All Forum Posts by: Paul Thompson

Welcome to the game and the BP Community. Do you have an specific investment goals in mind yet or are you in the learning phase to see what you want to do?

There is a burgeoning meetup/investors group  forming in Hot Springs.  The locals will chime in shortly I'm sure. I often attend their meetups but was out of town this weekend. Also consider joining us in Little Rock at the investors group up here. Our website is www.carreia.com

Feel free to contact me any time. I'm in the corporate world as well and have some personal experience on adding a new "vein" of diversity and I love to talk shop.

Cheers and hope to meet you in person.

@Kelsea Barada

Welcome to BP and REI. The local REIA's website is: www.carreia.com

The next meeting is actually tonight. So i know it's short notice. But if you can make it I encourage you to come out. We're a very nice group so come on out.

Call, text, email or PM me if you ever have questions.

Paul

@Joshua Deaver-Ryan

Hey welcome to bp. I encourage you to join our local Real Estate Investors Association (REIA). As luck would have it we are actually meeting tonight (Thursday January 14th). The details on when and where can be found here www.carreia.com

This is the greatest place to meet and network for investors in central Arkansas that I know of. Feel free to call, text, email or private message (PM) me if you have questions. I don't specialize in flipping but I always like to talk shop with other investors.

Cheers!

Paul

@Tonya Booher

Welcome aboard to the BP community. There are several good podcasts on wholesaling and flipping. As far as networking and find deals, the best place I know of is the local REIA. We are actually meeting this coming Thursday night. Almost all of the deals I've done have come directly from attending these meetings. The website is www.carreia.com.

Check it out for details on time and place. I think Saline county is a good area for investing. Good schools, low crime, good rent to price ratio, and people just want to live there. Call, text, email, or PM if you have questions. Congrats on your successful flip and best wishes on achieving your goal.

Cheers

Paul

@Mark Pleasant

Hello and welcome to the bp community. Make sure to add keyword alerts for subjects that interest you

I also encourage you to join the local Real Estate Investors Association. Our website is www.carreia.com. The next meeting is next Thursday the 14th. We have a national speaker coming so it should be a good one. Look for specific time and location details on the website.

What are you investment goals? Feel free to call, text, or email if you have specific questions.

@Ibrahim Hughes

This report is a little outdated and hasn't been updated since the Failure to Vacate was struck down in Pulaski County. This set a precedent that the law was unconstitutional. Although I understand some counties still use their own similar process. I recently heard someone refer to it as the Boss Hog and Rosco P. Coltrane process. I don't operate in counties that use it so I can't comment specifically on the details.

The report sensationalizes the criminal process a little bit. It was akin to getting a speeding ticket. However, there is no minimum Warrant of Habitability in Arkansas. So it ends up falling back to enforcement of local code or ordinance for health and safety. So depending on the municipality it could be very strict or very lenient. 

There was an attempt last year to get a Warrant of Habitability passed by the State Landlord Association. I'm told it failed to be passed due to other political interests. I wasn't involved at the time so I'm fuzzy on the details. But you can read the proposed bill here: 

http://www.arkleg.state.ar.us/assembly/2015/2015R/...

@Kevin Koone

Hello and welcome to the bp community. Make sure to add keyword alerts for subjects that interest you

I also encourage you to join the local Real Estate Investors Association. Our website is www.carreia.com. The next meeting is next thrusday the 14th. we have a national speaker coming so it should be a good one. Look for specific time and location details on the website.

Feel free to call, text, email if you have specific questions. Cabot is a good buy and hold rental market.

I've been hearing from fellow investors in bigger markets (especially on the East Coast) that there has been a spat of lead based paint violation lawsuits against landlords. Purportedly there is a XRF hand-held testing "gun" you can purchase to self-test. This helps you know if the property has lead based paint or not.

I have not personally heard of any of these type of lawsuits in Arkansas (yet). I suspect it is only a matter of time. I think our ethical duty as a landlord is to know whether a property has lead based paint or not. And if the property was built before 1978 assume it does and follow the EPA guidelines on how to protect workers and tenants from exposure. The EPA certification is ~$300 if memory serves and they provide pretty clear guidelines that aren't that hard to follow IMO. It's really more of a process  to follow than it is a major additional expense. To my knowledge you do NOT need a 3rd party test. You can self test.

Look into self testing and advise back on this thread of your results. Feel free to PM me or contact me directly. I'm in the market and curious on your findings and which apartment complex you purchased.

@John Powell

Jason Bolden is the lawyer who is in Little Rock, AR that reviewed the lease that is referred to in this above post. His rate is $250/hr. He specializes in real estate law. Not many lawyers in Little Rock (or Arkansas) do that to my knowledge. I've also heard that Rick Sellers in Little Rock, AR is a good lawyer for real estate matters. I've never used his services. However, he is speaking at the Little Rock Landlord Association about the current eviction process in Arkansas (there have been some dramatic changes in the last year). 

The next meeting is January 11th.

We meet on the 2nd Monday of each month at the Keller Williams Building in West Little Rock except in the month of December.

Meeting time is 6:45pm to 7:45pm. Doors open at 6:30 to mix and mingle.

Keller Williams Building

12814 Cantrell Rd.

Little Rock, AR 72223

Full Disclosure: I am the current President of the Little Rock Landlord Association so this post is somewhat self serving.

I am the current President of the Landlord Association in Little Rock. There really is no such thing as a "standard" lease in any given area. I'm a little pedantic about the reference to standards when it comes to contracts. The only state "standard" I'm aware of is the State Board of Realtor's purchase and sale contract, which is not really the space I play in unless I happen to be in a deal where I'm using a Realtor. 

But soapbox aside, I will gladly share my current lease with you. It has been reviewed by a local real estate attorney. There is little in the way of anything specific to Arkansas or Little Rock. Use it and edit it as you see fit. Feel free to contact me directly if you have questions.

Also if interested I can refer you or your grandmother to the local real estate lawyers, there's only a few.