A real estate opportunity that you but didn't move on and regret it?

[warreng88]

So, in general, what is a real estate opportunity that you had (caught wind of, actual offer, etc) that you thought about, turned it down and now regret it? On the other hand, what is a real estate opportunity that you did take part in and are happy you did? I have a few:

1. I remember in late 90's, early 2000's, there was word of leveling some properties east of Classen, south of NW 10th. At that time, it wasn't a great area and I remember hearing lots would sell for around $10,000. That is now known as SOSA and one of the latest lots to sell in early 2023 sold for $155,000.

2. We bought a house in Crestwood in 2007 that is pretty small. In 2008, the house at 1409 NW 16th came on the market for sale at $195,000 at 3,200 sf. It ended up selling in mid-2009 for $142,000 ($44/sf). In 2015, it was listed for sale for $260,000 and ended up selling for $235,000 ($73/sf). Now, that house is listed for sale for $720,000.

3. After college, I lived in my grand parent's house in Edgemere Heights. My grandfather built that house back in the 1950's and after he passed, we lived in it. Once we moved out in 2004, my mom and her sister decided to sell the house to get the money out of it. The house was 2,100 sf on a half acre, a 3/2 with two living rooms. It was sold in 2004 for $149,000. It was sold in 2013 for $250,000 and then again in 2016 for $315,000. The market value on the OK County is $418,000. In early 2023, a similar age and style house in the same area sold for $488.000.

On the positive side, we purchased our house in Crestwood in 2007 for $92,000. We paid it off three years ago and it appraised for $225,000. Now we are renting it for $1,400 per month and our management fee is 10% plus T&I so we are netting $1,000 per month.

[warreng88]

Also, back in 2009, my brother lived and worked in Phoenix and traveled to Vegas for work every six weeks. He tried to talk me into buying a condo in a new complex for $150,000. 10 years later, I found out it was just off the strip, looked up the sales price it last sold for $500,000

[BoulderSooner]

1. I remember in late 90's, early 2000's, there was word of leveling some properties east of Classen, south of NW 10th. At that time, it wasn't a great area and I remember hearing lots would sell for around $10,000. That is now known as SOSA and one of the latest lots to sell in early 2023 sold for $155,000.
.

this was the case in 2007 still ... and yes i wish i had bought as many as possible ..

[OKCRealtor]

I regret not keeping my first house in Putnam Heights but hindsight is 20/20. I bought it in 09 and we moved in 2018 and put 20% down on our new house and closed on that not needing to sell our other one at all. I improved it after I bought it and then again before we sold and we thought about keeping it but at the time we wanted to get our cash out because it was a significant amount. Had we known what was around the corner in 2020 certainly wouldn't have sold it.

Probably should have bought a property or two early on during covid as well but the uncertainty at the time was significant not knowing what would happen. I wouldn't say I regret that though because I invested a ton of money during the covid years into SEP's & other IRA's while still building my petty cash. I've done extremely well on both of my personal homes because of the timing I bought - 09 after the great recession and then '18 when prices were still low and refinanced to a 3% rate after. Could pay my house off but why should I?

This is a good topic because we probably already saw the bottom in our current market which means prices will never be this cheap again. If I can have very good year really should pick up a long term rental or two before too long. We've had a tale of two markets so far in January/February this year.

[bison34]

I regret being a junior in high school in 2008, and not an adult able to buy houses for pennies on the dollar.

[mugofbeer]

It's not me but my Dad when l was very young. My family went to S Padre Island around 1968 with another family. One day, we drove up the paved road and there was a for sale sign to buy 10 acres on the beach for $17,000. At the time there wasn't anything near the property - just a lot of sand and grass. It turns out the Dad of the other family had asked my Dad if he wanted to go in on it with him to buy. My Dad turned him down because he had my siblings nearing college age and those expenses coming up. Today, the Bahia Mar Resort sits on that land.

[Anonymous.]

