All Forum Posts by: Mark Rogers

I am by no means an expert on Series LLCs, but a Series LLC should make it easier and less expensive to set up separate entities to segregate assets or groups of investors. You set up a Master LLC and then have a streamlined process for setting up and maintaining different "series" under the master LLC, with each series being the rough equivalent of a separate LLC. I had been thinking about using that structure but wasn't thrilled about needing to set one up in another state in which I do not do business and in which I do not know the attorneys. This will make it more convenient for those of us in Arkansas who might want to use a series LLC instead of setting up multiple LLCs.

There is a good chance that Arkansas will soon join a growing number of states that allow the creation of Series LLCs.  The legislative package of the Arkansas Bar Association is supposed to include that legislation, and it sounds like it has widespread support and is considered noncontroversial.  

Hi Thomas,  My wife and I are both Realtors and investors who live in WLR.  We are pretty active in monitoring & farming WLR and Otter Creek and run across properties that fit your criteria from time to time.  We currently have two retail listings that won't fit your criteria and are at varying stages of working four other potential properties in WLR & Otter Creek so could easily end up wanting to sell one of those "as is" soon instead of handling the rehabs ourselves.  We're just starting to build our own rental portfolio and expect to have our second buy & hold under contract by the end of the day today.  I'd love to compare notes and find another potential buyer for the 1+% deals that we sometimes find in nicer areas at times when we have too many other projects going.    Thanks for introducing yourself.

Zillow estimates that rent should be $875/mo, and Rentometer estimates it at $759/mo, but a neighbor has indicated that he is paying $1,150/mo for a house that is not as nice.

A friend found this property as an off market deal, has rehabbed it nicely, and left enough cushion for it to cashflow nicely.  My wife is the listing agent.  Updates include new HVAC, flooring, tankless water heater, countertops, baths, paint, light fixtures and fans, and doors and hardware.  Open kitchen to living area upstairs.  Downstairs includes a cozy fireplace and beautiful custom millwork.  Perfect home for a first time buyer or an investor looking for a turnkey 1.25% rental.

5014 Lynn Lane - link to listing on Realtor.com

A few ways that I use include:
(1) If the document gives the debtors' names, search them in the appropriate county at arcountydata.com and/or in that particular counties online records, if they are available;

(2) keep digging for other documents, like you did, to find one that includes the more common address; or

(3) find a county map with range and township grids and find it using the legal description.

It is SO much easier if the property is in a subdivision, and they give the lot, block, and subdivision information.

It is in a SERIOUS flood plain and is in an area surrounded by rental properties that are not well maintained.  Drive Dryad, Nebling, and surrounding streets before pulling the trigger, and see what flood insurance will cost.

If you are patient, you can get 1% deals in Maumelle, WLR, and definitely Central LR.  Jacksonville is tempting because of the air base, but it's a sea of red on the Trulia crime map, so I've been hesitant to explore there.  We have been mainly flipping so far with a goal of adding 1%+ buy-and-holds in nicer areas of Central AR and recently kept a 1.25% deal in an older but nice area of Maumelle.   I'm having difficulty keeping my wife focused on flips since 1% deals are easier to find  than 70% Rule deals in the areas that we like.

Hi Kim,  

Welcome to investing in Central Arkansas.  My wife and I both got our real estate licenses to help with our investing business.  I'm keeping my day job as a business lawyer so don't represent other buyers or sellers, but my wife represents buyers and sellers and was recently named the 2017 Rookie of the Year for her firm.  We keep her busy about half of the time with our own flips, but she works with a few investors so is investor friendly under the right circumstances.  If you're looking for 2% deals in C areas and below, she wouldn't be a good fit.  If you're looking for 1% deals in B areas and up, you might want to visit with her.  We watch for those type properties, can only keep two or three of our own projects going at a time, and pass them along to friends while we're "temporarily tapped out" with our own projects.   If you'd like to visit with her, private message me, and I'll share her contact information.   Best of luck!

P.S.: We'll actually be passing through Orlando in a couple of weeks on our way to a Robyn Thompson boot camp in Ocala, FL on flipping houses.

Our first rehab had a chain smoker and a cigar smoker and wreaked horribly.  We got rid of the carpets and drapes and used Kilz before painting, and it worked well.  I doubt you'll be able to get the smell out of carpet.  We've also started using Odoban and like it, but I doubt that it would allow you to keep the carpet and get rid of the smell.  If it is a rental, you might consider replacing carpet with luxury vinyl plank or tile to reduce the chances that you'll need to replace the flooring when a tenant leaves.