All Forum Posts by: Mark Rogers

When I was getting a permit for a rehab on a property that we originally planned on keeping as a rental, the lady at the permit office mentioned that we would need a business license if we planned on renting the house. We already had one for our LLC, so we were good. I have also heard from other sources that Little Rock is taking the position that you must get a business license from the City if you are a landlord, which costs around $150/year. I think I recall also hearing that they are taking the position that you must have rental property inspected but that the inspection standards are not at all high and that, as Matt mentions, the inspectors are spread very thin, so enforcement is patchy and will take time. I don't think it is a sign of LR becoming less landlord friendly but more a sign that LR is looking for ways to generate more revenue from fees and licensing.

Hi Adam, I got my real estate license for my own use but don't represent others. There are several in the area who work well with investors. The best fit depends on things like your area of focus and price points. My wife, Laura, works with a few out of state and local investors to whom we feed deals. She could be an excellent fit if your focus is SFR with an ARV in a range of $150,000 - $300,000, but she's probably not the best fit if your focus is MF or lower priced SFR. My broker, Charlie Clifton, has a lifetime of experience working with builders and investors and works with a few investors who buy and sell a LOT of properties with ARV's below $100,000. Judy Best and Kayla Huiras are both on BiggerPockets and are both investors and agents and would be good choices as well. Best of luck!

We didn't get an estimate, but even for a small house and 3-tab, it still probably would have run over $3,500.  Disclaimer: my wife handles the rehabs, so my estimates are suspect :)   I owe both you and Rachel dinner.

@Hadar Orkibi & @Rachel Fazio - I owe you two a BIG thank you for the NREIG recommendation.  You just saved me a few thousand dollars.  The roof on our latest rental isn't pretty, but it's in decent shape, and our roofer recommended that we repair instead of replace it when we bought the property last month.  Our insurance  carrier sent someone to view the property last week and decided that they were going to drop our coverage, unless we replaced the roof.  I checked with NREIG, and they are insuring it for about the same price and without requiring a new roof.  

Agree on Pulaski County Title and also like Matt at Attorney's Title.  I also agree with Randy about wanting to lay eyes on the property and surrounding area near Children's.  

In Little Rock, Matt Martin at Attorney's Title, Guy Maris at Standard Abstract, or Andrew Adkins at American Abstract should all be able to help.

Tim Johnson at Bell Foster owns a LOT of rental properties (I think it's around 100) so knows his stuff.  http://www.bfjwcpa.com/

I have been using Centennial's office in Jacksonville, AR for flip and rentals.  It was started by an old high school friend as Insurance Mart and was recently acquired by Centennial.  I can call Jessica from the courthouse and have coverage in place before the locksmith meets me at the property to change the locks.  https://www.my100bank.com/investing-and-insurance/insurance-services/centennial-insurance-agency

Hi Karen & Ben,  It sounds like you are off to a good start, and you're in the right place to learn.  There are several good husband/wife teams here in Central Arkansas.  I'm definitely partial to that business model.  Best of luck in your new adventures!

Can I say "it depends"? :)   I think you would have the flexibility to set it up so that one tax filing for the master could cover all of the "cells," or if you elected a different type of tax treatment for a particular cell, it would probably file its own return while the rest were covered by the master filing.  I haven't set one up or used one so haven't had to figure out that part yet.