All Forum Posts by: Matt Looney

@Joe S.  It's pretty much the same deal down here in the Little Rock Metro area.  Earnest Money just doesn't get included in offers as much as other places in the country.  There may be an uptick in the inclusion of EM lately due to the hot nature of the market, but in the last three years that I've been an agent, earnest money has been a buyer's idea once or twice.  Now, does an offer with no EM mean it's a bad offer?  Not at all.  Like I said, it happens all of the time here.  But to your point, an offer with EM included that you didn't have to ask for definitely sounds like an interested party.  At least they're saying, "I'll part with some of my money for at least a little while to show you I'm serious."  That can definitely make you feel better about the conviction behind the offer.  Even if you know you'll probably never see it if the deal falls through.  But as was mentioned above, you can always counter requiring at least some amount of EM.  If they won't do that then a verifiable Pre-Approval would be a must have.  It's pretty much a must have anyway.  Good luck!

Hi @Joe S., I'd be happy to speak with you about property management in the Little Rock, AR area.  We currently manage 70+ units in the Little Rock Metro area, all for investors.  I'm also a real estate agent, so I'd be happy to put in any offers for you.  Please feel free to message me and I'll answer any questions you might have.  Have a great day!

@Matthew G. Hylton  Hi there, I'll send you a link to our before and after pics!  Thanks!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $36,500
Cash invested: $45,000
Sale price: $125,000

This 4 bed 2 bath home was in rough shape when we bought it. We updated everything from the roof, HVAC system, all flooring, all paint, turned the carport into a garage, all new kitchen cabinets and countertops, bathrooms were gutted and completely overhauled. We also added stainless steel appliances and all new LED lighting. We also demolished and rebuilt a new back deck.

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

This property had some great bones, it was just all of the cosmetic features that needed help.

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

This property was listed on zillow. We just contacted them and after negotiating back and forth for a couple of days we had a price everyone was happy with.

How did you finance this deal?

This was funded by a private investor.

@Chris Hylton Congrats on your decision to pull the trigger!  I'm an investor in the Little Rock, Arkansas area and have been buying here for the last 5 years.  I'm also a licensed REALTOR here in the area and would be happy to answer any questions you might have about the area.  Good luck on your journey!

Investment Info:

Single-family residence fix & flip investment in Little Rock.

Purchase price: $46,735
Cash invested: $40,000
Sale price: $119,280

We did our normal Conquest treatment to this one. (Roof, HVAC, WH, interior and exterior paint, all new tile and vinyl plank flooring, complete reno on the full and half baths, all new LED lighting, new kitchen countertops, backsplash, and appliances.) We also did a little extra by moving the clothes washer connection that was in the kitchen to the utility room where the dryer was. This one ended up looking nice.

Hey @Pat Alford, I invest here in the greater Little Rock area and have also been interested in Searcy for a while.  I went to college there and now many of my nieces and nephews are going to school there.  Every time I'm up there I'll see a property or two that might make a good rental.  For now, it's just a bit too far for my liking.  If you have any questions about the Little Rock area, please let me know.  I've been building a portfolio for a couple of years now and have learned a lot.  Good luck!

Matt

@Jared Lillard welcome to real estate investing in the central Arkansas area.  I've been building a portfolio for the last few years here in Little Rock / North Little Rock and have learned a lot.  I've also managed to work my way up to 20 units.  Please let me know if I can help in any way.  I'd be happy to lend any knowledge I've learned.  Good luck to you!

Matt

Colby Neal at Pinnacle Home Inspections.  I've used him for every purchase I've made, personal or investment.  I'll PM you his contact info.

Matt

Hi @Jesse Pierce, welcome to BiggerPockets and the rental game here in Little Rock!  I've been building a portfolio here over the last few years and have learned a lot.  Let me know if there's anything I can do to help in your endeavor.  I wish you the best of luck!