All Forum Posts by: Michael Ward

@Christian Buechel Congratulations on getting your first property under contract! That's a big step. I'm a Fayetteville native currently living and working here as a broker. If you have any more questions about the market or just want info, feel free to reach out anytime. Best of luck with your purchase!

@Marlina Eckel I will PM you with a contact I've used for siding work.

Thanks @Ryan Dossey. This is such a great post for showing work flow and process. Very encouraging. I also couldn't help but chuckle at how much cheaper small MF properties appear to be in Indianapolis compared to my smaller yet more expensive market in Northwest Arkansas. Nevertheless, the same principles apply. Time to pick up the phone ;)

@Kris Mead I'm also in Fayetteville. I've been happy with Adams Pest Control, and they operate in Little Rock as well. Typically, termite companies do an annual inspection and treatment. Keep the policy active, and they should repair any termite damage found during the period of their active policy for no additional charge.

@Brian Dudash I echo Whitney's comments. The SF house seems like a solid opportunity, and considering this is your first deal, keeping it simple is probably wise. If the 4plex was in a better location, then it would be a different consideration. Get your feet wet with the easier property. In a month, if the 4plex is still available and you still like it, then buy that one too. ;)

Seller financing is totally negotiable, so it can be great. Figure out what the terms are that the seller is offering and compare them to traditional financing. But above all else, you'll need an attorney.

@Colton Looper, NWA is great! I'm an agent here and a Fayetteville native. Which town do you plan to live and work in? 

New construction here in NWA, especially Fayetteville, is making the existing rental stock more attractive in a lot of ways. New construction has to get a premium in rent to make money. So if you can stay a bit below that mark, it shouldn't be too hard to stay rented. The large student housing complexes are the most saturated, but that's a different product than most people here on BP are looking for. The next most saturated product is the 4 Bedroom townhouse. People are having a hard time renting those now. Buy existing 2 and 3 Bedroom houses and small MF and you should be fine. As long as you can find a deal...

Thanks for your thoughtful responses everyone. 

You should be able to confirm with the City whether or not permits have been pulled. That could backfire though, because you own the house. The fact that you paid 2/3 of the contract amount is tough. Normally, you should have fired him weeks ago. How close is he to completing 2/3 of the scope of work? You could add an addendum into the contract to formalize the timeline.