose from. These neighborhoods is still under construction, so there is the option to custom build your dream home, or choose from many designer pre-existing homes. With walking trails, parks, splash parks and sports courts, there is something for everyone in the family to do. This addition is located in Edmond and Deer Creek schools.

Belmont Farms: Belmont Farms is one of north Edmond’s premier communities. With homes ranging from the mid 200’s to the upper 400’s, there is sure to be a beautiful home just perfect for you and your growing family. Belmont Farms is located off of Coffee Creek and Kelly, just next to one of Edmond’s best elementary schools, Cross Timbers. Belmont Farms features wooded and lake front home sites, walking trails and a community pool and park. If you are looking for a beautiful Executive home in a great school district, Belmont Farms is the community for you!

Posted by on October 25th, 2017 12:18 PM

Fall is finally here, so it is time to start getting ready for all of the fun fall festivities. Football games, Halloween and of course, fall décor.

Fall is a busy time of year for everyone, so having your home ready for guests is necessary. Here are some quick and easy tips for having your home ready for entertaining friends and family this fall:

  1. Clean out all of the flowerbeds of spring and summer flowers that are starting to look a little sad. Now that the cooler weather is finally upon us, replace your current flowers that aren’t able to handle the chillier temperatures with pansies and mums for splashes of color throughout your flowerbed and in your pots.
  2. Create or purchase a new fall or Halloween themed wreath for the front door. Wreaths are easy to make, just check out Pinterest. There are tons of themes that go with fall from Football and Basketball team theme wreaths, to just a simple Fall or Halloween wreath.
  3. Pumpkins and a hay bale or two on the front porch or in the front flower bed are also a very simple way to add some pizazz to your home and give it some fall curb appeal.
  4. Inside your home, you don’t have to go over the top with decorating for fall to make your home feel cozy and have that “fall feeling” Some easy things we recommend are getting new fall scents in the home. Little pumpkins in glass vases are also a very easy touch that you can put on the mantle or on the bar in the Kitchen. Your local craft store will also have some small Fall and Halloween décor, usually on sale throughout this season to add some fun and whimsy to your home.

We hope these tips help you prepare to enjoy this fantastic time of year.

These are also great tips that we suggest to our clients while prepping their homes to be put on the market during the fall season.

If you are interested in what your home in the Oklahoma City metro area is worth, contact us for a market analysis on your property!

Posted by on October 19th, 2017 3:48 PM
Nestled in the heart of Southwest Edmond, the Traditions is the perfect community for first time home buyers or people looking to downsize. 

Homes in this community were built between the late 1990's and early 2000's. The homes range in size from about 1500 square feet to the low 2000's in square footage. 

The Traditions is a gated community, featuring yard care which is included in the Homeowners association dues. This makes it great for anyone who may not be able to physically take care of their yard or for the busy professional. 

The location of this community is great for anyone who needs easy highway access or access to shopping. You are located within five minutes of the Broadway Extension and the Kilpatrick turnpike. This community is also located in between major shopping areas such as Quail Springs Mall and also the 33rd and Broadway shopping corridor in Edmond. 

The homes currently on the market in this community range in price from $179,000 to $200,000. 

Great news, we also have a listing coming up for sale in this community! Our listing will be a four bedroom home, priced under $200,000. For more details, contact Chris at okcrealtor7@gmail.com. 
Posted by on October 4th, 2017 11:19 AM
The holiday season is approaching, which means holiday parties and entertaining maybe occurring in your home.

If you are wanting to spruce up the interior of your home before your guests arrive, or just even for yourself, here are a few design tips and trends that are in this season.

I know some of you are thinking, "Wallpaper, really? This is not 1993 and I do not want a border of apples in my home." Well great news, wallpaper has changed and evolved since the 80's and 90's.

From geometric patterns, subtle patterns with texture and also even fun prints for a kids room, nursery or powder bathroom, there are TONS of choices.

Locally in Oklahoma City, our go to for wallpaper is Ketche Design on Western Avenue. They have a fantastic selection of wallpaper ranging in prices to fit all budgets. We highly recommend having a professional install your wallpaper.

If you are more of the DIY type and are looking for a temporary fix, Target offers peel and stick wallpaper. These are great for a kids room as you will change their decor throughout the years, or even for those of you who are renting a property.

Our next favorite design trend is painted furniture pieces. This is definitely a great project for those DIY people. Adding a brightly colored buffet to a dining room, or a painted entertainment center to a family room can bring in that pop of color any room may need. 

We are loving the pops of color on furniture, especially paired with a room that is mainly done in a neutral color palette. Some of the colors we have seen that are fantastic are Kelly Green, various shades of blue and even a plum can make a room go from a bore to "wow!" 

What is great about interior design tips like these, are they can really make your house a home. Also, they can help with staging a home for sale.

