All Forum Posts by: BJ Hibbard

BJ Hibbard has started 2 posts and replied 19 times.

I all really depends on if one of the buyers can truly afford the loan. If they can then the other is just icing for the bank, no matter how much/little they can afford. At the end of the day both parties are responsible for the loan so the bank doesn't really care who the money coming from as long as its coming. Most likely one would be made a signer and the other the co-signer

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Have a big box store(Lowe's, Home Depot, etc) quote it through there contractor desk. Take that quote to two smaller/local suppliers and tell them to beat it. Take the lowest of those two back to the other local supplier and see if he can beat it. If he does, call it a day and give them the job. Probably at the bottle they can do at that point. My local supplier will take a loss on some stuff they can't compete with the big boxes on to keep the sale. They would rather have a smaller margin on a $20k job than loose the whole sale to a big box they already fight every sale for

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If you have a working relationship with a bank, use that bank. Most all banks do construction loans. If you have a good relationship with the bank you should be able to use the equity in the project as your 10% doe and not have to actually put up any money. If you plan on building the rv park on the same land as you house(I would recommend this) you should be able to bundle that construction loan with you home loan. not to mention you can save some money by tieing the septic all together of you are going to have to do a septic tank or treatment plant

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Originally posted by @Deborah Hardin:

@BJ Hibbard What do you think about the Searcy, AR area for owning rental properties?

I dont have any personal experience with Searcy but I would say it would depend on your target demographic. I would venture to guess that high end wouldn't do to well but if you accept HUD I would think HUD Mid range properties would do well

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Originally posted by @Steve Kontos:

@BJ Hibbard

How's the multi-family market there?

Strong in small MFR(6 units and under) in my town, but non existent in larger MGR. Jonesboro is very strong in MFR of 50+ units

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The permits on both duplexs and and SFR was less than $1000 for all three combined :)

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Originally posted by @Jay Hinrichs:

Originally posted by @BJ Hibbard:

Originally posted by @Jay Hinrichs:

Originally posted by @BJ Hibbard:

Might look just outsise the Memphis market also. I own 27 properties in NE Arkansas(1.5 hrs from Memphis). Very strong rental demand here, properties cost less, and property taxes are much less. Rent is about 10% less than than the Memphis market, but properties cost about 25-30% less. Extreme lack or rental properties on the market. My properties are never vacant more than 5 days(usually filled within 24 hrs). Only real downside is acquiring existing properties due to the demand, so I have been building new constructions.

ya that double tax in Memphis can be a killer... there is a recurring theme with guys I know in the business that cant find enough inventory and have gone into construction of new homes.. I know i started about 6 years ago... and have really for my own portfolio pretty much gotten out of doing heavy rehabs for retail.. I like being able to come up with a budget and be able to stick to it within 5k.. as opposed to ripping into a heavy rehab only to have all sorts of over runs that there is no way to know of until you open walls etc. I need to get out your way and check it out. Other than Louisnana I think its the only stated in the mid west we have not done business in.. that and West Virginia

Jonesboro, AR is very hot right now...but very saturated with investors and the city's guidelines are getting ridicoulus. All of my properties are just outside of Jonesboro, catering to commuters

Well having cut my teeth in developing in Nor cal Oregon and Washington I suspect what you think is tough we would be o delighted with.. but happy that your doing well. we are in Charleston SC and even though it takes some time to go through the architectural reviews building permits are only 5k or so.

In my city of lake Oswego oregon we will pay about 45k or so.. just for permits.. and on my project in Gresham were I built the subdivision we paid 45k a lot for the underground and paving.. then 30k for building permits ... so 75k before we even bought the land.. we build for about 100 a foot.. and sell for about 170 a foot to 300 a foot depending on single story or location thats in Oregon.

In charleston I sold a 1500 sq ft 3 and 2 i built for 550k ... so some good margins there.

what are your numbers if I might ask. ?

Ive built (2) 3/1 duplexs this year and a SFR 3/1 @ $65/sqft that appraise out at $85/sqft. Lucked into a 8 unit complex for $67k that was I only had to put $24k rehab in that is grossing $3800/mo and cash flow amazingly

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Originally posted by @Jay Hinrichs:

Originally posted by @BJ Hibbard:

Jonesboro, AR is very hot right now...but very saturated with investors and the city's guidelines are getting ridicoulus. All of my properties are just outside of Jonesboro, catering to commuters

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All Forum Posts by: BJ Hibbard

BJ Hibbard has started 2 posts and replied 19 times.

Post: two people on mortgage

Post: Building Materials, how many quotes?

Post: New to Bigger Pockets (Construction Loan advice) & RV Park too!

Post: How to rationally select a long-distance market for investing?

Post: How to rationally select a long-distance market for investing?

Post: How to rationally select a long-distance market for investing?

Post: How to rationally select a long-distance market for investing?

Post: How to rationally select a long-distance market for investing?

Post: How to rationally select a long-distance market for investing?