Long Distance Investor

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Long Distance Investor

Carl Latting
Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes

Hi BP Community,

My name is Carl and I invest in Arkansas (Little Rock and North Little Rock respectively). I would love to make connections with those who have questions about long distance investing as well as managing properties in B- /C+ communities.

I would also like to connect with Arkansas wholesalers and private money investors.

Thanks,

Carl

2Reply
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Most Popular Reply

Paul Thompson
Investor · Little Rock, AR · Member since 2015 · 130 posts · 119 votes
10y

I find the debate over long distance investing very  intriguing. This is not my personal strategy (at least not yet). I'm an investor in the Central Arkansas Market. Which to my absolute delight is a strong cash flow market (as are many of the metro areas in "midwest" states). 

I'm a big advocate in investing where you understand. So if you have insight into this market and happen to live in Las Vegas I think it makes sense to invest where you have connections or the ability to create connections without much effort. I know the big players (hedge funds and big, established investors) invest outside of their backyard. I just suggest caution unless you are experienced and/or have solid local connections.

With that being said I'm starting to be warmed over to the concept of investing outside of your backyard provided you have the appropriate experience, local contacts, and scale.

To that end I know of a couple local investors and private money contacts (including myself) in the central Arkansas you can connect with. My question is how are you finding your deals by being remote??

I frequently get the question from sellers where are you? Are you from here? When I can say yes I'm a local investor I develop a little bit better rapport. I suppose saying you're from here or have connections locally you could assuage some sellers fears of being a long distance investor.

I think when investing remotely finding a good property or two is the most important team member. I know of several local property managers. But so far I've chosen to self manage b/c I haven't found that local partner that has the experience and systems that blow me away. I really like for property managers to also be real estate owners/investors as well. So far that has been in short supply in this market. But I'd be happy to refer you to those I know who are established or are owners/managers. 

Hit me up if you have further questions on the central arkansas market. I recently visited Memphis and Nashville as a reconnaissance trip to learn those markets better. They are getting significant interest as "hot" markets. Too date I'm full up with my back yard. But some day that might change....

Paul

2Reply
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  • Douglas SkipworthBusiness Member
    Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    Hi, @Carl Latting.

    Welcome to BiggerPockets!

    Be sure to check out the blogs and podcasts as well as the forums. You can learn a ton from the real estate experts on the site.

    You should also talk with @Eric Metz.  He's an active wholesaler in Central AR.

    Best of luck to you!

    Investor's Guide to Memphis Real Estate
    View Page
    0Reply
  • Darren Eady
    Rental Property Investor · Lindon, UT · Member since 2015 · 862 posts · 438 votes
    10y

    You're from Las Vegas.  Why Arkansas?  I invest in Ohio and Alabama, so I'm wondering what drew you to Arkansas?

    1Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Douglas Skipworth Thanks I will begin looking into that!

    1Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Darren Eady the price points are cap rates are significantly better for me to invest there versus here in Las Vegas. I have picked up a couple great deals there that would have easily been double the cost here in Las Vegas. Not to mention I have family there, so it has worked well for me. Also, I focus on buy and hold, and Arkansas has a far less transient rental population than Las Vegas.

    1Reply
  • Account Closed
    Lender · Hot Springs Village, AR · Member since 2014 · 274 posts · 92 votes
    10y

    Welcome Carl. I am a hard money lender living in Hot Springs Village. Have done numerous deals in Little Rock and North Little Rock. Give me a shout out if you are interested.

    0Reply
  • Omar Merced
    Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
    10y

    Hi Carl, I also invest out of state and live here in Vegas. Lets talk sometime.

    0Reply
  • Darren Eady
    Rental Property Investor · Lindon, UT · Member since 2015 · 862 posts · 438 votes
    10y

    How are property taxes, Section 8, appreciation, title companies, handymen, and property management in Arkansas?  Do you have a success team on the ground covering all of these things? 

    0Reply
  • Tom Ott
    Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    10y
    Originally posted by @Carl Latting:

    Hi BP Community,

    My name is Carl and I invest in Arkansas (Little Rock and North Little Rock respectively). I would love to make connections with those who have questions about long distance investing as well as managing properties in B- /C+ communities.

    I would also like to connect with Arkansas wholesalers and private money investors.

    Thanks,

    Carl

    Hello Carl,

    Welcome to BP! You will find this website can be a great tool to meeting other investors and professionals who can help you through your investment journey. 

    Feel free to send me a message if you have any questions.

    Good luck!

    0Reply
  • Christy Harris
    Investor · Huntsville, AL · Member since 2014 · 108 posts · 50 votes
    10y

    I agree with @Darren Eady, ok a little biased because I'm from Alabama....but Huntsville has been a great place for my husband and I to invest. We have 4 rentals that have performed well... average GRM 75. We've had to be patient (2 years to get our 4) and do all the work, but.....it's paid off!! If interested in Huntsville, AL - reach out, and I'll see what's available - I'm an agent with Cole Properties & Auction.

    1Reply
  • Blake Norman
    Rental Property Investor · Little Rock, AR · Member since 2016 · 37 posts · 5 votes
    10y

    Hi @Carl Latting and welcome to BP. The resources on this site are plenty so I hope you are able to learn a lot and quickly. I am located in North Little Rock and am very familiar with this market. Please let me know if I can help at all specifically with analyzing deals.