Speaking of staging, our agent Chris Morris helps all of our sellers stage their homes when they go on the market. Staging is key to helping a property sell. Also, he is able to assist our clients with picking out finishes if they build a home, or even with helping with design tips and ideas while searching for a pre-exisiting home in the Oklahoma City metro area. 
Posted by on September 28th, 2017 12:12 PM
If you are looking for a home in the Yukon School district under $215,000, well look no further! We have a former model home on the market for just $207,000.

This home features new carpet though out, granite countertops, SS appliances and large rooms. You will love the openness of the layout when you walk in the door. The Kitchen has tons of storage and is open to the Breakfast nook and Family Room, which is great for entertaining.

The Master Suite has great natural light and a fantastic bathroom with dual vanities and a walk in closet. Large laundry room features storage, and is right off of the three car garage. This home also features a covered back patio and a sprinkler system. 

You cannot beat the location of this property. This home is located two minutes form the Kilpatrick Turnpike and just a few minutes from shopping on N.W. Expressway in Northwest Oklahoma City.

For more information, or to schedule a private showing, contact Chris at okcrealtor7@gmail.com
Posted by on September 21st, 2017 11:06 AM
Located in the heart of Edmond, The Trails is a community of homes built between the 1970's and the early 2000's. 

This community is a staple in Edmond and has been a favorite community of many people since the area was developed. 

Homes currently on the market range in price from $199,000 to $275,000 and range in size from 2100 square feet to 3400 square feet.

The Trails community features a community pool, two parks, a pond and also tennis courts.
You will love the tree lined streets and rolling hills. The location of The Trails is also convenient to many parts of Edmond and Oklahoma City. You are located within ten minutes of downtown Edmond, ten minutes of Quail Springs Mall and about 20 minutes away from Downtown Oklahoma City.

For questions regarding homes for sale in this community or homes for sale in the Edmond area, contact us at okcrealtor7@gmail.com. 

Posted by on September 6th, 2017 11:05 AM
If you have decided that new construction is the route you want to take for your new home, well don't worry, we are here to help!

We know the task of choosing a community, homesite and a home builder can be stressful. With our teams extensive knowledge of the city, school districts and also builders, we can help you decide what will be the best option to fit you and your families lifestyle.

First off, we will set you up with one of our lenders if you have not already done this step already. They will be able to sit down with you to get you pre approved to see how much home you can afford. After that, the search will begin!

There are many items on the checklist to consider when looking for a community to build in and also for a homebuilder.  We will sit down with you to see what the top priorities are for you and your new neighborhood, such as school district, neighborhood amenities, proximity to highways etc.

We also have close relationships with many builders in the city, and will be able to help figure out which builder will fit your needs when it comes to the type of home you are searching for and also keeping it within your price point. 

Once we have chosen the community you want to build in and also your builder, the building process will start. Don't worry, we will be here for you through this whole process as well. We will help check in with the builder on progress, go by the job site, and also will attend any meetings you have with your builder with you if you'd like!

We want to make the home buying and building process easy for our clients, and for them to enjoy this journey! If you are thinking of building a new home in the Oklahoma City area, and would like assistance in this process, feel free to contact us, we would love to help.
Posted by on August 21st, 2017 10:43 AM
Situated just minutes from schools, shopping and highway access, you cannot beat the location of Brasswood if you are looking for a home in the Edmond School District.

Brasswood is a community of Dallas style homes that were constructed from the late 1980's to the early 2000's. Homes in this community range in size from around 2000 square feet up to around 3500 square feet. Currently there are only three homes on the market in this community ranging in price from $249,000 to $260,000. 

The Brasswood community also features a community pool which is great for relaxing in the summer with your family and neighbors. The community is located across the street from Charles Haskell Elementary School and Summit Middle School. The drive to downtown Oklahoma City is only about 15 minutes, which is great for commuters or if you are wanting to go downtown for dinner or any fun events such as a Oklahoma City Thunder game!

If you are searching for a great home in a family community, look no further than Brasswood. If you would like to tour any of the homes for sale in the community, do not hesitate to contact us, we would love to show them to you!
Posted by on August 16th, 2017 10:57 AM
Situated in one of the most convenient areas of Oklahoma City, The Village is one of Oklahoma City's sought after communities.

The Village is it's own city, which features starter homes priced in the low 100's with larger homes up to the 300's. Most of these homes are older ranch style homes that have been renovated or you may purchase one that needs renovations. There are also a couple of new construction communities that have been started in this area, but due to being land locked, they fill up quick!

Being its own city, the Village has its own Police Department and Fire Department. 

The location of this community is unbeatable. Nestled between Lake Hefner, Nichols Hills and Oklahoma City, you are close to everything! The Village features many shopping centers and also proximity to shopping in Classen Curve and Nichols Hills Plaza. You are also located between two highway systems, Broadway Extension and also Lake Hefner Parkway.

The Village has areas that are walking distance to Lake Hefner, which features restaurants and also bike and running trails.

If you are looking for a great area to purchase your first home in Oklahoma City, or to live in a desirable area with proximity to many amenities Oklahoma City has to offer, let us show  you The Village!

