New Investor from Arkansas trying to be successful

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New Investor from Arkansas trying to be successful

Marcelsio Woods
El Dorado, AR · Member since 2016 · 27 posts · 2 votes

I'm new to the REI scene here in Arkansas, but I have done my homework, I'm constantly soaking up knowledge on everything about investing, I've been making the necessary connections to establish my team so I can be taken serious in this game. Nothing happens overnight, I understand that and respect it, and I'm definitely committed to the grind of learning and putting action to my dreams. My family deserves a better life and I do as well. So if anyone has any advice or tips to share to help make my transition smoother, all will be greatly appreciated. Have a blessed day to everyone.

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Account Closed
Lender · Hot Springs Village, AR · Member since 2014 · 274 posts · 92 votes
10y

Welcome Marcelsio. You can find enough information on BP to get a PhD in real estate. Suggest you listen to the podcasts, set up key word alerts and start getting your name out their. If you feel like a drive to Hot Springs join our little real estate investor's meetup. Our next meetup is 6:00 July 16, at Smoken in Style on Albert Pike. Feel free to PM me if you have any questions.

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  • Account Closed
    Lender · Hot Springs Village, AR · Member since 2014 · 274 posts · 92 votes
    10y

    Welcome Marcelsio. You can find enough information on BP to get a PhD in real estate. Suggest you listen to the podcasts, set up key word alerts and start getting your name out their. If you feel like a drive to Hot Springs join our little real estate investor's meetup. Our next meetup is 6:00 July 16, at Smoken in Style on Albert Pike. Feel free to PM me if you have any questions.

    2Reply
  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    Thank you Mrs. Riedel I will definitely do that.

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  • Deborah Hardin
    Attorney · Cabot, AR · Member since 2016 · 130 posts · 39 votes
    10y

    Welcome @Marcelsio Woods!  One of my clients has some rental property in Union County. 

    I am in Cabot, north of Little Rock.  

    You have come to the right place to learn and make connections. BP has become an invaluable resource.

    1Reply
  • Allison Lane
    Wholesaler · Central Arkansas, AR · Member since 2015 · 61 posts · 33 votes
    10y

    @Marcelsio Woods what type of investing do you plan to start with? Er have wholesales and just put our first flip in the market so if we can offer any assistance, let me know!

    1Reply
  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    @Marcelsio Woods.

    Welcome to BiggerPockets!

    Be sure to check out the blogs and podcasts as well as the forums.  You can learn a ton from the real estate experts on the site.

    And, keep up the great attitude.  It will do more for you than anything else.

    Best of luck to you!

    Investor's Guide to Memphis Real Estate
    View Page
    1Reply
  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    Thank you @Deborah Hardin. Actually I'm a resident of Union County. I'm looking to start out wholesaling and progress to tax liens.  I want to do "buy and hold" deals but at the moment I'm trying to build a solid financial foundation before I get ahead of myself. 

    Do you mind setting up a contact meeting with your client? I would love to get some knowledge from them on their perspective of the real estate market in Union County.

    Thank you so much and have a very Blessed day

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  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    @Allison Lane I have a plan to start out wholesaling single-family homes and advance into the tax liens area of investing, but I know in order to do the tax lien investing I have to have cash on hand.  At the moment that's what my intentions are to start. I've inspected numerous properties to date but still haven't found that much needed motivated seller, but I will not stop.

    Good luck on your flip and have a Blessed day.  Feel free to contact me, I'm ready to begin some strong business relationships here on BP.

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  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    @Douglas Skipworth Thank you Mr. Skipworth.  I will definitely do that. I reading the Ultimate Beginners Guide as we speak.

    Thank you again and have a very Blessed day.

    1Reply
  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    @Account Closed Thank you Mr. Bash for your assistance. I'm definitely interested.

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  • Eric Metz
    Real Estate Investor · Little Rock, AR · Member since 2013 · 126 posts · 65 votes
    10y

    Welcome to Biggerpockets. It's a wealth of information but don't get overwhelmed. Read through the beginners guide and define a strategy that works for you based on time and finances available. Then stick to that strategy and give it a solid chance. Ultimately REI success seems to stem from those that have the ability to be consistent and persistent. Cheers

    1Reply
  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    @Eric Metz Thanks for the help and advice Mr. Metz.  Maybe when I get some experience under my wings, I said I want to eventually invest in Little Rock.  I lived there for 2 years and I have family there so I have a layout of the good and bad areas.  So maybe we could network and make some money together in the future.

    Have a blessed day and continued success in your investing ventures

     Thank you again 

    0Reply
  • Abigail Hollar
    Little Rock, AR · Member since 2016 · 26 posts · 24 votes
    10y

    Hey @Marcelsio Woods, I don't want to be a wet blanket, but Arkansas isn't a property tax lien state. We are a tax deed state, though. You can get started learning more about tax deed investing at the Arkansas Commissioner of State Lands website. Good luck!

    1Reply
  • Stanley E.
    Rental Property Investor · North Little Rock, AR · Member since 2014 · 148 posts · 43 votes
    10y

    Hi @Abigail Hollar  Would you mind being more specific as to where on the website this information could be found?  Also, what would be the difference between a tax lien and a tax deed, more specifically when it comes to investing?

