All Forum Posts by: James Mays

Hello. I am looking for an investor friendly agent in Arkansas specifically in the below areas:

-Little Rock (LTR/MTR)

-Hot Springs (STR/MTR)

-Jonesboro (LTR)

-Pine Bluff (LTR)

This would be my first out of state rental, Looking for MTRs around major hospitals or LTRs in up and coming neighborhoods. Goal is more cashflow vs. appreciation. 

I currently have 1 LTR rental in Orange County, CA that has equity to HELOC and then ~25k cash to start investing. Would love to play the REFI and pull game to get 3-4 properties this year.

Why Arkansas? My family was originally from Pine Bluff, AR and would love to invest back into my "homeland". 

Talk to you soon! 

I currently have a LTR condo in Orange County, CA. I have rented to unit for 2 years now. I have some anxiety if my paperwork is legit if a Gov't auditor or City official were to ask about my rental.

What documents does everyone have for their rentals stored on Google Drive for example?

-Lease

-Rentee's Rental Insurance 

-Landlords Condo Insurance 

-Appliance Insurance 

-Do I need a business license?

I currently have a 1 LTR condo in Orange County, CA with the goal to expand 3-4 in 2024. As I start to expand I do not want to get caught in a paperwork pile. 

In terms of a Book Keeper what do they actually do to provide value?

How do they differ from an accountant?

What is a good market average for that service?

 Hey Michael,

Great points I like the breakdown of property classes.

To put it in perspective I am looking to build out a portfolio of 6-8 single family homes that are mainly for cash flow. Appreciation is secondary in my eyes. Until I can build up cash capital I think the best route for me is to play in the LCOL areas (Class C maybe B).Thoughts?

I’m a California resident so on both of my properties (primary and LTR) I actually did the “railroad track” game to get a deep discount versus the higher end zip code which was 200ft away. 

I think the biggest assumption that we both don’t know and you mentioned is what the area looks like. Maybe @Michael Faulk could help us out?

 Thanks for the comment/feedback Michael. I’ll take a deeper dive into the taxes and rehab portions.

I see you are in the Shreveport area. Would love to connect to start building out a network out there. I am based in CA so market knowledge is a huge!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello Everyone, 

This is my first calculator use and 1st post so beat me up a bit :).

My goal is to build out a long term rental/buy hold portfolio while utilizing a property manager as I am California Resident. 

This is a property in Shreveport, LA. Picked the city after listening to the Rookie Real Estate Podcast and the host mentioned his first deal was in LA. 

What are your thoughts on my inputs? 

Excited to be here!

https://www.zillow.com/homedetails/1739-Alma-St-Shreveport-L...

Investment Info:

Condo buy & hold investment.

Purchase price: $269,000
Cash invested: $9,000

1 Bed/1 Bath Condo - Cash Flowing $600

What made you interested in investing in this type of deal?

Wanting to stop paying rent and putting money in my own pocket.

How did you find this deal and how did you negotiate it?

Through a realtor. That realtor used a show 20% down (conventional) method than later in the process switched to the 3.5% FHA loan.

How did you finance this deal?

Cash at 3.5% down

How did you add value to the deal?

Waived inspections.
Offered $5000 over asking.

What was the outcome?

1st offer was entered and taken by the seller.

Lessons learned? Challenges?

Refinance faster but ended up working in my favor by getting a 2.69% refi rate. I did not refinance for 1 year.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real estate agents and small loan officer.