Posted by on August 9th, 2017 4:46 PM
Nestled on the edge of Lake Hefner, Lakehurst is the ideal community for families looking for proximity to all that Oklahoma City has to offer all while still offering that throwback neighborhood feel. Lakehurst is a community of ranch style homes constructed between the 1960's and 1970's. 

The community features homes from around 2000 square feet up to 4000 square feet. Many of the newer homeowners in the community are younger families who have been remodeling the properties. 

You can still find some homes in this community with original details to make your own. The price range of homes currently on the market in Lakehurst is $290k to $500k. 

The location of this community is unbeatable. You are within walking distance to Lake Hefner, many nearby parks, Starbucks, Blue 7 and many other local retail and eateries. The drive to Classen Curve and also Nichols Hills plaza is only about a seven minute drive. You are also located close to Lake Hefner Parkway which makes the drive downtown or to Edmond extremely easy.

If you are looking for a picturesque community located in a fantastic location, contact us! We would love to discuss your move to Lakehurst or neighboring communities. 
Posted by on August 4th, 2017 10:36 AM
For the past three years, Compass Coffeehouse has been serving their wide selection of coffee and teas to their loyal customers in the Northwest Oklahoma City and Edmond area. Located on 150th and Western, Compass Coffeehouse is a great meeting place with easy highway access and also a drive thru if you are on the go. Make sure to try their signature Power Coffee and their delicious bakery items. Also, the walls of Compass are filled with art from local Oklahoma artists, and the great news is that it is all for sale. 

With local coffee and tea from Oklahoma owned Topeca, friendly staff and a charming environment, make sure to check out Compass Coffeehouse!

Also, great news if you are looking for a home in this area, we can help you find the perfect home. There are many communities nearby Compass in a wide variety of price points, all are in the Edmond school district and are within 15 to 20 minutes of downtown Oklahoma City. 
Posted by on August 1st, 2017 3:46 PM
If you are looking for a great family home in the Moore School District, look no further. This home is located right across the street from Plaza Towers Elementary. You also are within a three to five minute drive of Target, Wal-Mart, At Home, Lowe's and many other stores located nearby. The commute to downtown Oklahoma City is also only about a 15 minute drive. 

This home is a four bedroom home with an open concept layout. The large living room opens to the Kitchen with an eat in dining area. The Master Suite is located away from the guest bedrooms which is great for privacy. Guest Bedrooms share a bathroom and all have great natural light. This home also features a tankless hot water heater and a storm shelter in the garage. 

For more information, contact us at okcrealtor7@gmail.com or check out this home on our Homes For Sale page. 
Posted by on July 21st, 2017 11:13 AM
If you are looking for a classic farmhouse with designer touches throughout, look no further! This beautiful home located on 2.5 acres in the Cashion School district will not disappoint. Walk in the entry way to be greeted by a stunning large formal dining room open to the family room. The Kitchen features high end appliances and custom cabinetry. The flow in this home is perfect for entertaining. Butlers pantry off of the breakfast nook features a wine fridge and extra storage. You will love retiring to your Master Suite at the end of every day, the Master Bathroom has the spa feel down to the finishing touches. Upstairs this home features a gigantic bonus room with built-in bench, large enough to nap on! There is also a bedroom and full bathroom upstairs. Entertain during the peaceful Oklahoma evenings on your covered back patio with a fireplace. Home also features energy stare windows, foam insulation and a top of the line Lenox Heat pump. This home is also located 20 minutes from Mercy Hospital, Quail Springs Mall and the Chisholm Creek complex. 
Posted by on July 6th, 2017 11:37 AM

Yesterday I started with the why of investing In real estate but now we delve into the what of real estate investments. Beginners in real estate investments who have figured out the why of building wealth now want to have me give me the scope of investments so I will go through the most asked for investments depending on the financial wherewithal of the client.

Long Term investments:   Long term investments are primarily based on cash flow with an eye towards appreciation. Normally this is single family homes or maybe a duplex that yields a monthly income that allows for a conservative approach towards holding the investment for 10 years or more. I have numerous investors who have purchased even 20 years ago that still own the same property. When we analyze return on investment in Oklahoma City we normally get double digit cash on cash based on cash flow alone with a 3% typical yearly appreciation.

Multi-Family Investments: In the next few months I will be selling quite a few newly built quadriplexes and town home projects. Fannie Mae allows you to treat up to a quadriplex as one mortgage so with the ten mortgage limit this allows you to create more doors for positive cash flow. Once I work with investors with 4 mortgages or more this becomes a more asked for investment. We do make the quads have individual legal descriptions so they can be sold one at a time. With Multi-Family beyond this we go to commercial loans that are becoming increasingly attractive for multi-million dollar investments.

Fix and Flip: Warning!! Amateurs need not apply. Too many seminars attract desperate people who believe the hype of huge dollar profit with low risk using other people's money. Problem is many of these strategies are unlawful and too often it also involves hard money lenders at 14% to 17% rates with a ton of points, and bad terms for taking the property back. Fix and Flip can be profitable but those who make the money are those who are hands on and full time. They also have the reserves because even the best can lose money on a flip. The risk is higher and few markets today are volatile enough where properties can be bought cheap. I can make paper returns look incredible with 300% yearly returns if all things work perfectly and homes are snapped up quickly. How often does that happen? 