    Take care.

    0Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Tom Ott - Sure, Thanks I will...

    0Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Blake Norman absolutely, I will be messaging you soon as I look to analyze one or two per day....

    0Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Christy Harris That certainly sounds interesting. Ill reach out to hear more. Thanks

    0Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Darren Eady Yes I have local bank lending however, handymen and property management and a team in place. The 1st property I purchased there was a pocket listing that I got for 15k put 10k into it, then used the BRRR method to pull out 45k, it currently rents a $700...

    0Reply
  • Travis Davis
    Professional · Marietta, GA · Member since 2015 · 57 posts · 2 votes
    10y

    Welcome to bp 

    0Reply
  • Paul Thompson
    Investor · Little Rock, AR · Member since 2015 · 130 posts · 119 votes
    10y

    I find the debate over long distance investing very  intriguing. This is not my personal strategy (at least not yet). I'm an investor in the Central Arkansas Market. Which to my absolute delight is a strong cash flow market (as are many of the metro areas in "midwest" states). 

    I'm a big advocate in investing where you understand. So if you have insight into this market and happen to live in Las Vegas I think it makes sense to invest where you have connections or the ability to create connections without much effort. I know the big players (hedge funds and big, established investors) invest outside of their backyard. I just suggest caution unless you are experienced and/or have solid local connections.

    With that being said I'm starting to be warmed over to the concept of investing outside of your backyard provided you have the appropriate experience, local contacts, and scale.

    To that end I know of a couple local investors and private money contacts (including myself) in the central Arkansas you can connect with. My question is how are you finding your deals by being remote??

    I frequently get the question from sellers where are you? Are you from here? When I can say yes I'm a local investor I develop a little bit better rapport. I suppose saying you're from here or have connections locally you could assuage some sellers fears of being a long distance investor.

    I think when investing remotely finding a good property or two is the most important team member. I know of several local property managers. But so far I've chosen to self manage b/c I haven't found that local partner that has the experience and systems that blow me away. I really like for property managers to also be real estate owners/investors as well. So far that has been in short supply in this market. But I'd be happy to refer you to those I know who are established or are owners/managers. 

    Hit me up if you have further questions on the central arkansas market. I recently visited Memphis and Nashville as a reconnaissance trip to learn those markets better. They are getting significant interest as "hot" markets. Too date I'm full up with my back yard. But some day that might change....

    Paul

    2Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Paul Thompson Thanks so much for the insight. I would certainly love to discuss the market with you and to discover what your strategy is for that market.

    Concerning investing in Las Vegas, I own 3 properties here, however the rental market is extremely transient, and not to mention a 100k property here is a condo with crazy HOA fees, or a 2 bedroom property in a D neighborhood. I have cash flowed well since they are all houses that I treat as multifamiles (lots of single/divorced men here who only want to rent a room).

    Concerning Little Rock, both my parents were born and raised there, graduates of Central High. I have several aunts, uncles and relatives who are on the ground there. I currently own 2 properties there and am part owner of a commercial building. I find that as a beginner, my money goes further and the lessons that I have had to learn the hard way have not been expensive ones (fingers crossed). I have someone who has managed my properties to my satisfaction over the last year and a half.

    Concerning finding deals, I don't have many yet, however, I have 2 local real estate agents who feed me leads that I analyze. The 2 properties that I have purchased were pocket listing that the RE agent got to me before they hit the MLS.

    I'd certainly love to talk with you as I looking to increase my portfolio.

    Thanks,

    Carl

    0Reply
  • Neil Henderson
    Specialist · Carolina Beach, NC · Member since 2016 · 390 posts · 496 votes
    10y
    I'm a new investor in Las Vegas as well. Given what I'm finding here I might be forced to look out of area as well. Would love to connect Carl Latting and Omar Merced
    0Reply
  • Omar Merced
    Real Estate Investor · Las Vegas, NV · Member since 2016 · 399 posts · 260 votes
    10y

    @Neil Henderson Sent you a colleague request. Let's do coffee.

    @Carl Latting

    0Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Neil HendersonSounds good to me... Let's shoot for this weekend.

    0Reply
  • Paul Thompson
    Investor · Little Rock, AR · Member since 2015 · 130 posts · 119 votes
    10y

    @Carl Latting who is your property manager?

    0Reply
  • Carl Latting
    OP
    Investor · Las Vegas, NV · Member since 2015 · 10 posts · 4 votes
    10y

    @Paul Thompson Just a friend of the family who has property management experience. Not a formal PM company.

    0Reply
  • Travis Davis
    Professional · Marietta, GA · Member since 2015 · 57 posts · 2 votes
    10y

    welcome to bp if your ever interested in Georgia let me know

    0Reply
  • Angel Wu
    New to Real Estate · Los Angeles · Member since 2022 · 10 posts · 13 votes
    4y

    P

    0Reply
  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    4y

    @Carl Latting

    Welcome to Bigger Pockets!

    You’ll find plenty of friendly, knowledgeable people willing to respond to your posts.

    If you are looking to connect with other members near you, or want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/users


    I really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts

    0Reply
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