Little Rock, AR investor/ real estate agent

Little Rock, AR investor/ real estate agent

Member since 2019 · 13 posts · 15 votes

Hello,  this is my first post here on BP although I am an avid listener of the podcast.  I thought I would introduce myself and also share a deal that I recently did. 

My name is Chase Calhoun and I am an investor and real estate agent in Little Rock AR.  I am originally from the SF Bay Area in California.  I moved to Little Rock almost 3 years ago to start investing and chose Little Rock because I think it is a great market.  I have since done sever large scale renovation projects and became a license realtor.  On the realtor side I work mostly with local and out of state investors who want to purchase here in AR.

I am going to basically copy and paste an email update I sent to the lender who funded the purchase of this 3 home rental portfolio I purchased a few months back.  Little Rock is a great market, although this was a rare/ exceptionally good deal that I don't see too often.

I just wanted to send you a little update on the package of 3 homes you did the loan for on Cantrell. 

The original purchase price was $185K for all 3 properties and currently valued at about $315k.

The rents at purchase were 920, 840, and one Vacant.

I rehabbed 4909 Crockett (vacant) and spent a total of $10,557. This is now rented for 1100 a month. Rented in less than a week.

https://www.dropbox.com/sh/mdb3n1vnd1ggt0v/AADDIZKdA6_aJRK2U_293SvZa?dl=0

I turned over and rehabbed 13151 Cantrell and spent a total of $9,557. This is now rented for 1100 a month. Rented in less than a week.

https://www.dropbox.com/sh/56acgln13v9m1xd/AADmco-JlmIbzHm47wWhFPDfa?dl=0

I did a few minor repairs to 13221 Cantrell and spent a total of $122. The rent was raised to $950 a month.

So all in I'm at about $205k with $3,150 a month in rent.

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Investor · Jacksonville, FL · Member since 2020 · 124 posts · 68 votes
6y

@Hadar Orkibi


I hated to see that too.  They had a great manager at P.F. Chang’s though that left three or four years ago now.  Things noticeably changed after that.  

See this reply in the discussion

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  • Rental Property Investor · Conway, AR · Member since 2017 · 63 posts · 32 votes
    6y

    @Chase Calhoun

    Love it man! Awesome job!

  • Property Manager · Little Rock, AR · Member since 2018 · 58 posts · 47 votes
    6y

    Thank you!  We still need to get together for lunch.  That is when restaurants are finally open again!😂

  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    6y

    welcome to BP @Chase Calhoun good work on the rehab.  I know of a recently Renovated 4Plex in Jacksonville AR (just 20min north of Little Rock ) that is available for sale. Please PM if you interested....

    One of my favorite restaurants in W Little Rock P.F Chang is Closed down!! :-(  

  • Member since 2019 · 13 posts · 15 votes
    6y
    Originally posted by @Hadar Orkibi:

    welcome to BP @Chase Calhoun good work on the rehab.  I know of a recently Renovated 4Plex in Jacksonville AR (just 20min north of Little Rock ) that is available for sale. Please PM if you interested....

    One of my favorite restaurants in W Little Rock P.F Chang is Closed down!! :-(  

    I don't buy in Jacksonville but thank you.  I know PF Chang was always a solid restaurant.  Its hard to believe they are closed for good.  Unfortunately I don't think they will be the only ones to not make it through this.


  • Investor · Jacksonville, FL · Member since 2020 · 124 posts · 68 votes
    6y

    @Chase Calhoun great job!   

    I like to meet all the investors and agents I can in the area.  When everything opens up again we will have to meet for coffee.  

  • Investor · Jacksonville, FL · Member since 2020 · 124 posts · 68 votes
    6y

    @Hadar Orkibi


    I hated to see that too.  They had a great manager at P.F. Chang’s though that left three or four years ago now.  Things noticeably changed after that.  

  • Member since 2019 · 13 posts · 15 votes
    6y
    Originally posted by @NaDean Bowles:

    @Chase Calhoun great job!   

    I like to meet all the investors and agents I can in the area.  When everything opens up again we will have to meet for coffee.  

    Sounds great!  hopefully that happens sooner rather than later.

  • Real Estate Broker · Charlotte, NC · Member since 2020 · 27 posts · 3 votes
    6y

    Glad to hear you have had success in Little Rock. We are from NC but looking to invest out of state in AR since it seems to be better cash flow. NC is too pricey now. Any suggestions of where to start looking in areas of AR? We are trying to get a team together since we won't be able to travel up there like we normally would. 

  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    6y

    @Shane Gordon do us all a favorite and dont pay to much so the market still cash flows for years to come...

    Just kidding, NC is not California.  North West / East AR Been growing fast while Central AR is more "steady as she goes" market. Throwing a dart on the board to start investing is not recommended, try doing some market research to make sure the fundamental are right. Agents and Brokers in different parts will say that their area is better then others, but its down to you to decide.

    Personally i find North W/E too hot and I'm focusing on Central AR where i have team on the ground.

    When investing out of area solid team on the ground is #1.

    Whats your buying criteria and goals ? 

  • Member since 2019 · 13 posts · 15 votes
    6y
    Originally posted by @Shane Gordon:

    Glad to hear you have had success in Little Rock. We are from NC but looking to invest out of state in AR since it seems to be better cash flow. NC is too pricey now. Any suggestions of where to start looking in areas of AR? We are trying to get a team together since we won't be able to travel up there like we normally would. 

    Shane,

    Thank you!  Little Rock and some of the surrounding areas are a great place to invest, especially for solid cash flow.  Lets set up a time for a phone call, I would be more than happy to share information and see if there is any way I could help. 

  • Real Estate Broker · Charlotte, NC · Member since 2020 · 27 posts · 3 votes
    6y

    @Hadar Orkibi We are looking to get into SFR in the price range of 90k - $150k. Not looking to become slumlords especially since we are investing out of state as beginners. Looking to do the BRRRR model but not a full rehab, minor to moderate rehab and to be in the good school districts as well.

  • Hadar OrkibiPro Member
    Rental Property Investor · USA / NZ · Member since 2016 · 1k+ posts · 812 votes
    6y

    Good Deal @Shane Gordon you will need to get them for at least 30% below ARV to be able to BRRRR

    Feel free to PM me if you want to discuss.

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