All Forum Posts by: Jingjing Yu

If it is in the downtown Bentonville area (East of Walton, North of 14th, South of Tiger, West of J St), it will appreciate for sure. If you are getting a property that's appraised at 125k more than the purchase price, it sounds like a good deal but I am hesitant to STR use if the numbers you crunched don't put you in the green. Would LTR be more profitable since there are lower expenses associated with it?

I have a small Airbnb downtown in my backyard and the bikers that come through mentioned usually it's not as important as the distance to the trail is but more ease of accessing the trail (like not having to go on main streets with your bikes to get to the trail) for them. For example, houses around Coler Mountain Bike Reserve are outside of "downtown" but would be great for Airbnb at the right price.

Came here to say the same thing! I started using an Airbnb pricing tool (pricelabs) and it has helped me from day 1. Totally worth the $20 monthly fee. I realized I've been pricing my property too low - which in turn means lost revenue. On top of this, pricing your STR too low also cost you in tenant quality. Since I've raised my prices, I've had really great guests who can take care of the property, and always keep it clean, and are super considerate. I'd deeeefinitely recommend to anyone who's doing this on their own.

@Ashley Carr-Lewis My clients are usually Bentonville/Rogers so never explored that deeply. Are you looking for one in Bella Vista?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $180,000
Cash invested: $9,000

I bought a 3 bed 2 full bath in Bentonville recently for 180k. It was tough in this crazy market to find anything under 250k now without going through bidding wars, multiple offers, cash offers, etc. I saw people paying 20% over asking price sometimes, and I just can't compete with those buyers. I have seen so many houses coming onto the market this spring that I thought “this could work,” and in the blink of an eye it’s under contract, off the market, no longer available.

What made you interested in investing in this type of deal?

My criteria for the first investment:

3 bedroom 2 baths (at least 2 bathrooms for resale value)
In a decent upcoming neighborhood
In the 150k – 250k range
In Bentonville, AR
Some preferred qualities: 1) no major renovations, 2) have more expensive houses surrounding it, 3) fenced-in yard.

How did you find this deal and how did you negotiate it?

I found this deal from Nextdoor (believe it or not, for once it was used NOT for losing a pet...). I went in and talked to the seller the next day with two preapproval letters (different amounts) in my car and got a handshake on the price. I then sent him the contract that evening and he signed it.

How did you finance this deal?

I am doing a 5% down 30-year conventional loan @3% interest rate with a local bank.

How did you add value to the deal?

I am adding basic grade stainless steel fridge, standard washer / dryer, and possibly sand/paint cabinets to update it a little. That's it.

Lessons learned? Challenges?

1. Clearly define the search criteria helped me narrow down my searches. I just needed to be patient and wait.
2. Be brave enough to pull the trigger: Put an offer on houses that fit those criteria. You need to trust your gut once the property hits all the criteria. Trust the system you’ve built on the due diligence you’ve done. You NEED to pull the trigger.
3. Know how much you want to offer BEFORE you walk in by calculating comps.
4. Let seller say the price first
5. Play fair with seller

See full details: https://www.jingjingyu.org/how...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Arvest Bank - Aaron Beard (loan officer) 479.402.4483
Home Inspector - Kerry Miller 501.650.5136

15% down and about 4.5% for a 30-year fix for me. checked about two weeks ago.

I recently interviewed a couple of management companies, and around our area they'll do 50% of 1st month's rent and 10% management fees. I wonder if you can ask your management company how is the 1st month's rent (they charge) used? The reasons the mgt co. I interviewed explained that they hire professional photographers and do background checks etc. They are also willing to wave that 50% 1st month rent if I find my own tenant (because they said it's not their biggest margin so they don't mind if I want to find my own tenant.). 

To all the awesome landlord/rental experts out there, I have a quick question and would love any input you have:

Background: I purchased another property to be a rental but have to live in it for the first 12 months. So I am moving from my current house to the new house. I am planning on renting out the current house as long term rental but it has an ADU in the back that I am currently doing Airbnb.

The reason I am renting the house as long term rental and not Airbnb is that it would be more money (since winter will be the low season). But I am open to the idea of Airbnb both, it'll just be less money for the main house. I can rent the main house for $1600 a month while Airbnb would bring about $140 / night and a 40% occupancy rate (guestimating due to COVID). I tried using Airdna but I am not sure if their data is fully accurate for my region (they might be too optimistic).

Has anyone else had any experience with managing an Airbnb and a Long-term rental at the same property before (they share the same backyard)? Was it hard to find tenants that would agree to do this? Any other drawbacks and things I should consider? 

Would you just Airbnb out both properties for ease of managing? Or do you think LT Rental is easier to manage? I've done Airbnb before and I love cleaning so I don't mind having two Airbnb.

Much appreciate your time and advice. Attaching the photo of the house and ADU for reference :)

Hey y'all lovely BiggerPocketers,

I just passed my real estate exam this morning and am trying to figure out which brokerage to go into (in Bentonville/Fayetteville/Rogers/NWA area). I've read the regular online advice re: office culture, office manager, coaching, teaching, training, independent vs. franchised, etc. Can you share some specific experiences you've had, good and bad with your brokerage? Maybe things you wish you had known starting out? 

• Would also be interested to know if you've ever considered online brokerage like Fathom (or any other ones)?
• Also, is it fairly easy to transfer from one brokerage to another?

Thank you all!

Wow this is awesome to know!