Investing in Arkansas

Investing in Arkansas

Little Rock, AR · Member since 2016 · 21 posts · 9 votes

Ive read the posts on BP and ive been to meetings in  little rock but even though im a newbie going to meetings and hearing about Wholesaling isnt really going to help me with house hacking. If i were to Wholesale the purpose of it would be to help with the downpayment for a quad because thats what im saving for. But Wholesaling isnt my main focus. So im wondering is there anyone in the Little Rock area or close to Little Rock that actually do invest in Multifamily and have any info on maybe others that want to do multifamily as well. If you are a newbie like me thats ok too. If you've done a deal already and have advice for me that would be great and if you've been where i am and you've worked from a duplex and now on apartments PLEASE reply. Im pretty sure there are a lot of us Newbies that feel lost and need guidance and lots of advice with no one to turn to yet. Im saving for my first deal so hopefully around August 2017 i can do my first deal but until then connecting with others who want to and are doing the same thing would be great. Thanks for any advice you have even if you are just saying hi, Thank you for responding.

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Investor · Maumelle, AR · Member since 2015 · 25 posts · 9 votes
10y

HI Kenisha! I'm only on my first flip, so unfortunately I cannot help with multifamily (right now.) I do however plan on getting into multi family very soon! I would love to keep in touch!

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  • Investor · Maumelle, AR · Member since 2015 · 25 posts · 9 votes
    10y

    HI Kenisha! I'm only on my first flip, so unfortunately I cannot help with multifamily (right now.) I do however plan on getting into multi family very soon! I would love to keep in touch!

  • Little Rock, AR · Member since 2016 · 21 posts · 9 votes
    10y
    Nicole Almond thanks for saying hi!! I'm thinking of looking into flips so it could help with my downpayment on a multifamily. So hopefully I can start soon. And yes keeping in touch would be great.
  • Little Rock, AR · Member since 2014 · 121 posts · 27 votes
    10y

    Hi Kenisha!  I live in Fontana, Ca; however, I have a house on Windsor Drive in Little Rock.  I'm currently looking to buy 2 on a lot.  I follow Trulia, Zillow, Realtor and Auction.com.  I also check a couple of multifamily sites.  I'm interested in finding properties near grocery stores - hard to do.  There are a couple of 4-unit buildings off Reservoir Road.

  • Professional · Little Rock, AR · Member since 2016 · 34 posts · 18 votes
    10y

    Make sure you get a copy of all the leases with existing tenants, and that security deposits are properly accounted for and transferred.  Multi-families are a great way to cash flow a property, but make sure to look before you leap.  

  • Little Rock, AR · Member since 2016 · 21 posts · 9 votes
    10y
    Diane Trotter Hi, thanks for the info. I've seen about 3 multifamilies but they've been posted online for a while and even though I don't have the money for a down payment I'm still curious about why they haven't sold yet and if it's a good deal. I think I read ur post about the 2 houses on a lot and I'm following that discussion as well. Hope everything works out for you.
  • Little Rock, AR · Member since 2016 · 21 posts · 9 votes
    10y
    Jacob White I've read about how important doing all of those things are and how not to expect every tenant to be "friendly" and not give you a hard time especially if they are inherited. I also listen to the podcasts as well as others like Wheelbarrow Profits. They do multifamily as well.
  • Little Rock, AR · Member since 2014 · 121 posts · 27 votes
    10y

    @Kenisha Chapple Thank you!

    @Jacob 

    @Jacob White  As usual, your comments are extremely helpful.

  • Real Estate Investor · Arlington, VA · Member since 2016 · 84 posts · 26 votes
    9y

    There's some great episodes of the podcast you should check out for House Hacking and Multifamily rentals. Some that come to mind are:

    BP Podcast 198

    BP Podcast 196

    Bp Podcast 86

    BP Podcast 94

  • Investor · Hillsboro, OR · Member since 2014 · 62 posts · 45 votes
    9y

    Hi, one thing i have learned about a flip is if you buy a property with tenants in it, its better to have them there for 2-3 months and then ask them to vacate. This is solely for tax purposes. If you buy a property without renters, you really cannot deduct those rehab costs. We have understood this the hard way :-|

    Currently we have a 32-unit apartment near the University of AR, Pine Bluff and we are currently looking for contractors, handy men, etc who can help us with the flip :)

    All the best for your upcoming deal! let me know if i can help in any way. 

    Thanks,

    Pragya

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