I'm a first time investor with a limit of about $165k to invest in a multifamily property. I am single and can go to a location where good deals are to be had. Arkansas looks promising, mainly the Little Rock area. Am I off on my assessment?
yes its good for investment if you can get it right, and buy right.
What exactly are you looking for, and your buying criteria?
well i am just scratching the surface of investing but i would say 2-4 units so i can househack it. My idea is to use an fha loan with the 3.5% down and then go with the BRRRR method. Looking to buy something that will have immediate equity with a little bit of rehab as well as cashflow a bit. I just want to make sure i do my first one right so I can refinance it and be able to get a good amount of capital back out of it. Arkansas seems to have good appreciation along with low median house costs so it seems like a good starter market for a newbie that doesnt have a wad of cash to put down.
Little Rock is similar to other 2nd and 3rd tier cities in the South and Southeast— larger metropolitan for region, stable economy with some growth, convention space, regional airport / air hub. Reminds me of Lexington or Louisville KY.
It’s not a Nashville or Austin but I’d consider it for multifamily acquisitions.
Thank you for your insight Will. I want to move to a warmer part of the country too so I feel like the Little Rock area would check off the real estate investing box as well as the quality of life im looking for.
That should be easy Brian.
Please PM me and we can stay in touch.
I can also refer you to good wholesaler in LR.
I currently live in Little Rock, and I am also a newbie trying to get into REI and have yet to do my first deal. I have lived in LR for about 5 years and I am originally from Ohio. I am still learning the market here but would also like to acquire a multi-family for my first investment. Let me know if there are any general questions about the area that I can help you with.