All Forum Posts by: Michael Ward

What if you tried this variation of option 2: instead of buying with cash and refinancing at 85% appraised value, just buy it directly with the 85% LTV portfolio loan, and then refinance when you're ready? If it were me, I would start by asking a lender to do the first 12 months as interest only, and after 12 months you choose either to let the loan convert into a 5 yr ARM or refinance into a 30 yr mortgage. And of course shop it around. Some banks are more aggressive than others with their small commercial loans.

Negotiating seller paid closing costs could help with Option 1, but may not be feasible if it's already below market. Do you plan on doing any renovations to the house? Or is it rent ready?

I'm in agent in NWA, and i'd be happy to chat in more detail. Based on what you've written, I'd say it's probably not worth getting the license just to hopefully close a deal before you move away, unless you are staying in Arkansas and plan to keep selling real estate. If you're hoping to make a bit more money, find a few more deals for your boss and ask him if he can pay you a finder's fee as an extra bonus. Just a thought. Good luck!

Hi Oliver. There is not a big wholesale market. In fact, it's my understanding that wholesaling per se, meaning tying up property with the intent of flipping the contract, is not legal in Arkansas. So it makes it a slippery slope. There are people who are finding off market deals, and I occasionally find them as well, but it takes quite a bit a hustle to be a successful investor in NWA right now.

What kind of properties are you looking for?

There aren't a lot of foreclosures in NWA. It would be hard to build a business on it here

As a new agent, there can be valuable learning experience from a cheap listing, and that might be worth the time, even if the commission fee is barely worth it. But it depends on how much other business you have at the moment, and if you think the house would sell quickly. That said, as a realtor, the cheapest houses usually lead to the most work, so keep that in mind. If you have any investor clients with cash, see if you can bring a committed buyer before it hits the market and close quickly. 

However, aAnother question would be, is it a good enough deal that you would buy it?

Split it off and sell the 2 acres, if that's possible

Thanks Lance. I will dig into it. I'm also sending you a direct message.

Hi Lance. I'm in Fayetteville, AR. I assume you're looking for property that's 2-4 units correct? The best MF properties are going to be off market deals, although some occasionally pop up on the MLS. If you can give me a little more detail, I can let you know if I find anything that works for you.

Best,

Michael Ward

Hi @Sean Harris. I'm a real estate agent in Fayetteville, AR, and I know several good property managers. It depends on your scale before I can recommend anyone. Are you looking for single-family or multi-family opportunities? And just to echo what @David Smiley said, it is a hot market here, making it hard to find good deals. But that said, it's a great area to invest. I'd be happy to get on a phone call with you to discuss your goals.

Best,

Michael Ward