As OP mentions, SOSA is wild. Every lot and vacant house in that area before about 2010 could be had for less than 30K. Now the few remaining lots are going for 250K+. Also all the same in Strawberry Fields.

Protip, the new area for these deals is out west with anything between Western and Virginia. This isn't a secret though, you won't find any insane deals like the SOSA era, but you can still find some cheap run-down stuff that could be flipped for 100% in a decade I would bet.

[citywokchinesefood]

The biggest financial **** up I have ever made was renting expensive apartments when I was making over 100k a year as a server/bartender from 05-18. I could have easily bought several properties and had them paid off and generating income as rentals. Thankfully crypto went boom and it made up for the dumbass mistakes of my 20s. I feel like it is going to be the same story for this entire thread = WHY DID I NOT BUY SOONER!

[OKCRealtor]

The biggest financial **** up I have ever made was renting expensive apartments when I was making over 100k a year as a server/bartender from 05-18. I could have easily bought several properties and had them paid off and generating income as rentals. Thankfully crypto went boom and it made up for the dumbass mistakes of my 20s. I feel like it is going to be the same story for this entire thread = WHY DID I NOT BUY SOONER!

Yep, the opportunity costs of a delaying a home purchase regardless of the economic conditions are extremely costly. I am constantly having this conversation with my clients, particularly younger people as I give them my real world examples and experience. I've had a quite a few younger 20's first time buyers who now have a major leg up in life but unfortunately most are short sighted and can only see the monthly rent number or mortgage payment.

I think the same is still true today, however, as the market turns again and rates begin to relax we will look back at this high rate cycle in the short future and think the same.

[OklahomaNick]

I have been in commercial real estate brokerage and investing for 12 years now.
In popular/hot areas, things have 2-3x in value over the last 10 years.
There are a LOT of things I wish I would have purchased knowing what I know now.
But while a lot of investors have made money there are always some that have lost big.

[Canoe]

I regret not keeping my first house in Putnam Heights but hindsight is 20/20. I bought it in 09 and we moved in 2018 and put 20% down on our new house and closed on that not needing to sell our other one at all. I improved it after I bought it and then again before we sold and we thought about keeping it but at the time we wanted to get our cash out because it was a significant amount. Had we known what was around the corner in 2020 certainly wouldn't have sold it.

Probably should have bought a property or two early on during covid as well but the uncertainty at the time was significant not knowing what would happen. I wouldn't say I regret that though because I invested a ton of money during the covid years into SEP's & other IRA's while still building my petty cash. I've done extremely well on both of my personal homes because of the timing I bought - 09 after the great recession and then '18 when prices were still low and refinanced to a 3% rate after. Could pay my house off but why should I?

This is a good topic because we probably already saw the bottom in our current market which means prices will never be this cheap again. If I can have very good year really should pick up a long term rental or two before too long. We've had a tale of two markets so far in January/February this year.

It seems hard to find a value these days. Where are you looking? Around NW expressway or elsewhere?

[OKCRealtor]

It seems hard to find a value these days. Where are you looking? Around NW expressway or elsewhere?

I'm not really looking, but if I were I'm preferential to the NW side or Edmond. That wouldn't stop me from looking for something on the SW side or east as well if the deal made sense. North side is obviously quite a bit more expensive so if you're not too concerned about the area theres a lot of investor stuff on the southern & eastern sides.

[KHutch66]

My fiancé and I In December purchased in the Fox Creek neighborhood, southwest corner of Memorial and Eastern. We were very blessed to have a family loan. We are in our early 20s. Hoping that by starting early in our real estate journey we are able to set ourselves ahead of the curve.

[CaptDave]

Didn't jump on $75000 (and lower) homes in Edgemere several years ago......

Or a few small lots west of Scissortail Park before they were snapped up.....

[Bill Robertson]

My aunt and uncle had a house with a big detached garage. We kept the race car there for a couple of years. When they passed I could have bought the place from my other cousins for a song. It was about where the south side of the new OnCue on NW Exp is now. I would imagine that OnCue paid at least decent money for those houses.