I just purchased an out of state SFR in Fayetteville,Arkansas. Are there any members here that are investing in this area too? Would be glad to hear from you.
What are lessons that you learned on out of state investing?
Real Estate Broker · Fayetteville, AR · Member since 2017 · 375 posts · 240 votes
4y
@Ruel Salvador I am an investor and broker here in NWA. The only out of state I have done was a JV, but I do know it is all about being connected with the right people. You should check out the Multi-family skyline report and it will give you the real data. We are around 4% vacancy. Typically, I get $250 more per unit than what all of the property managers are getting in the area. This is the case with most of my buddies as well. Just make sure the unit is fresh and clean, your PM does professional photos, and make the unit accessible when showing.
Real Estate Broker · Fayetteville, AR · Member since 2018 · 75 posts · 50 votes
4y
Hi Ruel. There are several people here on BP investing in Fayetteville, AR, myself included. I am also a broker here in Fayetteville, so I can't speak out of state investing experience but would be more than happy to stay in touch. Congratulations on purchasing a property here!
Hi Ruel. There are several people here on BP investing in Fayetteville, AR, myself included. I am also a broker here in Fayetteville, so I can't speak out of state investing experience but would be more than happy to stay in touch. Congratulations on purchasing a property here!
Hi Michael!
Thanks for the reply. How is rental Market in Fayetteville? What is the average turnover? I just want to ask from someone who is there other than my realtor and property manager.
Hi Ruel. There are several people here on BP investing in Fayetteville, AR, myself included. I am also a broker here in Fayetteville, so I can't speak out of state investing experience but would be more than happy to stay in touch. Congratulations on purchasing a property here!
Hi Michael!
Thanks for the reply. How is rental Market in Fayetteville? What is the average turnover? I just want to ask from someone who is there other than my realtor and property manager.
Thanks,
Ruel
Generally, the rental market is super strong. Very low vacancy. I don't know about average turnover, but it will depend on your tenant base. Families and working professionals have lower turnover obviously than the student population and other young singles. But the main point is you have found a property with decent cash flow in Fayetteville, then kudos to you. That is difficult these days.
Real Estate Broker · Fayetteville, AR · Member since 2017 · 375 posts · 240 votes
4y
@Ruel Salvador I am an investor and broker here in NWA. The only out of state I have done was a JV, but I do know it is all about being connected with the right people. You should check out the Multi-family skyline report and it will give you the real data. We are around 4% vacancy. Typically, I get $250 more per unit than what all of the property managers are getting in the area. This is the case with most of my buddies as well. Just make sure the unit is fresh and clean, your PM does professional photos, and make the unit accessible when showing.