    Thanks.

    0Reply
  • Abigail Hollar
    Little Rock, AR · Member since 2016 · 26 posts · 24 votes
    10y

    Hi @Stanley E., before I answer your question, I want to let you know that the info I'm sharing is mainly from my dabbling over the last month, so I'm not an expert (yet! :) ). Of all the states I've really looked into tax lien/tax deed investing in, Arkansas is one of the absolute toughest to get a handle on. This isn't due to the Commissioner's Office being difficult  or anything like that, but because it's hard to wrap one's head around the many, many rules and technicalities here. If you choose tax deed investing in Arkansas, you're going to be working for your money, for sure.

    First, the easy question - what's the difference between tax lien and tax deed investing? Tax lien investing is (usually) purchasing a lien that has been placed on a property for non-payment of property taxes. Generally, someone buys a tax lien to get a higher-than-average return on their money invest,ed without necessarily taking ownership of the underlying property. Tax deed investing, on the other hand, involves purchasing the underlying property from the county/state for taxes owed. Do you get the property free and clear? In Arkansas, generally no. Usually there are a mess of senior liens (like city code enforcement, AR DF&A, and IRS) recorded at the court house that have to be delt with. Also, the title given is a limited warranty deed, so you will almost certainly have to quiet the title through litigation in order to get title insurance and have a sale-able property. My belief at this point is that every deed purchased may have have to be quieted.

    As to the best area to start using the site, I suggest you start at the "Real Estate" tab. Please print/archive and read absolutely every page on their site that is linked to under that tab. There are some nooks and crannies on that site that are really hard to navigate to that have absolutely critical information about purchasing tax deeds.

    One thing I have learned for sure from my research is that there are a ton of traps and pitfalls for the unwary tax deed investor in Arkansas, and that I need to have a good title company, PI, and lawyer in place before I buy anything - even while I'm setting up the systems. The payoff also looks low to me so far, since I've only been able to find crappy city lots no one would want to build on and abandoned ghost houses. I'm going to keep piddling around with it for a while, but I don't think I'll get into the game until I have more money that can be tied up in a purchase, or that I can be more speculative with.

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  • Stanley E.
    Rental Property Investor · North Little Rock, AR · Member since 2014 · 148 posts · 43 votes
    10y

    Thanks @Abigail Hollar Your explanation is very helpful.

    0Reply
  • Josh Carr
    Wholesaler · Lehi, UT · Member since 2015 · 333 posts · 144 votes
    10y

    AR has different litigation periods to the time frames for each set of listings that you find.  What I mean by that is that there is a litigation period or a time frame where the property owner will be able to come back and claim the property prior to your complete acquisition.  It is spelled out in the cosl state of arkansa site which will give you the auctions, the taxes, the post auction sale listings, and how to claim excess proceeds if you are a property owner.  It is a thorough site and will allow you to see the properties that you can purchase without a litigation period versus those that have one.  Once you have pulled up a specific listing then you can do your research on the property with the records of that county.  Also, remember that the closer you are to an auction date, unless participating, the better your chances of finding the diamond in the rough. There are many listings with many types of properties available.  When you do gain title if you quiet the title you will always have the upper advantage on the resale. It is always good to have lawyers ready to work for you when necessary. 

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  • Josh Carr
    Wholesaler · Lehi, UT · Member since 2015 · 333 posts · 144 votes
    10y

    Arkansas (sp) :)

    0Reply
  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    @Abigail Hollar Thank you for that correction. Your right.

    0Reply
  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    @Abigail Hollar, @Stanley E. From what I've gathered so far from people who have actually bought property from the website (post auction sale), is that once the previous owner lets the time pass to reclaim their property it's yours.  Which is basically the same thing @Josh Carr was saying.  But the best chances of the good investment properties are at the auction and a few (if you have the money to tie up) can be found on the post auction list.

    0Reply
  • Deborah Hardin
    Attorney · Cabot, AR · Member since 2016 · 130 posts · 39 votes
    10y
    Just an FYI, if you google "arkansas tax deed property", you will see several articles from my website in the search results. Hopefully, your questions will be answered there! I work with clients who buy tax deed properties, all the time. I'm happy to answer questions. Best wishes and good luck!
    0Reply
  • Marcelsio Woods
    OP
    El Dorado, AR · Member since 2016 · 27 posts · 2 votes
    10y

    Thanks Mrs. Hardin

    0Reply
  • Shirea Carroll
    Investor · NJ · Member since 2020 · 45 posts · 4 votes
    6y

    @DeborahHardin you are very knowledgeable!!! Can I ask in a post auction sale online aka "over the counter deed sale " found on COSL website, does Arkansas law allow an tax deed investor who receives Limited warranty deed from the state to collect rents if the property is occupied, or to take possession if the property in vacant BEFORE quieting title?

    0Reply
  • Shirea Carroll
    Investor · NJ · Member since 2020 · 45 posts · 4 votes
    6y

    @Deborah Hardin you are very knowledgeable!!! Can I ask in a post auction sale online aka "over the counter deed sale " found on COSL website, does Arkansas law allow an tax deed investor who receives Limited warranty deed from the state to collect rents if the property is occupied, or to take possession if the property in vacant BEFORE quieting title?

    0Reply
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