New Investor/PM/Marketer in Conway (Central), Arkansas

21 Replies

Hello Bigger Pockets, my name is Zack McCannon and I am a new Investor, Property Manager and Marketer living in Conway, Arkansas. My career for the past 14 years has been in documentary filmmaking and most recently worked at Arkansas's PBS affiliate, AETN, for the past six years producing documentaries and educational content. Growing up I noticed the wealthy family in town owned the storage facility... this stuck with me throughout my life and I've always had a goal to own one myself. Earlier this year I saw an opportunity in Conway in which a 190 unit facility came on the market -- I jumped in; found a coach who owns storage units, found a realtor, loan officer and got it under contract, negotiated to a price but the numbers still did not cash flow so ultimately had to walk away leaving my final offer on the table. Who knows maybe they will take the offer one day. While studying the commercial real estate process I found Bigger Pockets and many books that have been suggested. With that said I'm hooked and have a goal to invest in Storage Units and Multi Family apartment complexes with the intention to create communities and living spaces that include sustainable<thrivable design both architecturally and socially. My wife and I own an urban farm and I would like to apply the organic and permaculture techniques we use on the farm towards Multi Family Communities; onsite farm CSAs, rainwater harvesting, solar panels, etc. Specifically the goal is a B or C 24-50 unit apartment complex that has a good starting ground (vibe) for creating my vision of an eco-friendly design. In the meantime, I am building a property management company in order to learn the ins and outs of this aspect of real estate investing. I'm excited about this career change. Thank you everyone on BP for sharing your knowledge and thank you Bigger Pockets for providing this amazing platform to learn and teach real estate investing! Sincerely, Zack

@Zack McCannon

Welcome to BP Zack! I am also located in Conway and looking to invest in Single and Multi-Family. But I have always said before I truly seen the path to financial freedom through REI that I will own storage units at some point.

@Zack McCannon - Welcome to BP!  Glad to have you in the community and to meet another Arkansas investor.  I'm investing in the NWA area, so if you're ever looking for information or contacts up there feel free to reach out.

Hopefully you can find a deal that makes the numbers work and you enjoy your real estate investing journey.

@Zack McCannon Welcome.  I'm pretty sure I'm familiar with the deal you were talking about that fell through.  Way overpriced IMO so I think that worked out in your favor.  They just started to build those new ones out on Dave Ward so I'm thinking if you want to go unit wise, East side would be your best bet.  West side is becoming very saturated IMO.

Just curious, how are you considering becoming a property manager if you aren't a broker?  Do you have someone's license that would be willing to let you tag off of?  Just don't want you starting off on the wrong foot is all.

Have you ever considered using your past talents with video as a way to add value to some established investors in town?  The internet/social media game is changing and you could be a value to some uh....more life experienced (to make it nice lol) investors out there.  Just a thought.

Need anything, just ask!

Thanks @Cory Cox ! Great insight here. Yes the storage facility off DW and Hogan look like they will sweep up any last markets over there for awhile, plus a phase two projected on the ones off Hogan. With all the other facilities I'm surprised that the market over there supported those builds (boat RV complex made sense though.) Guess that's a testament to the demand of storage and why it is a good REI.

I’m researching getting my broker license per the PM goals. I was not aware that I could tag on to someone else’s. Would that be more as an employee of said broker? If so, that may be a better route for me starting out as my 5-10yr goals will be investing and hiring out the PM. 

Man, thanks for mentioning the production side to provide value for current investors. That is where I will feel most in my element, I think I've been consumed by so many of the other areas of REI that I have neglected to see how my skills in this area could help current investors and help me learn and network in the process. I'm glad you mentioned it and it would be great to talk with you further about this. Best, Zack

@Zack McCannon - Yes, you would need to basically pay out a percentage to a broker of your profits.  Could be a good thing as getting your feet wet as well as the broker will be a good lifeline in getting you started and some rentals to manage.  With vetting processes getting more serious (as they should) people aren't willing to just hand over their retirement strategy to a new comer.  There are a few in town that I have spoken with this in the same strategy and would be willing to do so.  I'm not sure on the specifics as in percentages or anything but there is a standard.

I'm glad you like that idea because if I was as gifted as you are that would be my number 1 play right there.  Focus in on a niche of rental investing and dive right on in.  The same brokers that you could pick their brain on with PM goals, could probably put you on target for some of the investors that would love to be able to let you handle their social media side of it.  My advice, pull that card in the beginning of adding value there, gain trust, ask if you can manage 1 or 2 to get your feet wet and slowly build on that.  Heck, you may manage a couple and be like I'm good on this, I'll get back to my true talents which would save you a lot of headache in the end!  

Relationships are key in this business.  Not the number of houses.  I've had to slowly realize that but it's very true.

Hit me up anytime.  Have a good one.

Hey there! I wanted to say hi and hopefully connect with a few of you that are investing in the Arkansas market - both agents and non-agents. I have been licensed since 2006 (not active the the entire time). Mostly, I have focused on commercial until these last few years. I spent some time in Georgia where I did a few residential deals which lead me to BP and obsessive reading and studying the ABC's of investing in SF, MF rental properties, etc. I have been cultivating and maintaining key industry relationships in this market for 20 years. I am privy to a number of properties not currently listed and pretty sure the owners are ready to sell...sf, multi and commercial. Without sounding dumb I have been a bit afraid of who to approach in this area. If I am not listing the property or representing the buyer as an exclusive agent but am able to connect a willing seller with a hot investment property to a buyer the to form a deal, how am I protected and what is my role? 

Thank you. Jennifer Ashmore, Little Rock, AR 

@Jennifer Ashmore - Welcome.  That sounds like a wholesale agreement to me.  I'm not completely skilled in that area to be honest but I have a few people that have done their fair share of deals.  From my understanding, you would need to come to an agreement with the seller, attach whatever commish you want on top and find a buyer for it to assign it to.  There are lots of topics all over BP explaining this as well as paperwork to help you get started.  Sorry I can't be of specific help to you in this case but I do guarantee that if you have a true deal, a buyer won't have an issue with you getting paid.  If you want me to connect you with some true wholesalers then just let me know.

Have a good one

Good questions @Jennifer Ashmore - it does appear to be a wholesaling strategy as @Cory Cox mentioned. Laws are becoming more defined in Arkansas for that area of real estate so be sure and speak with the appropriate attorney who knows Arkansas law. 

Looks like you’ve had a fascinating career so far, it would be great to hear more about it and your goals for the future!

@Cory Cox - thank you for your response. Yes I believe wholesaling would be the closest term or application to describe my particular role or scenario. I would appreciate you connecting me with other wholesalers. I want to find the right investor to put these deals in front of. Do you have any suggestions or investors who may be interested in some of these properties? I would like to invest in a few myself but I really would like to JV or partner with someone. @Zack McCannon - yes wholesaling strategy a la Jennifer - lol.  I have a great story...journey that I would love to share with you some time. It is book worthy I'm fairly sure. Are you in Conway or Little Rock? I live in the Heights area in Little Rock. 

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