Risk and reward: Any time you invest in anything there is a risk-reward ratio. I have made $50,000 on a flip and I have also lost $15,000 on one so risk there is higher. The conservative approach is a long slog towards wealth but with lower risks and for sure it isn't sexy and if i was a promoter I wouldn't be doing seminars on it because it isn't pie on the sky. My goal is to respect people's money that they have saved and I refuse to use the term no brainer. If anyone told me that I need to put money into something and the riches decision is a no brainer I would run like hell from it because it means I am not using my brain. Every what you invest in has risk so please always put that into your calculations. Money in the bank is a terrible thing to waste.


Posted by Joe Pryor on July 1st, 2017 1:50 PM

The snarky and hard sell answer is right now, it is a great day to buy real estate? I hate that cliche! It also needs some context because when to buy has a lot of different answers in how the question is put into context to let's try to give some answers in different ways.

Your First Home: I had an agent that started with me to handle the investor resells and he was wanting to buy his first home. I told him this was the perfect time to buy an investment house. He looked at me thinking I had lost my mind. Once he got it he bought his first home that will turn into a great rental that he will keep after he buys his second home. He also got a room mate to pay him to live there so it is only costing him $200 a month for his home. I want him to retire wealthy and this was a great start.

I'm thirty and want to retire in my 50's: By the time I was in my 50's I had over $5000 in poisitive cash flow which doubled once i got into my sixties. The young person can take a steady look at the real estate market and not be in a rush to buy. He can over the course of 25 years get a lot of homes and by the time he is 55 have a few paid off. This type of thinking also means they are doing some other types of investments that build a solid amount of liquid and marketable assets. This will be your true millionaire next door and than book set me straight also.

I'm 55 and I want to have security: You don't have to be young to start but this type of investor is on a faster track. It isn't unusual for me to have them buy 5 homes at a time. Of course these are the folks that have some cash so not everyone can do this. The idea is that real estate gives them more income than they can get from dividends and if they are like me and still working 20 years later, although I have five years to go they can still build up considerable wealth.

I want to buy low and sell high: Don't we all. This type of buyer on when  to buy is usally your investor with cash looking for a crash in the market. They are the ones that went to the bubble markets in 2009 and bought at 50% off or more. I don't anticipate this happening again because bubbles never repeat themselves, they move on to a new fraud in a different asset class. But markets like Florida for instance experience market cycles and even if it is 20% off then call me a buyer and an aggressive one.

Know your market types: When asking when to buy especially if you are willing to go outside your local area it is important to know the three types of markets. Oklahoma City represents a linear market that does not have high highs or low lows. It is dependable predictable, and long term. Cyclical markets have a history of ups and downs and Florida is the perfect example. The when in markets like Florida are timing markets. I am seeing owners in Florida finally realizing that double digit appreciation isn't happening every year and want to cash out and take the loss. But in these markets it is like being a day trader in stocks, you need to watch closely. Hybrid markets are more like Phoenix. A lot of stupid money goes into investments in that area. This is when the market is already saturated for rentals and has no where to go but down. Catch these markets on the upswing as versus the downswing like in Florida but don't buy the hype and work with someone in Phoenix willing to tell you no.

In conclusion: I have gone through the five questions reporters ask, who, what, where, how, and when. This is just the beginning of understanding real estate investment. However, there are a few caveats I want to share with you. First, don't bet the farm like putting everything on red in Vegas. Have reserves and understand that you can't be a big winner every time so start conservatively. When an agent tells you that you should buy because this cash cow is a no brainer remember that means you are not using your brain. Run away as fast as you can. As I have said before, don't put all your eggs in one basket. Real estate is not the only place to put your money. Buy passive income and make sure it is passive. You have a life, a job, and a family. When investments demand a lot of your time you know that you didn't either buy right or you would led astray by the agent. The best real estate investments are the ones you forget you have until you see the check going into your bank. That's all for now but most importantly I want you to build wealth with the minimum amount of risk.


Posted by Joe Pryor on June 27th, 2017 10:08 AM

With the access to information on the web we have an ability to go outside of our neighborhood and look at real estate in the United States but also outside of it so where we get out best return and what can make sense to us will be handled in this post. We have gone through the why, who, and what, so it is time for the where, and the after this the when.

My Home Town: What I love about real estate is the tactile part of it. We can go by it and touch it, and see it inside and out and what better place than our home town. Given enough time even if you are not a REALTOR® who have local access to statistics, information flow, a hyperlocal knowledge based on your gut instinct, and the ability to check it out at any time. When people ask me where to start I always go to what Warren Buffett says, invest in what you know and local is what you know best. You also know many REALTORS® in your home town that you can interview and decide if they are the who of real estate investment.

