Investor · Reno, NV · Member since 2017 · 105 posts · 15 votes
Have you invested in Little Rock, AR...& what has your experience been?What turnkey company did you use? Is that a good place to invest for price/rent ratio and appreciation?Are there better places to invest for an out of state investor?
@Maria A A. I am a big fan of Little Rock as it is basically a second home for me as I have family there, one of which runs the LR TK business and own a large portfolio of homes himself.
As Randy mentioned, the property taxes are low and landlord laws very friendly. LR has flown under the radar for a while now, but seems more individuals are finding out about this market. As @Tom Ott mentioned, the key is the PM. Jamie Hoffman is our PM and he does great for us; I am not sure there is a harder working individual in the business. We have some good property videos up on our You Tube page. Simply search for Memphis Turnkey on You Tube and they will come up.
Have you invested in Little Rock, AR...& what has your experience been?What turnkey company did you use? Is that a good place to invest for price/rent ratio and appreciation?Are there better places to invest for an out of state investor?
Best of luck to you. If you go with a Turnkey, please make sure they are a true turnkey provider, and not some agent finding the property off of the MLS.
I live in Little Rock and have chosen my own properties. Mostly through foreclosures. I do not know a true turnkey company in LR, but that's not to say they aren't out there. Re the LR market, price/rent ratio is good in large part because taxes and property values are so low here. The flip side of that is that you are unlikely to get significant price appreciation.
I also live in Little Rock and purchase my own properties. We've had very good luck with the market here so far and plan to continue growing our portfolio of central Arkansas rentals. As long as your due diligence is thorough and you're selective with your offers, there are many good deals to be had here. I've learned a lot over my last two years as an investor in this area, so if I can help in any way please feel free to message me.
Maria A A. I live in San Diego and own multifamily properties in Central Arkansas (think Little Rock suburbs). There are a lot of reasons to buy, appreciation isn't one of them! Or nothing I would personally (as an owner) bank on. I hope I'm wrong but I'm also realistic.
I will say this, it can almost be a block-by-block scenario in LR and NLR when you're looking at mediocre vs. bad areas. You really need to have trusted boots-on-the-ground or take a couple of trips out. Just don't do it during the height of summer...
@Maria A A. I am a big fan of Little Rock as it is basically a second home for me as I have family there, one of which runs the LR TK business and own a large portfolio of homes himself.
As Randy mentioned, the property taxes are low and landlord laws very friendly. LR has flown under the radar for a while now, but seems more individuals are finding out about this market. As @Tom Ott mentioned, the key is the PM. Jamie Hoffman is our PM and he does great for us; I am not sure there is a harder working individual in the business. We have some good property videos up on our You Tube page. Simply search for Memphis Turnkey on You Tube and they will come up.
Maria A A. If you end up needing an agent or PM in the northwest suburbs of Little Rock (Mayflower, Maumelle, Conway, etc.) let me know. Others will likely be able to provide better contacts for LR or NLR for those services.
@Maria A A. I echo what others have said -- many properties with good returns because of low taxes and purchase prices being decent. This is not an appreciation market. Definitely a block by block analysis. The zillow zestimates are generally pretty accurate in my experience. Also, look at crime maps as we have significant crime here. I have properties in LR and Memphis and am looking to add more in AR due to Memphis city taxes being so high and the market being so saturated with investors. Good luck!
I have two properties from @Alex Craig and Memphis Turnkey Properties. Make sure you give him and his company a look. When I buy another it will be in Little Rock through them of course.
LR is a great place to buy. I suggest avoiding the turnkey model though. You can do better on your own. I use Callahan Property Management for the rentals that I do not manage myself.
@Maria A A. if you are looking to go turn key in Little Rock @Alex Craig and the team are good choice.
I visited LR February this year and ended up buying a 4 plea in the area. It wasn't a TK deal but as long as the numbers work then I don't see reason not to buy TK.
I'm also using Jamie Hoffman from the Hoffman Team at LR, was refers to by Alex Craig and so far so good.
I'm keen to grow my portfolio there and in the process of working with local banks.
All the best, and feel free to PM me if you have any questions.
@Hadar Orkibi I know this thread is old, but I was wondering if you have any banks that you work with in LR as we are just getting started and I have heard banks are not refinancing right now. We are looking to do BRRRR. Any suggestions for local banks you have had success with?
@Hadar Orkibi Sorry, this would be a SFR. Using HELOC for purchase and rehab, then cash out refi would be around 100-130k. Have not found property yet but looking in NWLR and LR. Just trying to get some idea if it is even possible to do refi's right now with everything going on with the banks.
If you dont have relationships with local lender then they may not like the idea of 100% cash out, but its better if you talk to a few to find out. I can refer you to couple.
Also, I know that Ridge Lending group has a product called Delayed Refi, I used it and it worked very good. The key is to start early with them because you need to document you initial purchase when you are doing the BRRRR.