How to Wholesale Real Estate in Oklahoma (2024 Updated)

If you’re interested in starting a real estate wholesaling business in Oklahoma, this guide will provide you with the necessary information.

It will cover the types of contracts required, effective marketing techniques, and additional resources.

Continue to read to start finding and closing your first wholesale deals in Oklahoma.

It is legal to wholesale real estate in Oklahoma, but it’s crucial to adhere to the law with great attention to detail.

It is important to note that only licensed Oklahoma real estate agents or homeowners are authorized to market a property.

As a wholesaler, you are essentially marketing the rights and responsibilities of a contract.

To ensure that your business is operating within legal boundaries, it is crucial to understand the risks of wholesaling real estate and have a clear understanding of Oklahoma’s real estate wholesaling laws.

Using improper language in your contracts or methods of marketing your deals is a significant risk related to wholesaling real estate.

To gain a better understanding of the relevant Oklahoma laws, it is recommended that you review the information on the Oklahoma real estate wholesaler prohibition act.

Despite it saying “prohibition”, it doesn’t prohibit the wholesaling activity completely. It rather requires you to have a real estate license when wholesaling via contract assignment.

The act doesn’t apply, however, to the double-closing strategy. We will explain both approaches later in this guide.

Additionally, you may benefit from seeking the assistance of the best Oklahoma real estate attorneys to either create or evaluate premade forms for your purchase agreements and assignment contracts.

Oklahoma, like other states, has two primary methods for wholesaling houses: contract assignment and double closing.

It’s important to note that you don’t have to be an Oklahoma resident to wholesale properties in the state.

Due to the advancements in technology, you have the ability to carry out the complete real estate wholesaling process from the comfort of your home, without the need for physical presence.

Contract Assignment

Typically, new investors seeking to learn how to wholesale houses in Oklahoma will initially become familiar with the contract assignment method.

It may be more convenient because it doesn’t require wholesalers to get financing for the whole price of the property. However, in Oklahoma, it requires you to hold a real estate license.

Wholesaling by contract assignment works the following way.

Begin by having the motivated seller and yourself sign a purchase contract, as if you were the buyer. However, you do not actually have to purchase the property.

The contract should include a clause allowing you to assign it to a third party (your end buyer).

Upon identifying an end buyer and getting the house under contract, both the seller and end buyer must sign an assignment contract.

This signifies that you will pass on the obligation to purchase the property to the investor who will ultimately purchase it.

In exchange for assigning the contract to them, the investor will pay you an assignment fee, which serves as your profit as a real estate wholesaler.

In general, this approach necessitates a refundable earnest money deposit of approximately one or two thousand dollars.

Double Closing

Although it’s a more popular approach, mastering the contract assignment is not everything you need to know about wholesaling real estate in Oklahoma.

The double closing strategy may actually work better for you as it’s safer to use without a real estate license.

This method requires the completion of two distinct closings: one with the seller and one with the end buyer.

The double closing strategy is often used by wholesalers who are making a significant amount of money and want to keep their profits private from the seller and end buyer.

However, it is important to understand the pros and cons of real estate wholesaling by using this strategy.

The benefit of double closing is the privacy it provides regarding profits, but the downside is that you need transactional funding to close if you don’t have your own funds.

One of the best Oklahoma hard money lenders can provide you with transactional funding.

Finding a wholesale-friendly title company is crucial when creating an Oklahoma real estate wholesaling checklist since they can help facilitate double closings correctly.

Virtual Wholesaling

If you want to try virtual wholesaling in Oklahoma, you can do it from anywhere. However, it’s especially important to thoroughly understand wholesaling real estate step by step.

Networking is crucial, and it’s highly recommended to start working on it before finding your first deal.

Collaborating with Oklahoma investor-friendly real estate agents can also aid in communication between you, the buyer, and the seller.

Before commencing virtual wholesaling in Oklahoma, you need to identify two crucial vendors. These are:

1. An Oklahoma wholesale-friendly title company that can assist with your virtual closings.
2. A reliable home inspector in Oklahoma or a contractor, who can provide rehab estimates for the properties you have under contract. This will help you analyze real estate deals. It is also important to have an inspection contingency clause in your contract that enables the contractor to access the property.

You can select an electronic signature software, such as DocuSign or Dotloop, to sign documents remotely prior to and during the closing.

