All Forum Posts by: Katie Linder-Jesse

I live in the area and am an agent and investor in NWA.  I have a resource as a local agent that I can utilize for some basic background information about the owner and market analysis of the home.  You can also look on county and state websites for more details, which I'm sure you have done.  Take the possible meth exposure and testing seriously as remediation can be very costly and extensive in most cases. I can support you in this space if you want to proceed with the process of obtaining this property for your portfolio.  I am also happy to just provide those basic details for you.

I am managing myself.  I do plan on using some additional apps to streamline the process like hospitable and pricelabs. If you needed recommendations in the area I know of some great ones.

Investment Info:

Condo buy & hold investment.

Purchase price: $205,000
Cash invested: $41,000

Short term rental condo on park off Razorback Trail between downtown Fayetteville, AR and the University of Arkansas.

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

This area of Northwest Arkansas is growing exponentially even as we come into a slower market. The area has a high need for rentals with the college and growing community awareness of all the exciting things to do in the area.

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

I found the deal through the MLS but I had already determined exactly where I wanted to purchase a property. I negotiated without emotional ties but simply based on the numbers and potential for it to rent short term or mid term. The property came furnished which significantly cut down on my initial startup costs. The property also had a solid rental history, and a hard to get short term rental license, which was already grandfathered in prior to new policies being established.

How did you finance this deal?

I used a local bank that we have an established relationship with and have financed other deals with.

How did you add value to the deal?

I added better lighting, decor and additional sleeping space on high end sofa sleeper. I also will be making it available for rent a greater number of days than the previous owners who used it a good amount of the time.

Lessons learned? Challenges?

During the process of getting a short term rental going in this area, I have learned about what additional steps are helpful to get started ahead of the application process to shorten the length of time the property is not being rented out. The city has a strict no short term rental of any kind till the property has been re-inspected even if they have an existing license. Follow the rules and make sure that you get your license then get to work advertising it.

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

I am a long time agent who moved across the country with the sole purpose of investing in this region's real estate. I have total confidence in what is happening here in NWA and excited to share with anyone who wants to know all the logistics of why I'm investing in this region specifically. I am also working on an extensive commercial real estate project in the small bay warehousing sector.