Out of State: 95% of my investors live outside the state of Oklahoma. Investing out of state may present more risk than local so you need to be hyper-vigilant more so in who you choose to work with. You should also know the difference in the market places to make sense of it. Florida for instance is a timing market because it has more volatility than a linear market like mine in Oklahoma City that is steady and predictable. One is not automatically better than the other but need a need strategy. You may also want to invest in both which I have done locally and in Florida. What you are looking for is what fits your parameters and for me it is primarily cash flow so slow and steady for long term returns is OK ,but a 10% appreciation per year I am experiencing in Florida helps me build wealth also.

Short Term Investment Properties: My wife and I like to hike so we started using a site called VRBO in Colorado to find something other than a hotel. So we got townhomes or condos with kitchens and multiple baths and for a reasonable price for a weekly stay. Both VRBO and Airbnb offer unique opportunities and we have bought in Florida this way with great returns. It requires more hands on self management but if you are up to it it can be a large return for you. It doesn't work everywhere but vacation areas and major cities are great for it. I have already booked a high rise condo for NAR in Chicago this year rather than fighting the hotel assignments. 

Out of the Country Investments: Talks about being careful, this is a major one to be on your toes. If you are not wealthy it is not probably for you. Recently my wife and I have been looking at buying in Costa Rica. it is a favorite country of ours and VRBO is big down there. This is probably something more suited to buying a second home and renting it out while yu are not there. The laws of various countries can bite you so if you decide to go this route bu ready to pay for professionals to help you and acknowledge that some countries are safer for investments than others.

FAG Where Summary: First of all the picture is the beach we walk to from our second home in Florida. The neat thing about it is that rental income pays for our second home and then some. It allows us to enjoy months of the year without having to pay for it other than the airfare and food. If I was just starting out this would not be what I would do, I would stay with the safest of investments your home town. There are exceptions to buying in your home town if you live in places like Palo Alto where a $2.5 million home is not all that special. You may like Oklahoma, or Texas, or Kansas where $160,000 goes a long way. Again, do you research, find the right agent, and be careful. Real Estate has enriched my life by owning a lot of it and experiencing high return rates. If Oklahoma interest you I can be contacted at joe@joepryor.com


Posted by Joe Pryor on June 26th, 2017 10:16 AM

This may be the toughest part of the FAQ investment questions, who can help me get started? Let's think about medicine to start with, if you have cancer or heart issues do you ask for your GP to take care of it? No, you go to a specialist who has devoted themselves to taking care of you for that one particular problem. This is not to denigrate general practitioners because they perform a valuable entry service. Real Estate is a bit like that. We have plenty of people who know a little bit about a lot of things but not one particular thing down cold. For instance, I thought I knew a lot about new construction because I sold it and had taken classes like with CRS, but until I had a custom home built I realized how much more there is to know about it. Other specializes in real estate work the same way and very few agents want to devote their entire business to one specialty

On the other hand there are agents out there around the country who are like me, they eat, sleep and breathe investment real estate. I learned many years ago it is what I truly loved so I dedicated myself to creating wealth through selling investment real estate and also I have a seven figure equity in my own real estate a few times over. If you are looking for a real estate investment specialist here are a few questions to ask.

Do you own rental property? Would you buy a $500K personal home from someone who has never owned their own home? I know I wouldn't. Why not also ask them about what they are trying to sell you with would you buy this for yourself? I have built my career on that.

Tell me what is a good buy versus a good investment: You can get a home at a discounted rate, but if it is in an area going nowhere and is in high vacancy, then all that money you thought you saved on a purchase is lost in being empty. Let me continue this with another related question below.

What is my return on investment? Ask them about internal rate of return, cash on cash, and capitalization rate. What does gross rent multiplier mean? If they are doing a real  estate investment out of a 401K what is the DCR, or debt coverage ratio. These are a few of the many questions that you should ask before you select help.

What is the exit strategy? One of the most important and least explained part of investment is what is at the end of it? That kind of goes with why but you also get into a 1031 exchange possibility, what is the cash out implications on being taxed, and if things go south can I get out of this? Speaking of that very few agents have an exit strategy for their business so don't leave your self in the hands of amateurs.

Should I use a property manager? For out of state buyers this is essential but for local people a real estate investment specialist will explain why paying a great property manager is something that saves you money and headaches in the long run. I will expand on this conversation in another unrelated post from the FAQs but in my case I own my own property management company because I have a vested interest in the clients success and want them to buy more. FYI, I have specialist for that and that is not me.

I spend a lot of time with my investors before they ever have a contract written because for me when someone is putting 20% down or more and putting their financial future in my hands this isn't about a commission to pay the bills, it is about trust, integrity, empathy, and all the expertise I can muster and than learning never stops. In the next post I will get into the where but please, when it comes to finding that real estate investment specialist, do e en more due diligence. With over 2500 investment properties sold I can never rest on my laurels and never assume i can't learn more to be of service to you.