Now, let’s discuss finding houses to wholesale that can be bought under market value by an investor so that they could pay you an assignment fee and then make a profit.

The key to this process is to find motivated sellers who are willing to sell their properties for lower than they are worth but get such benefits as a quick sale and simple process.

Various types of motivated sellers need immediate cash and may not have the means or time to put the property in order (deal with legal matters or repairs) and sell with a real estate agent for top dollar.

As a result, these sellers often seek out investors or any buyer who’d make it quick and easy for them.

Understanding how to identify motivated sellers is crucial when searching for properties to wholesale in Oklahoma.

We will cover three different methods to find distressed home sellers in Oklahoma.

#1 Buy Oklahoma Distressed Seller Leads

If you’re looking for a way to find motivated home seller leads, one option is to purchase them.

You can pay a monthly subscription fee or per lead to obtain leads from many real estate wholesaling software tools that offer this feature.

Their leads include homeowners’ contact and property information and notes about their situations making them potential clients for investors.

Among those leads, you can find MLS listings that haven’t sold for a long time, absentee homeowners, preforeclosures, probate real estate, and more.

You will never get a 100% conversion rate with any lead provider. But some of them provide lower-quality leads than others.

Real Estate Bees provides a lead marketplace for high-quality real estate leads that you can purchase.

Additionally, if you wish to investigate various companies, you may consult this compilation of top lead generation companies for real estate wholesalers and evaluate the alternatives available to you.

#2 Hire an Agency to Do Marketing for You

You may consider delegating the task of wholesale real estate lead generation as well as other marketing endeavors to professionals.

There are agencies providing real estate investor marketing services helping you concentrate on other areas of your business.

Typically, digital marketers will create a customized strategy that suits your budget and then set up and manage your campaigns for a monthly fee.

Digital marketing agencies provide various services, such as social media marketing, SEO for real estate investors, PPC ad management for real estate investors, real estate website design, content development, and more.

Even though paid advertising and social media marketing can get you leads fast, search engine optimization (SEO) progresses at a slower rate but can create a resource that generates leads with minimal oversight.

Just like lead providers, these companies can be unscrupulous, failing to deliver services as advertised.

If you are leaning towards hiring an agency, you have to be able to sift through an overwhelming sea of bad companies to find one that will serve you as advertised.

But since you are our reader, our team has already done all the heavy lifting for you. We’ve polled and surveyed thousands of our real estate wholesaler members and the overwhelming majority recommended Magnyfi, run by Jacob Hicks.

The service provided by Magnyfi is not cheap. But it is definitely worth it if you are serious about growing your real estate wholesaling business.

Go ahead and watch Jacob’s video presentation on the Magnyfi profile page discussing their methodical process they have been using to successfully help other investors grow their businesses.

#3 Do Your Own Marketing by Yourself

To get more experience in all aspects of your business, you may want to start with mastering marketing yourself.

To begin with, the primary requirement is a professionally built real estate investor website that is designed for generating motivated seller leads.

A website can serve as a flexible tool for drawing in leads through various channels, including social media ads and online searches.

Therefore, it is crucial to opt for a website solution that allows for the creation of a user- and search-friendly resource.

Currently, there are several best options available on the market that we reviewed in our guide to the best website templates for real estate investors.

However, your marketing strategies should not be restricted to the online approach only.

There are numerous offline methods you can use: driving for dollars, sending out real estate wholesaling direct mail, looking for real estate tax debtors and pre-foreclosures in public records, networking with other real estate professionals, utilizing bandit signs, and more.

If your aim is finding real estate investors who are interested in buying Oklahoma wholesale properties, then consulting a list of cash buyers would be the best way to approach this.

You should start building it from the beginning. To navigate it easily, it is wise to separate buyers in it by their buying criteria: some of them specialize in probate properties, others prefer foreclosures, etc.

You can market wholesale real estate deals to various types of real estate investors such as hedge funds, real estate investing companies, and individual investors.

Build Your Own Cash Buyers List

Network actively to put together a substantial list of Oklahoma real estate cash buyers as soon as possible.

Consider joining multiple virtual real estate networking groups, which are frequently active on Facebook, and hold virtual meetings for you to attend.

Participate in your local Real Estate Investment Association and real estate investor clubs.

