All Forum Posts by: Chris Allard

Hello BP,

My partners and I currently have a 8 unit apartment for sale in Little Rock, Arkansas. Each unit has 3bd and 1.5 ba, inside laundry, and outside storage. We are looking to sell it to another investor off market. Asking price for the property is 330K. Please PM me for more information and to get in contact with on of my partners that is currently managing the property. 

Thank you,

Chris Allard

I really appreciate all the knowledge that was dropped by @Andrew Postell, @Bill Hamilton, and @Chris Mason.  So I'm not crazy for thinking I can get my capital back after closing, as long as it apprises above or equal to 225k when purchased for 170k.  I just put together my biz plan earlier this evening, which I will shop at local banks that will believe in my investment strategy and not have those added overlays Andrew mentioned.  I have a good agent, CPAs, tax attorney, and just missing the lender to complete the team.  Thanks again to you all for your wisdom!

@Andrew Postell 

Thank you so much for your feedback.  The first 2 rules you listed is exactly what I'm looking for as options to getting my cash back.  I want to be able to pull my cash back out (making sure the house will appraise for at least purchase price of course) and repeat the process of purchasing another house.  I'm not worried about trying to cash out extra equity if the house appraises for more at this time.  The $1,250 variance that I would not get back with the cash out is not a big problem, as that is what I would consider as capital invested, and can be replaced very quickly.  The plan is to repeat this process as much as possible, and then explore portfolio lending options once I have a sizable portfolio.  I do have a few follow-up questions.

1. Do you know if the bank(s) will treat the cash out differently having the title under a corporation vs my own personal name?   

2. Is there a PMI associated with getting the cash back out at full purchase price?

3. Are you able to provide any advise on lenders that will not have those added overlays?

I'm sure this question has been asked a million times on this site, but I could not find it through the all the posts on BP. I have bought a home for all cash under Market Value through my corporation (lets say 170K), and it appraised for 225K.  I would like to get a 75% loan to value on the property to get my money back out.  Does anyone know what today's rates would look like on a 30 year amortization loan?  Or what leading terms you would typically get from a bank if you have the property to leverage?

Oh, the company is new and only has that 1 property as an asset.  Thanks in advance for your feedback BP community!

Current rent on that Clovis 4plex is also in what's know as the Tarpy area in Clovis. That's the first place most ppl from Clovis say to avoid, so it's not a desirable area. Property at best will bring in 3k/mo in gross rent, so 415k is too steep (.7% yield). 240k purchase price is a 1.25% yield which is reasonable if you can get the seller there. Remember is not the greatest of areas. C+ at most and that's due to in being in Clovis USD (1 of the top school districts in US)

Willow and Ashland is ok. I lived off of willow/peach and there are criminal activity in this area as well. Mostly drug issues. Old fig, north of Shaw, east of the 168 are better areas. The margins are so slim that you do leave any room for mishaps.

Joe Trometer since you are looking to keep the sale private from you tenants and you're not sure about the sale price, might I suggest attending a local REA and networking with local investors. The will most likely participate in the 1031 and give you a better idea of local cap rate.

Amir B. Finding a multi unit in a A-B class area in Fresno/Clovis that is + cash flow is not realistic at this time. Most of what's out there is not even meeting the 1% rule and have deferred maintenance or upgrades needed. I've been looking for a multi family for my wife and I since last fall as a house hack and cannot find anyone willing to look at the numbers on rental income. Now we're expecting (baby) and I'm getting worried that we won't get a deal and we need the extra room. Good luck out there!

Hi @GioVanni Gibbs, 

Can you please inbox me your list of properties in little rock, ar?

Thank you!

Hello BPers,

I'm having a bit of a problem with getting true estimates on a property currently under contract. I've had my agent pull comps within a mile radius of the address and prices rage from 262K per acre to 128 million per acre. The property is within Fresno County, but located with Clovis, CA. It's actually surrounded by new development (SFR homes). My wife and I were planning on living in it to stop paying rent and want to make sure it's a good investment. Any developers out there know what I can realistically look at for price per acre? I'm even thinking about holding it long enough to get it purchased for what we owe w/ a free home thrown into the deal. Really appreciate any feedback I can get.

Cheers!