Posted by Joe Pryor on June 25th, 2017 2:27 PM

When I deal with my specialty of real estate which is investment, I get a lot of questions from first time investors curious about the way to proceed. My first job as a specialist who gets entrusted with a lot of cash involves hours of education and I feel like a reporter at times who ask the question, what, where, why, how, and who, and not in that particular order. Today's FAQ starts with why and the need for this is in the statistics of how little money is saved for retirement by the American public. The scary thought is that 1/3 of baby boomers don't have more than $1000 in savings so working with young people for me is especially important since at my retirement age I can quit today and never have to work again to pay a bill. That is the end result of why but let's start at the beginning.

Why buy real estate? To begin with it is simply at this time an investment that can give you the most amount of return for the least amount of risk. Real Estate is a one on one relationship for the investor instead of being bundled and handled in a fund like a mutual fund. Appraisal of value takes in the cost approach of what it cost to replace the property, the comparable approach which compares it to like kind property, and the economic approach which gives you the rental value. There is also historical data we can give on rental rates. When it is financed there is a minimum of 20% down which mitigates downside risk especially after we have done a value reset since 2008. When it is said and down the typical annualized return on investment is 20% per year in Oklahoma City and when you compare that to a conservative stock investment of 4% to 6% per year, you are really building on retirement.

Maybe it's about education: We talk a lot about the problems with student loan debt so maybe for the more affluent folks out there buying one or two homes for you newborn is the best idea. Seventeen years later who can have it paid off and it can be easily borrowed against for offsetting the student loan issue. Think about have assets of $500,000 or more and this becomes the best gift you can give your children.

All my money in real estate? Simply, I don't recommend that. One should be diversified and when I teach investment to REALTORS® I emphasize tax deferred savings also. I do have some people that do almost all of their investments in real estate but for transparency sake I let them know that I don't do that. What I do love is that it really pays when it is done correctly.

Is my profit tax deferred? This is the best part of investing in real estate. You take the improvements less the land and you can write off taxes based on a 27.5 year schedule on residential real estate. What this means for some of my investors is that they make $350 a month net and the depreciation is $375 a month, and this doesn't count write offs in repairs and improvements that are carried forward. Also with a 1031 tax deferred exchange you can pay no taxes when you use the money to buy more real estate. As I joke with my investors, you 1031 until you die and that becomes your biggest tax break, your heirs get to start the depreciation from scratch which is another great gift for your children.

That by no means is all the FAQs on why but it is a start. In the next post we will tackle another question which what should I invest in. 


Posted by Joe Pryor on June 24th, 2017 12:05 PM
This is your chance to own a great piece of land just north of the city AND a beautiful home with your own pond. Walk in to the large living room with stunning views of the beautiful pond. The living room features a great fireplace with built in bookshelves. Kitchen is large in size and features a dining room. There is a second living area in the back of the property. This home also features a great MIL bedroom and bathroom, or would be a great room for a teenager. Master Suite has been completely remodeled. Two more guest bedrooms share a completely remodeled bathroom as well. Property also features two outbuildings as well. New roof was also just installed in May of 2017. This home also features Low-E windows, and newer carpet and paint. For more information, check out this home on our Homes for sale page, 9550 South Portland. 
Posted by on June 9th, 2017 10:01 AM
If you haven't had a chance to check out our awesome listing in the Oak Tree Golf and Country Club community, now is the time! This timeless home is located on a large homesite with stunning golf course views. The backyard features an expansive covered porch and also a great in-ground swimming pool. The interior of the home features space for the entire family. All of the rooms throughout the home are spacious and have great natural light. The study is a dream for working from home. The Master Suite will remind you of staying at one of your favorite hotels with the golf course views. There are three guest bedrooms upstairs and also a bonus room. For more information and to view photos of this home, check out our homes for sale page! 
Posted by on April 26th, 2017 9:51 AM
With the growth of our city, comes new commercial development to the area.

The popular Chisholm Creek development located in Northwest Oklahoma City is rapidly growing.

The developers have announced new businesses coming to the Master Planned area of Chisholm Creek.

There will be a Uncle Julios restaurant, which will be located off of Memorial. The restaurant is based out of Dallas and prides itself on the use of fresh ingredients and their origination of the "swirl" drink. This location will feature a large patio and bar with expansive water views.

BURN Cigar Lounge will be  a three story Cigar lounge, located in the already constructed Tract 30 development across from Top Golf. BURN will be joining the already open Fuzzys, Sidecar Barley and Lounge, Yokozuna, Longevity Medical Spa and Fuzzy's Taco in the Tract 30 development.

Directly to the east of Tract 30, Midici Pizza is planning to build a free standing structure. Midici's Neopolitan Pizza was founded in Los Angeles. The concept involves ordering an authentic pizza at the counter and having it cooked in around 90 seconds in a 900 degree oven.