Additionally, reach out to trustworthy vendors in Oklahoma who cater to home rehabbers and landlords, such as contractors who handle flips or Oklahoma lenders that work with Oklahoma real estate investors.

Building a cash buyers list doesn’t happen overnight. It’s a continuous process. Fortunately, it can be significantly sped up by Real Estate Bees’ revolutionary invention — Property Marketplace Widget for Wholesalers.

It basically allows you to build your own cash buyers list on autopilot, and it’s the only online tool of this kind on the market.

What’s even more powerful is that this tool lets you syndicate your contracted properties directly to Real Estate Bees’ massive marketplace of wholesale deals for sale in Oklahoma and instantly reach thousands of potential buyers!

Leverage Other People’s Cash Buyers Lists

If you’re short on time to create your own list of companies that buy houses in Oklahoma, there’s an alternative option of using someone else’s list of cash buyers.

Numerous experienced Oklahoma real estate wholesalers and other real estate experts have built their lists that they could share with you at a fee.

This won’t do it cheap, though. You may have to give up to a half of your assignment fee away as compensation.

If you want to avoid giving away 50% of your profits while using someone else’s cash buyers list, you can use a robust property syndication tool developed by Real Estate Bees to help wholesalers with the disposition.

The tool lets wholesalers leverage Real Estate Bees’ extensive list of Oklahoma cash home buyers to blast their contracted properties for free.

To take advantage of this cutting-edge functionality, create your free account and list your contracted properties.

Contract Assignment

To successfully wholesale houses in Oklahoma, you must have two contracts in place: a real estate purchase contract and an assignment contract.

The purchase contract is a standard contract to purchase real estate. Make sure it allows you to back out of the deal with your earnest money refunded, in case you don’t find an investor to wholesale the property to.

After finding an end buyer, both the seller and buyer sign the assignment contract, indicating that you are not purchasing the property yourself and are being transparent with both parties.

Both contracts must be submitted to the title company for closing.

This process ensures that everyone involved in the transaction is aware of the terms and that you are not hiding any information from them.

Double Closing

To avoid disclosing the exact profit or to protect themselves from charges for wholesaling without a real estate license, wholesalers often use double closings, as discussed earlier.

To close the deal, you will need to provide the title company with two contracts: one for you acquiring the property from the seller, and the other one for the investor buying it from you.

If you don’t have enough money to cover the full price of the property when buying it from the homeowner, you will need to obtain transactional funding.

This short-term loan usually lasts for 24-48 hours, allowing you to close with the seller before the end buyer repays you this amount with the assignment fee included.

As mentioned earlier, wholesaling with a real estate license is the only legal way to do contract assignment in Oklahoma.

With a license, you have the ability to market a property publicly like if you were a real estate agent, which enhances your potential buyer base beyond real estate investors.

To become licensed, you must join an Oklahoma real estate brokerage, but more often than not, brokers aren’t wholesaler-friendly.

It is important to conduct interviews with multiple brokerages to find one that is supportive of wholesaling.

For further information, check out our guide on how to get a real estate license in Oklahoma.

As for the double-closing method, it’s not mentioned in the Predatory Real Estate Wholesaler Act.

However, we can’t guarantee that it will protect you from a lawsuit for 100% as the act may be interpreted differently depending on a judge.

For example, if you start publicly marketing your wholesale property before you’ve bought it, this may be deemed as practicing real estate without a license, which is punishable with $5,000.

In Oklahoma, there is no minimum age requirement for real estate wholesaling. However, to enter into a legally binding contract in the United States, you must be at least 18 years old.

However, you can team up with someone else who is of legal age to sign contracts on your behalf if you are younger than 18.

Wholesaling real estate in Oklahoma can be done legally even if you don’t have an LLC.

Nonetheless, it’s worth considering that choosing the appropriate business entity can provide an added level of security to your enterprise.

As an LLC, for instance, you’ll be eligible for business loans, which isn’t the case when wholesaling as an individual.

Establishing a legal business, such as forming an LLC, is a crucial aspect of any asset protection strategies for real estate investors.

Using an LLC also offers tax advantages that would not be available if you were to conduct business under your own name.

Moreover, having a corporate structure can enhance your professional image and establish your credibility within the Oklahoma real estate investment community.

This, in turn, can help build trust with home sellers, making you a more reliable investor in their eyes.

