All Forum Posts by: Michael Ward

Hi @Kevin Connell. I was just curious, did you make an offer on that house in Siloam Springs?

Hi Bobby. Welcome to BP. I'm an agent and investor in NWA and a native of Fayetteville. Congrats on buying another property! 

@Jahmal White I second the advice of talking with title company. They would be the ones to help provide title insurance in case, and they can't insure title if it isn't clean. So they will do the title search for a fairly small fee. If it's clean, no problem, and if they find liens or other clouds, you will know what the issues are. Good luck!

Are you planning to live in it? Or is this simply a rental? Are the units 3 BR? And, is it in Fayetteville? Feel free to PM if you want to dig into some more details. 

@Jason Robinson Congrats on the progress you've made so far. It seems like you're well on your way. I was going to recommend a construction loan, and I see that you've already been considering that option. That's what I have done in the past, and I plan to do it again with the right purchase. If the basement is fully finished and a livable, heated and cooled space, with egress and minimum ceiling heights, it would be counted as part of total square footage of the house. However, once it turns into a mother-in-law suite (called Accessory Dwelling Unit, or ADU), appraisers don't use it in total square footage in Arkansas, which is really unfortunate. Talk with the lender about it. If the finished house will be worth the estimated $198k without the extra unit, then good news and full speed ahead. If that $198k value is based on the additional space from the extra unit, then you may need to adjust your numbers. Hopefully your lender will be able to guide you in that a little.

Second for Northwest Arkansas! I am biased though, obviously ;)

Hi. Congrats on getting into Real Estate. I'm in Fayetteville. But, I recently learned about a potential large apartment complex in Russellville. Too big for a new investor by yourself, but maybe some in the GC firm you work for could be looking to buy, and you could learn with that person. Just a thought. Good luck!

Check out CohoBnB. They're located in Fayetteville, so I don't know if they will manage an AirBnB in Eureka Springs or not, but it's a simple question to ask them. If they will, they're a solid company almost entirely focused on managing vacation rentals.

@Bryce Garcia NWA is a great are to buy and rent, if you can find the right deal, which is challenging in this market. It's still a strong market so real estate values are high. And there is still a high demand for rentals. Do your research and run numbers on lots of properties so you'll know a deal when you see it.

I have been happy with Brenda Charron, company is Gollon & Charron, in Fayetteville