We are excited for the growth and expansion of the Chisholm Creek area. This concept has been unlike any other in the Oklahoma City area, and is rapidly becoming a favorite of residents in the area!
Posted by on April 18th, 2017 11:17 AM
We have a fantastic new listing in the Choctaw/Nicoma Park School District that has just hit the market. You will love this home, located just minutes from highway access, shopping and a short drive to Tinker AFB. This home features an open concept layout with a large living room with tons of natural light. The Kitchen has abundant storage and a large dining area. All bedrooms are an ample size, and the Master Suite features a large walk-in closet. Check out our Homes For Sale page for more info on this property, 2120 Mill Creek Way. This home is priced at $164,000. 
Posted by on April 14th, 2017 11:33 AM
There are going to be some big changes occurring at Quail Springs Mall in Oklahoma City.

Macy's that was a large anchor at Quail Springs Mall closed their doors around a year ago, and their space has been vacant.

LifeTime Fitness, a national fitness chain, is now bringing their first location to Oklahoma City. The old Macy's building will be torn down to make way for the new fitness facility. 

The proposed fitness center could be one of the largest in the country at approximately 181,000 square feet. The facility will feature indoor tennis courts, 400 pieces of fitness equipment, basketball courts, exercise studios, childcare and also two health food areas.

There will also be outdoor tennis courts and a large pool and spa area.

Oklahoma City is showing signs of growth in our new businesses, new residents and housing market. For more information on how to invest in Oklahoma City, contact us anytime. 
Posted by on March 7th, 2017 11:50 AM
We have a fantastic new listing in Mustang Schools! You will not want to miss out on this one.

Fantastic home in Mustang Schools. This home is located on a large cul-de-sac homesite, situated next to the community park. You cannot beat this awesome backyard set up with extended concrete patio, deck, above ground pool and storage shed. Walk inside the living room and you will be greeted with wood floors and a stunning new tile backsplash on the fireplace. The Kitchen has tons of storage and opens up to the dining area. All guest bedrooms are on the opposite side of the home from the Master. Master Suite features a gigantic closet and also a on suite bathroom. There is also a storm shelter in the garage.

For photos and more information on this home, check out our homes for sale page. 

To schedule a private showing, email Chris at okcrealtor7@gmail.com 
Posted by on February 28th, 2017 10:36 AM
Spring has sprung early in Oklahoma City, and many new businesses are popping up all over the metro, or are in the early planning stages to appear soon.

A new Aloft Hotel hotel has been planned to be constructed along with a commercial development surrounding it in the NW OKC area, just south of Memorial between May and Penn. This will be the second Aloft location to be built in Oklahoma City, their other location is in Bricktown.

Potbelly Sandwiches also has plans to enter the Oklahoma market. There will be two new locations, one located in the Chisholm Creek area off of Penn and Memorial and another location located on Rockwell and N.W. Expressway.

Amazon has also began construction on a 300,000 square foot sortation facility in Oklahoma City. Most Amazon sorting facilities employ between 100 and 300 employees.

With all of this growth in Oklahoma City, it is a great time to invest in Real Estate! Contact us for any of your real estate needs. 
Posted by on February 23rd, 2017 12:29 PM
Oklahoma City is booming with new businesses, and a few new grocery stores are going to be introduced to the Oklahoma City area over the next year. 

Aldi, which as been a part of the Oklahoma City Grocery game for a few years is introducing a new location in the Mayfair Shopping Center at 50th & May. Aldi will be tearing down a section of the shopping center where CVS was previously located and building a new building. 

Winco Stores will also be a part of our city over the next year. They are introducing three new stores to the metro area. Locations include: Moore, Midwest City and NW Oklahoma City on Penn & Memorial.

There was also the recent addition of Trader Joe's to the Oklahoma City Metro. Trader Joe's is located in the Nichols Hills Plaza off of 63rd and May. Trader Joe's features affordable options for customers searching for healthy and convenient groceries. 

With the growth of our Metro area, there should be many more additions to our shopping choices in Oklahoma City over the next few years. 

For more information about the trends in the Real Estate market in Oklahoma City, feel free to contact us at The Virtual Real Estate Team! 
Posted by on February 13th, 2017 11:16 AM
Great new listing the Yukon School District. This home is located in the Miller's Gate community which is a gated community and also features a community park. Millers Gate is minutes away from the turnpike which has easy access to Oklahoma City and is also just down the street from downtown Yukon. Our listing at 3808 Ashley Terrace is a four bedroom home with wood floors in the Kitchen and Dining Room, and a spacious family room with a Fireplace. The Master Suite features a large bathroom and a walk-in closet. All three of the guest bedrooms are on the opposite side of the home from the Master Bedroom. There is also a large covered porch and backyard. For more information visit our Homes For Sale page or to schedule a showing email : okcrealtor7@gmail.com 
Posted by on February 9th, 2017 11:48 AM
Tucked away in NW Edmond, Griffin Park is a fantastic community with many amenities for the residents that have made it their home. 

Griffin Park is a community located just minutes from the Kilpatrick Turnpike, Quail Springs shopping corridor, Chisholm Creek and local schools. Griffin Park is located in the Edmond School District, which is one of the top school districts in the Oklahoma City Metro.

This community features newer homes from around 2000 to 3000 square feet that have been constructed from 2012 to now. There is also a neighborhood clubhouse and pool for the residents to enjoy. 

