All Forum Posts by: Shelton Hale

Hello @Hadar Orkibi I will check out the REIA.

Hello BP,

my name is Shelton Hale and I’m semi new to real estate investing. I completed my first deal in 2018 and have been having issues with getting funding for my next deal. I wanted to reach out to the BP forms to see if there are in investors in the Little Rock, AR area that would be willing to help me with continuing this journey? 

It was standard FHA

 The realtor negotiated it into the price. The house was worth $90k but the seller was selling it for a lower price. So the realtor suggested that we take the loan out for the full 90k and use it for renovations. It all worked out good in my opinion. 

What was everyone’s first deals like? I feel like I really wanted to jump in and prove myself, so I started basically doing every thing to fix up the house. I’ve painted the entire interior and exterior of the house, tried to refinish the floors, just anything I could think of. I feel it’s going slower than it should but in the end I will be able to drive by this unit and be proud.

What do you think?

 Yes it was only 3% down. Great way to get started out and living rent free is amazing.

 Thank you! 

 Yes I inherited them which was great at first but then wasn’t to good. I found out the we’re smoking weed and it came through my vent system. They also had puppies that we discovered.

Sorry for the late response. We have been painting the duplex. I bought in Little Rock off of geyser Springs. Very close to the mall and the university of Arkansas Little Rock 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Little Rock.

Purchase price: $88,000
Cash invested: $7,000

My wife and I purchased our first duplex. We are currently house hacking it and leaving for free.

What made you interested in investing in this type of deal?

Cut our living expenses in half and live for free. Also working towards our goal in becoming financially free.

How did you find this deal and how did you negotiate it?

We found the deal on Zillow. We worked with our realtor to get the renovation money added into the deal.

How did you finance this deal?

We did an FHA loan and put down 3%.

How did you add value to the deal?

We are currently painting the outside of the house navy blue. We added new flooring, laundry room, new cabinets, and general landscaping.

What was the outcome?

We are still in the process of renovating.

Lessons learned? Challenges?

Hire out Jon’s instead of doing it your self. We had the original hard wood floors with some damage, but we messed up the floors listening to other people and now we have to replace them.