All Forum Posts by: Billy Miller

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $1,870,000

Madison Apartments is a C Class Value property located in Jonesboro, AR. There are 26 Units, 4 1bd/1ba, 6 2bd/1.5ba townhomes, and 16 2bd/1.5 bd apartments. The property is currently 100% occupied. Our value play with be to spend and estimated $300K in CapEx, add revenue through a RUBS, and increasing rents to market levels. We are securing bridge debt to implement our business plan to help increase the value of this property.

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

I chose this property because it is a great value play in a growing market in NE Arkansas. Jonesboro is one of the fastest growing cities in Arkansas. There is a great opportunity to force appreciate and yield high returns.

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

I found this deal listed on Crexi.

How did you add value to the deal?

I am going to force appreciation with a $300,00 Capex, and implement a RUBS. I am also going to increase rents to market level.

What was the outcome?

Still in the process.

Welcome to Little Rock. It's always great to hear of new investors in the Little Rock area. I too am a licensed realtor as well, and I am currently wholesaling as well. I would love to sit with you some time and talk about some different strategies we could possibly work on!

Thank you J Scott, that is some great advice and I will look into it.

I have a potential wholesale deal on a house that has a $139,000 ARV, however the client who called me has the home listed with an agent for $95,000, which is just below the 70% of ARV.

Is there a way to work out a deal on this house with the Real Estate agent, or should I just pass it up and keep on moving?

Please advise,

@Eric Metz You're welcome brother and thank you.

Welcome Eric,

I've been on bigger pockets for a little while now, and I've had nothing but positive enounters here. There are a lot of super nice people here and always willing to help.

Thank you Edward and Ned, I appreciate the response and great advice.

Hello,

My name is Billy, and I am in Little Rock, AR. I've been apart of Bigger Pockets for about 3 months now. After doing alot of reading and research, and self educating, I've decided to start my new business in wholesaling. I believe this is the right step for me to get started and learn the industry on the ground floor.

Little Rock is a pretty good market, with great potential growth, however I don't have the support of a mentor to work with to get my business up and going. I've been looking for different possible leads with listsource and a couple of other sources as well, but still have yet to truly get my feet in the game.

I would to learn what it takes to get this business going, and truly work the ins and outs. I don't want some one to take me by the hand, and I'm not looking for a way to "Get Rich Quick" but rather put all that I am and all that I have into starting my own business. In return I also have time to volunteer to help a seasoned mentor as well, rather it be prepping a property for sale, or whatever the need might be. In essence I am willing to give in order to recieve.

Any advice would be greatly appreciated.

Thank you,

Thanks everyone for the great input and advice. I always get great advice from here.

Good afternoon my fellow REI's. I wanted to share some info about creating your own website for your business. I am fairly new to the business, and therefore I am always looking for great ways to launch my business.

I recently launched my website with Vista Print. They have a great set up to where you mostly point and click, you tell the system what you want for it to do, and it populates most of the information for you. there is no having to deal with knowing HTML and everything that goes along with website design, it's just that easy.

It's a great tool for anyone just starting up, or have been in business for a while. Not only that, but they are allowing anyone who signs up a 30 Day trial for FREE.

I hope this helps anyone getting their business name out there