We have one home for sale in the community, that is located on a quiet cul-de-sac homesite. The home we have for sale features hardwood floors, a modern Kitchen and also an upstairs bonus room with a full bathroom. 

For more information on this community or the home we have for sale in Griffin Park, contact us today!

Posted by on February 6th, 2017 11:59 AM
I have been selling Oklahoma City real estate investments for over 26 years and it has been my pleasure to create wealth for so many people. I have many out of state investors and for the last 13 years that has represented the majority of my sales. I have always prided myself on finding builders who are willing to give investors a home that appraises over the purchase price but this is becoming more difficult all the time. Overall, the US has recovered from the mortgage meltdown of 2008 and even though Oklahoma City real estate maintained its stability and didn't meltdown, the bubble markets that did have come roaring back. This has created an even bigger demand for Oklahoma City rental homes because few markets possess affordable housing, low cost of living, and strong population growth, but we have and since 2008 building has been steady.

The first issue that is affecting affordability is land cost for development. Oklahoma City has put billions in infrastructure spending that did a great job of revitalizing downtown and other areas of commerce but little was spent on expanding utilities. Not only have land cost risen but developers are responsible for infrastructure spending for water and sewer, so lots we used to see at $25,000 may be $50,000 now so add that to the cost of a home. Oklahoma City and the surrounding suburbs have also increased fees for permits, inspection fees, and what is coming is what is called impact fees. You add to this the rising cost of materials like concrete, and labor cost going up and my job of putting new homes together becomes more difficult.

One thing we have done is work together, builders, developers, and me to purchase land through 2018 for development. We can control some cost there but not all. We are also working harder on subcontractor fees with a guarantee of full time employment without breaks if they will work some off cost and that helps too. We are also changing what we build by going to duplexes where we can put two rental properties on one lot that reduces per unit cost and more multi-family type construction, but back to single family which is a bedrock conservative real estate investment with the safest exit strategy upon sale.

Investors have lately been understanding this and buying up what I have to offer and I am down currently to one house to sell. However, I have been meeting with two builders specifically who are going to be able to deliver 22 lots for single family investment homes in top suburban school districts. These homes we hope will be priced from $160,000 to $175,000 and unfortunately building at $150,000 and below has almost been eliminated. We do have a strong rental pool for the above homes, and I should be receiving details like floor plans and standard features this week. 

If you are interested in investing in Oklahoma City real estate and want to get on our quick send list when these homes are available for sale, then please get in contact with me to either sign up or to ask for a consultation on investing. My email is joe@joepryor.com.

Posted by Joe Pryor on February 5th, 2017 3:28 PM
Every year my wife and I debate where our investing money should go, is it Oklahoma City real estate or is it the stock market. The simple answer is both since as self employed people we need to put money into tax deferred investments like stocks but increasingly we are putting more money into real estate and here's why:

If you make the right buy on a rental property it can generate $400 a month or more and if the property is going up just 3% per year in appreciation then seven years down the road your Oklahoma City rental property will show at least a 25% annualized return on that investment. Now look at your stock portfolio and first realize that you trust someone else to tell you what to invest in and the people running those companies or the mutual funds you have no control over. With a rental property it comes down to two people you need to find trustworthy, the investment REALTOR®, and the property manager. What this means is you have much more control on the destiny of your Oklahoma City real estate portfolio.

Now let's look at stocks as something that is dividend oriented. So now ask yourself about how much dividends you are getting on a $150,000 stock portfolio compared to real state. Also ask yourself what is the level of volatility on that portfolio going up or down? For us we go very conservative with lower returns so if we get 5% returns annually we are happy since to get greater yields you need to accept more risk. So real estate which is one of the most conservative investments when it has yields annually above 20%, is easily valued by professionals, and also the fact that everyone has to live somewhere, then that bricks and mortar investment becomes your best return. 

I am not here to tell you to put your eggs in one basket because that would be hypocritical since I don't do that but last year one real estate investments in dollars were 3 to 1 over stocks. Since the mortgage meltdown of 2007-08 real estate has reverted back to its basic principle of supply and demand determining pricing. No fluff, no breathe on a mirror and get a mortgage, but combined with low interest rates the timing for you can't be better. My partners in building and developing understand that this can't go on forever, rates will rise as well as the cost of building and developing, so they have secured land for building through 2019 so we are excited about the next three years.

For me, selling investment real estate in Oklahoma is all that i do, no listing appointments, no buyers inc are other than investors. Thirteen years ago I dropped everything but investments and focused all my trading and energy into that one thing. With my wife we have built a team that also now encompasses a property management company so that every part of your experience will have someone with a vested interest in your satisfaction. Selling you an Oklahoma City rental property is gratifying to us but even more gratifying is when we have built with you a level of trust that like an investor last week bought a new duplex after his last purchases 11 years ago. That is what makes this all worthwhile. To connect with us about building wealth for the future through investing in Oklahoma City real estate, please contact us at joe@joepryor.com.

Posted by Joe Pryor on January 31st, 2017 4:16 PM


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