All Forum Posts by: Jean Marx

Hi Chad - 

We invest long distance from California but we used to live in Little Rock Metro. We just bought a property tied to that same elementary school on Arlington Drive that we are in the process of fixing up. Our realtor (who's an investor) and the property management company I talked to like the Lakewood area. That was a positive since there are a lot of areas in North Little Rock that this particular property management company won't contract in. I also visited the house and put in some sweat equity when I was there for a baby shower. Our particular neighborhood was nice/what we anticipated! Added bonus there is a hospital fairly close and my understanding is that people start accepting their residence programs in March. 

All of that said, I'm not sure if the property your looking at falls into a similar neighborhood being on the other side of Hwy. 107. Hwy 107 is very commercial but so is McCain Blvd. I'd just say, in addition to running your numbers, you'll want to do your due diligence on the location. It's nice that it falls into the well rated school.  However, there are areas on the other side of Highway that I wouldn't consider being equivalent to the area we bought our house in and don't want you to assume that. I've actually even paid realtors a one-time fee to check out an off market property, give me an assessment of the exact location, and run both rental and sales comps.

Good luck with your research!

- Jean

(CA DRE# 02101116)

Welcome back Bola! It definitely helps when you're other half has similar goals. I don't know anyone that has used it personally but other members have mentioned a group called Neighborhood Works. They have some home buyer planning sessions and programs that offers down payment money. There are some income restrictions but it might be worth checking out. 

My brother is also moving to the area with a similar strategy, so we've been spending quite a bit of time checking out Sacramento properties. Feel free to reach out, if you have any questions. My husband is a full-time realtor. I work for a software company downtown and also just got my license. We're happy to help regardless of whether or not you're working with us on a purchase.

Jean Marx

(CALDRE #: 0210116)

Hi Jacob -

My husband is retired Air Force that was most recently based out of Travis AFB. We bought 2 properties with a VA loan. The first one was a new property in Arkansas and the second is our current residence (full gut renovation in California). We didn't have any problems at all minus a lender whining that the VA paperwork was longer. That should be less of an issue in the Fairfield area with tons of military. As for the repairs, it really depends on what needs to be fixed in regards to whether or not the loan will go through. He can provide you with more specifics.

Message me if you want me to pass on your information. He's a real estate agent that has worked with quite a few investors. He works with people near the base but I don't know how he feels about Santa Rosa. Either way, he'd be happy to chat and transfer any knowledge regardless of whether or not you use him as an agent.

-Jean

Hi Amber - We use a HELOC for any investing where we don't plan to leave the $$ in the project (BRRR, Flips). We've been focused on Arkansas for buy and holds with the cheaper price point and favorable landlord/tenant laws. However, we're open to flips in Sacramento and are considering a small multi-family for our next primary residence. Good luck! Feel free to message me if you have an questions about our experience with that process.

Hi Hakeem - 

We moved to Sacramento Metro rented in Davis initially and bought a value-add in Elk Grove at the end 2015. I also work downtown near the Golden 1 arena and did a decent amount of research when we were deciding whether to invest locally or NLR. A lot is happening here: the new Soccer stadium/Kaiser facility downtown, Centene Health Insurance office campus in Natomas, the consolidated Blue Bottle roasting facility in West Sac, etc.  Do you have an specific criteria related to what you're looking for (ie a job you want to be close to, preferred commuting distance, general price range, etc)? If so, let me know. I might be able provide some insight. My husband is also a realtor that'd be happy to answer any questions, even if you aren't working with him directly.

Something else you may want to look into is the Neighborhood works programs (https://www.nwsac.org/). I don't have any direct experience with them but other people on BP have recommended it. It's based on income level. My understanding is that they have some options that assist with the down payment and closing costs.

- Jean

Welcome! I’m in Elk Grove. My husband and I primarily invest out of state but we also keep a pulse on the local market.

We live in California and invest in Little Rock. We primarily chose that market because of the price point, BRRR/cashflow potentional and we lived there for 5 years giving us enough familiarity with the area to ask the right questions and know the general neighborhoods that we wanted to invest in. Our primary residence turned rental has had good renters and low turnover (2 tenants since 2011). That property is in the suburb Cabot with good schools and close to the Air Force base but little to no appreciation. For investing, we're focusing closer to the city. We just closed on a short sale in North Little Rock yesterday! NRL is definitely hit or miss for our criteria. Because of this, we confirmed our thoughts with our realtor and a property manager that has definite criteria in what they'll manage. We only moved forward after their green light. Feel free to reach out if you decide to invest in Little Rock metro or have any specific questions. I worked downtown with 30+ co-workers that relocated from out of state so everyone was chatting about their experiences etc and my husband worked at the Air Force Base. We also still have contacts in the area.

Jennifer - I don't have any experience with Callahan Real Estate but let me check with one other person that may. I'll send you a message the feedback or lack thereof. Re: Apple Hill - Yes! Love it there. That's fabulous that you have a getaway option in the area!

@Brian Gerlach - We're still new enough that I'm probably not the one to ask. We have a short sale we're working on now. I can let you know how that goes but it'll be a minute before we have our systems down. Everyone else that I know in the area does a lot of work on their own so their numbers are skewed from someone hiring everything out. If you'd like to hear from them, I'd still be happy to put you in touch.

-Jean

Hi Jennifer - 

I live/work in the Sacramento area and invest in Little Rock. We lived there for 5 years about 10 years ago. The areas that we keep an eye on are Benton, Bryant, Little Rock near UMAS, West Little Rock, 72211, Sherwood, and parts of NLR. We occasionally consider Mamuelle, Cabot, or areas of Jacksonville that would be the most desirable for people stationed at the Air Force base.

We interviewed a local property management company who has criteria that revolves around neighborhoods where properties typically rent for around 1k+. We stick with that general rule since we don’t plan to manage anything ourselves but I’m sure there are other companies with different criteria.

-Jean

Hi Justin - 

As for using the VA loan, you definitely can. We didn't realize it until my husband attended TAPS just before his Air Force retirement. Based on the information in class, the VA loan can be used for small multi family up to 4 units provided it's owner occupied. The cap amount of the loan increases with each additional unit (provided you meet the loan qualifications). In Sacramento, the 4 unit cap was just below one million about a year ago. You'd have to check to confirm today's numbers. Our lender also mentioned that you may be able include rental amounts towards the income requirement if there are existing tenants. I'd also keep in mind that there are new Rent Control laws that you want to read up on Sacramento. If I remember right, the SFR and owner occupied duplexes don't apply but a 3 or 4 plex would even if you live on of the units.

-Jean