All Forum Posts by: Michael Ward

@Matthew Giroux  first, echoing Mason Hickman, is your agent actually handling contracts or not? If she is, then some kind of commission should be in order, even if it's not a full rate. But any representation and fiduciary duty should be compensated. If she is not representing you then technically you don't owe her anything. But personally, even a few grand for the agent's work would really help the relationship and surely wouldn't burden the deal too much.

@Jehon Bendokas I was going to mention the interest rate problem as well. There is a minimum interest required, and it's pretty low (but changes). Talk to a CPA. You'll want to get that straightened out. 

Also, I suspect you won't seek a property manager, but if you decide you do want a PM, the company I'm at is really good at getting top of market rents. Good luck!

Seems like you got a great deal! 

@Mark Sarte Fayetteville could be good for you, yes, but try to find properties that don't rely on students as your tenants. I would also encourage you to look into Rogers, which is the more working class neighbor town of Bentonville

@Mark Sarte Fayetteville and Springdale are also great markets to invest in if you can find the right property. Springdale tends be a lower cost of entry to purchase properties and rents are a bit lower than the other cities. It can be a great town to buy for cash flow, and appreciation is perhaps a bit slower. Fayetteville has the University and is still the largest town in the region. It's more expensive to get into (though perhaps less expensive than Bentonville), and the rents are higher. Depending on your investment goals, both towns can be great. Feel free to reach out for more details if you like.

Brandi Hoskins at Advantage Title is great. And also, City Title is great and Waco Title is great. Feel free to PM me if you want more info

I am a real estate broker and investor, and I am seriously considering paying for access to the CoStar data and network. My question is for commercial brokers and investors who use the platform. What is the best way to maximize CoStar for finding sellers, whether you're a broker looking for listings or an investor looking for deals to purchase? Thanks

I second the recommendation of speaking with a local bank for a construction loan. It should be much cheaper. But also, if you budget for the holding costs on the front end and include them as part of the overall costs, the lender may allow payments to be covered by the loan. Seems odd at first, but I've done it. As long as your overall costs, including holding costs, are below the threshold of the loan amount. I often see loans of up to 80-85% of ARV

Congratulations Alex on getting into the real estate game. I'm an agent and investor in Northwest Arkansas (Fayetteville to be specific) and I'd be happy to chat. Have you decided on what kind(s) of property and what parts of town you want to focus on? And feel free to send me a DM if you want to get into details 

@Kevin Connell You have to be careful with wholesaling. Arkansas is stricter than a lot of other states. That said, you may also have more options than you think you do. In any case, I'm going to send you my email in a DM. I'm an agent in NWA and at the very least I would be happy to review the email you receive, if you would like to send it, and try to give you some advice on what the next steps could be. And that property looks pretty interesting. I like downtown Siloam Springs.