Newbie in South Arkansas

[Charles Lloyd]

My name is Charlie and I am new to BP and actively seeking my first investment property.

I grew in N.E. Texas, lived in Houston for 9 years after graduating from Texas A&M and for the past year have called a small town in south central Arkansas home (El Dorado, AR.).

Having lived here for a year I’ve seen what this market has to offer from a housing standpoint and there is a serious void of modern/updated housing, be that for sale or rent.

I’ve decided now is the time to begin my journey as an investor.

My parents own a few rentals and because of this the idea of buying and renting properties is fairly natural and I’ve had my part in turning a house over between tenants, giving tours, and talking to prospective tenants on the phone.

My goal, is to get my feet wet by buying and remodeling a property here in El Dorado. As it's my first deal, I am approaching it with an open mind as to what I do at the end of the remodel; sell the updated property or rent it. If I sell the property then I can repeat that process with more capital available post flip (and more experience). If turns out to be a rental (which is my expectation) then I will bank the cashflow and work towards the BRRRR strategy to add another property in the near future.

What I’ve been doing lately to make dreams realty:

-Listened to one or two BP Podcasts a day

-Spent tons of spare time on Zillow browsing properties

-Identified a single family property that has real potential to be my first deal

-Gotten an insurance quote and dug up tax records on the property

-Talked to a couple area realtors and chosen one whose background and experience best fits my goals

-Toured the property

-Crunched tons of numbers based on different scenarios

-Arranged a second showing for tomorrow, with a local contractor who will be joining me for the showing to provide a quote on the work that would be needed.

I am super excited for tomorrow! I am excited to have the ball rolling on something that I’ve wanted to for a long time and having some firmer numbers in hand will allow me to come up with forecasts that include less “what ifs”

[Charles Lloyd]

Judy, our family really loves Little Rock. There are so many awesome outlets for outdoor family fun. A perfect Saturday for us is throwing the bikes on the back of the car and driving up to NLR for a day on the Arkansas River Trail with a stop off to Burns Park.

You must be thrilled to be approaching the finish line on your first 2 deals. Drop an update on this thread and let us know how things went when they’re both closed! I’d enjoy hearing how things went and what you learned. Good luck in 2018!