All Forum Posts by: Brenda E.

We have bought some lots AFTER the tax lien auction.  (This was in Barry county)  If you buy it at the actual auction, I  know you have to wait a year before you actually own it.  They give the previous owners another year to pay up or forfeit.

What we did was wait until the lots go for (I think) 4 or 5 years and then it becomes the counties property.  At that point, you can go to the county commissioners and make them an offer and usually get them a little cheaper than at the auction.

One thing you need to be aware of.  Even if you think the lots are buildable, the problem is getting water to them.  Many lots won't perk and you may not be able to build on one lot because the locations of septic tanks needed to be 60 ft. from the home.  We knew that going in-we just bought the lots so no one else would buy them and build.  Plus, they were cheap.

I love going to the auctions.  I went to one just to see what was done before I went to the next one.  That's when I found out about getting them after the auction. 

@Katie M. it is the 2nd Tuesday of the month. 

http://www.rei-nwa.com/

The Dec. meeting will be held at a different location to accommodate a local vendor fair.  We also have another smaller group that meets on the 4th Thursday and it's geared toward rookies.  All the info you need should be on the website.  If not, let me know.

I think that's a pretty nice area and it's close to the Razorback Greenway and U of A which is a plus.  Have you been in it yet?  Have you seen the rent roll?  Price seems a little high to me.  Don't know if you are aware, but we have a real estate investment group that meets in Fayetteville once a month.  Lots of investors there with tons of experience.

@Hugo Salgado Try Sonny Delgado at Integrity bank in Fayetteville.  He works well with RE investors.

Noah,

Being a native of NWA, I can tell you have chosen a great place to invest. I did want to let you know of a REI group that meets the 2nd Tuesday night of the month at the Courtyard Marriott in Fayetteville. networking begins at 5:30 with a program at 6. We have some very helpful investors, landlords, realtors, property managers and new folks just wanting to learn more. Hope to see you there!

Brenda

@Landon AllenYes! We attended our first meeting not knowing a thing about REI. I was so impressed with the group. Each month focuses on different aspects of investing. ^^Meagan is a CPA in the group and she teaches me something every month. She's awesome!! The meeting usually lasts about an hour but well worth the time and the people there are very friendly.

Hi Landon,

Our local REI is a great way to get started. It will meet Tuesday March 8 at the Courtyard Marriott in Fayetteville. Networking at 5:30/ meeting at 6. This is a great group of people to know.

Brenda

Hi, BPer's. 

2 months ago, we bought a single family home (our first rental!)  It was a mess and had to be repainted and all flooring removed.  But we got it done and rented.  Now my husband is seeing the benefits of rentals and decided we need more.  So, the lady we bought the house from (she has moved to Florida) also had a 4-plex in another town that we just  purchased.  It is fully rented with a couple of very long term tenants.  She also has a lady that she calls a property manager to oversee the property.  She is not associated with a company, she's just a local girl that handles any issues that may arise and checks out new applicants.   The tenants love her and I think she will be a real asset for us.  But there was no written contract between the previous owner and the property manager, it was more verbal. 

1) How should I do a contract with this person? 

2)  What are some key points you would include?Next issue:  The existing lease is very thorough but has contact info from the previous owner.

Should I:

1) Draw up another lease?  (I like the lease, BTW)  or

2)  Just add an letter to tenants about us and our contact info?

Any insights would be much appreciated

Thanks,

Brenda

We love this group as well.  Everyone is so friendly.  Not quite as many people come to this one (yet)  but it has an inviting, informal, laid back feeling. And the food is good, too!

We have really enjoyed this group.  Every meeting I'm amazed at all the information these people have to offer.