All Forum Posts by: Account Closed

@Darek J.

I would honor the current lease for the first month but let the tenants know that you will need them to sign a new lease once the month is over. Use that time to review the current lease and determine how comfortable you are with its terms and protections. Personally, I'm much more comfortable using my own agreements where I know I've done my due diligence to ensure it's relatively bulletproof. I know what issues I want to nip in the bud and make sure that those are included. IMO you risk that the previous landlord took a lazy approach or lacked the skills to develop a solid lease. Put your mind at ease by using your own. The BP landlord forms are a great place to look for state specific leases to use as a guide. Build it from there and address any issues that you've had with previous tenants. Some people will also recommend running it by a real estate lawyer. However, if you carefully craft your own using other leases as a guide I believe you'll be just fine.

@Tom Donnelly

I've run an STR for three years without a single complaint from the neighbors. Instead, they've actually wanted to rent it for their relatives when they come to town. I agree that they do tend to take better care of the house and are respectful of the neighbors. You have to rely on the numbers. If you can get more money with the STR (I did) then I can't see a reason not to in my experience.

@Roger Holden

I'm new to the investment side of real estate and I'm hoping to get my first few deals in the coming months. Relative to the more experienced investors my cash available is modest and just hits 6 figures if I include my brokerage account (outside of my retirement account). I feel good about having the cash on hand to get deals done but would then like to finance most of that back out. I'm interested in scaling my portfolio so the more money I leave in each deal the less I have for getting the next one. I'm hoping to find a lender that is investor friendly and will take the deal into consideration as well.

I'm an out-of-state investor starting to peak my head into some new markets and was hoping to hear some lender recommendations from the BP community. I'm interested in developing relationships with local lenders in the Jonesboro and Little Rock, AR areas. I plan to initially purchase and rehab properties under 80k with cash and a HELOC that I already have in place. I would then put the property under a more traditional 30 yr mortgage. I have excellent credit and no debts (with the exception of my primary residence) but my challenge is that my W-2 earnings are realtively low. I'm hoping to work with a local lender that understands my situation and can offer flexible or creative ways to help me achieve my investment goals. I'd love to hear any recommendations for lenders in the Jonesboro or Little Rock area that are investor friendly.

@Randy Thomason

Thanks for the information on Little Rock. I definitely agree with you regarding not wanting to purchase properties with undisclosed foundation issues. I'm also going to want to avoid those less desirable areas that you mentioned. I'll send you an email and we'll see if there are some opportunities to put together something that will put some money in both of our pockets.

@Candence Brooks I appreciate the insight. Jonesboro was another market that I was evaluating. I think there is a lot going for it with the exception that the inventory was slimmer pickings than Little Rock. At least for the investments that fit my needs. However, I'd love to see what you have available and how we might be able to work together. Also, I plan on purchasing with cash then doing a more traditional refinance after the rehab is completed. For that I'd really like to establish a relationship with a friendly and flexible local lender. Do you have any recommendations?

Hi BP community. I'm a new investor looking for a good market to start building my portfolio. Little Rock, AR piqued my interest and is near the top of my list. I like that it has a large population, lots of affordable inventory, low unemployment, low property taxes, and steady population growth. I'm hoping that someone with experience investing in Little Rock could give me some insight into their experience or recommendations on getting started there.

Initially I wanted to flip houses but I think the market is moving away from this as a great method for me. If you disagree, please let me know as I'd love to hear your thoughts. I'm now interested in distressed SFR's or small multi's that can be bought and rehabbed for under 75k (I'll be using the BRRRR method). These will be buy-and-hold properties for cash flow. I'd like to roll as many deals as I can to start building a healthy portfolio.

Can anyone give me advice regarding investing in Little Rock? Are there other markets that might be better given my situation?

It might be worth your efforts to double check the local codes to make sure that the current 500 gal. system can't be grandfathered in. If not, or you prefer upgrading anyway, ask the seller to cover half of the $5k estimate.

Flying out from Utah because I never pass on an opportunity to get out to Joplin! I sincerely hope we can meet up with some of the local talent.