Wholesaling real estate is a popular investment strategy due to its affordability.

Although you will require some funds for marketing to locate distressed sellers and potential buyers, it can’t compare to other investing methods.

Nonetheless, you should expect to pay an earnest money deposit of $1,000 to $2,000.

If you don’t have a real estate license and contract assignment is your preferred method, you need to spend some money on Oklahoma real estate license costs.

Getting licensed is actually recommended even if you intend to double close.

With double closing, you’ll also require transactional funding — the whole price of the wholesale property — unless you have sufficient cash available.

Fortunately, transactional funding is a short-term loan, and you don’t need a high credit score or a lengthy employment history to qualify.

To find the best transactional funding in Oklahoma, you can use the “loan request” form on Real Estate Bees to get quotes and compare rates from multiple lenders easily.

The potential profit from real estate wholesaling in Oklahoma is directly proportional to the effort you’re willing to invest.

For instance, an average assignment fee for a typical property worth $150,000 is around $10,000 to $15,000.

However, the actual amount you can earn largely depends on your ability to expand your business rapidly.

The viability of wholesaling real estate in Oklahoma largely depends on the location where you intend to work, whether it’s a specific neighborhood or an entire city.

However, you can get a rough understanding of the overall condition of the market by reviewing the trends in the broader Oklahoma real estate investing market.

When it comes to wholesaling real estate in Oklahoma, some cities stand out as excellent options.

Oklahoma City is a prime choice due to its high demand for rental properties and affordable homes, which attracts your buyers — real estate investors.

Additionally, Tulsa offers promising opportunities for real estate wholesalers with a large inventory of distressed properties and relatively low competition.

Lawton, another city in Oklahoma, is good for wholesalers due to its low cost of living and affordable homes.

Lastly, Norman, located in the Oklahoma City metropolitan area, is an excellent choice for wholesalers due to its consistently stable real estate market and ample opportunities to find profitable deals.

While these cities are not the only options, here are the top 10 cities for real estate wholesaling in Oklahoma:

1. Oklahoma City OK
2. Tulsa OK
3. Lawton OK
4. Norman OK
5. Edmond OK
6. Broken Arrow OK
7. Midwest City OK
8. Moore OK
9. Yukon OK
10. Stillwater OK

We’ve covered the basics of wholesaling real estate for beginners in Oklahoma, but there’s always more to learn.

Fortunately, there are many effective ways to expand your understanding of the industry and start your wholesale real estate business as discussed below.

Courses

A significant number of accomplished wholesalers are dedicated to sharing their expertise and assisting others in achieving financial independence.

Some of them are knowledgeable enough to create comprehensive educational programs.

Nevertheless, there are also dishonest individuals who seek to take advantage of inexperienced and trusting wholesalers.

If you’re looking for reliable online training, consider consulting Real Estate Bees’ selection of the best real estate wholesaling classes.

Real Estate Wholesaling Mentors

It is strongly advised that you enlist the services of a mentor specialized in real estate wholesaling to receive detailed instructions and guidance.

A seasoned professional overseeing your activities can prevent you from making costly errors and keep you concentrated and consistent.

The most effective way to develop a business plan, establish achievable targets, and select appropriate marketing techniques is by collaborating with one of the best Oklahoma real estate investment mentors or coaches.

Books

If you’re looking for an inexpensive yet effective way to learn about wholesaling real estate, consider reading books on the subject.

To find some of the best resources available, check out this list of the best books on wholesaling real estate.

It provides a range of options to help you gain knowledge and insights into the industry.

Investor Clubs

To gain insight from experienced members with firsthand experience, many local investor clubs are available throughout Oklahoma — choose one or a few to join.

Real Estate Bees’ list of real estate investor clubs in Oklahoma will help you find reputable clubs.

By attending these clubs, you may find seasoned investors who can advise you on making your first steps, partner up with you, or provide other help.

Attending clubs is also an excellent way to build a cash buyers list for wholesaling real estate.

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About the Author

With over 20+ years of experience in real estate investment and renovation, Brian Robbins brings extensive knowledge and innovative solutions to the HouseCashin team. Over the years Brian has been involved in over 300 transactions of income producing properties across the US. Along with his passion for real estate, Brian brings with him a deep understanding of real estate risks and financing.