All Forum Posts by: JR Mack
JR Mack has started 3 posts and replied 7 times.
Post: Buildng connections in local markets
- Arkansas
- Posts 7
- Votes 2
This event will be very laid back. The goal is to connect with other local investors and make connections. It is guaranteed to be a good time.
Quote from @Jaycee Greene:
Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that). Then over the course of the first year or so, if you could raise the rents by a total of $1k/mo (they are currently $2k, $1k, and $1k), then you might be able to pull out about $60k-$80k in a cash out refi.
Thank you for the financial breakdown!
I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment. Is it for a shorter length term than the normal 30 yr? Or what is the reason?
I'm actually not currently.
I know I should set it up and will very soon.
Something like that looks like it would be something worth looking into.
That size and price are within range.
Quote from @Jaycee Greene:
Quote from @JR Mack:
Hello,
I'm new here.
I've done a lot of research and even worked on running numbers for certain options (just as an exercise), but I'm now looking forward to jumping in. I'm looking at small multifamiles and won't have an issue with capital thankfully.
I am in Arkansas and looking to stay local-ish initially. So any contacts, known meet ups, or especially advice for an initial purchase is greatly appreciated!
Hey @JR Mack, welcome to the BP Forum! Greetings from the state just north of you! Where in Arkansas are you looking for 1-4 MF properties, LR? PB? Bentonville? Somewhere else?
Great. Thank you for the response.
I am in west LR. I'm not sure how familiar you are with the state.
I'm looking into cities of central AR (LR, NLR, Benton/Bryant) Hot Springs area, and NW AR (Fayetteville, Rogers, Bentonville).
If you don't mind me asking, what is it you like to offer new investors?
Hello,
I'm new here.
I've done a lot of research and even worked on running numbers for certain options (just as an exercise), but I'm now looking forward to jumping in. I'm looking at small multifamiles and won't have an issue with capital thankfully.
I am in Arkansas and looking to stay local-ish initially. So any contacts, known meet ups, or especially advice for an initial purchase is greatly appreciated!
Post: New - looking into possible joint investing
- Arkansas
- Posts 7
- Votes 2
Hello,
I am in central Arkansas, and I'm new to RE investing. I'm looking into short or long rentals - multi family is my preference, but I'm certainly not oppossed to single family starting out.
I have done a lot of research on RE, but I am ready to get going.
I like the idea of doing a joint project with someone experienced. I'm not looking for a handout, just someone willing to help out a new investor.
Please reach out if this seems like something you would be willing to consider.
Thanks!