All Forum Posts by: Billy Daniel

Hey BP!  I'm looking at buying some property in Little Rock and wanted to connect with some local investors to get a better understanding of the market.  I live about an hour away, so I have some familiarity but would like to go a little more in-depth.  Shoot me a DM or just comment here!

It really comes down to liability. As a broker, I would not want a licensed agent at my brokerage working outside of the approved state contracts. The risk to my business is much too high just so the agent can make a little more money on the transaction. If you have a license, why would you wholesale vs just listing it on the market? Rundown and distressed properties sell just as fast on the MLS as they do off-market nowadays!

Look up the River Valley Navigators on Facebook. They've been established for a few years.  Chip Chronister leads that group.  There are also a couple of groups in NWA if you don't mind the drive.

Hey @Paul Lynch!  I'm an investor and agent in Russellville, AR.  I think cash flow is tough to find in NWA.  Appreciation is the name of the game there.  

I don't know enough about Little Rock to give any good advice.  I'm sure you can find the cash flow you're wanting, but you'll want a local expert to point you to the right neighborhood.

Jonesboro is another place to check out.  It is a large town with a university.  I think cash flow is probably a little harder there than some other places, but I wouldn't hesitate to buy a property there.

Finally, I have 6 properties in the Russellville area.  Cash flow is good here.  The state's 3rd largest university is located here as is a large nuclear plant that regularly brings in MTR-type tenants for outages.  If you'd like more information about our area, shoot me a message!  If you want more info about the other areas, shoot me a message and I'll get you in contact with some investors/agents that can help you out!

A local REIA is the best place to start. Other than that, you'll want to call and ask about pricing, services, how they screen tenants, and how they collect their fees. Ask how many units they manage and how long they have been in business. Ask for owner references too.

Be wary of online reviews as disgruntled tenants will leave dishonest reviews if they get evicted or charged late fees.  Scan the reviews for those that are written by other owners, not tenants.

I'm curious about the legitimacy of the PM and the availability of funds from the owner to pay for the services.  One of those things is out of whack.

I recommend you go ahead and hire a PM.

Otherwise, you'll need an application, a way to do background/credit checks, a lease, and a way to manage finances and repair requests.

You're guaranteed to get a mix of answers on this one! I don't see any problem putting the STR in the same LLC as the other properties. I know some people will put each property in its own LLC, but I think its ok to have several in the same one. There is a limit though. I wouldn't have a portfolio of 20 properties in a single LLC.

Whatever you do, make sure you have a decent umbrella policy.  They're fairly cheap for the coverage you get and offer great protection!

Hey @Jen Menchaca!  I don't have any first hand experience investing in the area, but I would certainly like to.  It's one of the larger cities in Arkansas and is home to Arkansas State University.  I think property values are fairly stable and cash flow is easier to find than many other places in the country.  

This is a great idea.  I would recommend reaching out to your local women's shelter.  The shelter in our area works with local landlords to provide homes to those in their charge and their children.  It prevents any fair housing issues since you are partnering with another non-profit, in my opinion.

That would at least get the ball rolling on your idea!