All Forum Posts by: Jesse Vermillion

Dennis unfortunately the property is a bit far from the University of Arkansas Campus to be able to rent by the room to students. I had not considered setting up the leases as a boarding house of sorts for migrant workers, which is an intriguing option. However, considering the neighborhood, I don't know that would be the most favorable option for this particular community. The more my wife and I weigh our options and in consideration of the current market, I think we may initially list it through our agent as "for sale or rent." If we rent it out, we will likely lease it for the length desired by the tenant (6 months to 1 year) to pay down a bit more principal, while giving us more time to sell it without being rushed or losing money. Thank you everyone for your responses!

Yes I figured if we rented it our target market would be families moving to the area for Walmart, a vendor, or JB Hunt, looking for something transitional while they build or look for another home. I just had someone contact me about a rent to own option but haven't looked into the who, why, or how of that offer yet. Thanks for the advice!

In March 2018, my wife and I bought a 3200 sq ft, 6 bed, 4 full bath single family house in Springdale, Arkansas. We originally purchased the property for myself, my wife, my two daughters, my sister, and two nephews to live in indefinitely. Due to parenting differences, we helped my sister and nephews find a house close-by, but now the residence is a bit big for our smaller crew and we plan to find another house to move into soon. 

We have started investing in rental properties and currently have a single family in Fayetteville, AR and a duplex in Springdale and were thinking of renting this one as well. I was wondering if anyone on BP had experience in renting larger properties who might be willing to offer advice on the matter. 

A little more information about the house and area: I have listed the home on Zillow and Craigslist as a 5 bed 4 bath with office/workout room, as one of the rooms is smaller with a lower ceiling than the others and I thought that number might elicit more interest. It was built in 2006 and is mostly stone siding with a relatively small backyard, but a very large covered patio, big enough to watch football outside while it rains. The property is in a good location central to all of Northwest Arkansas, across from a bike trail extending from Fayetteville to Bentonville, within walking distance from a desirable elementary school, close to a large and very nice park, about 3 minutes from the highway, and about 20 minutes from Walmart home office. Comparing other rents in the area, I believe $2400-$2600 ($0.75-$0.80) is a fair asking price. 

Thanks in advance for any insight!

I recently moved out of my personal home and turned it into my first rental property. I am planning buying my first real deal and have looked at personal loans to use as a down payment. I currently have enough cash in the bank to cover vacancy with my current property and a prospective new property, as well as to cover any repairs. I was looking at taking a $20,000 personal loan at 7% APR, which I estimate to be repaid within 8 months, costing approximately $550 in interest. The benefit I see from this is to have my tenants help to pay the down payment as well as the mortgage. Assuming the numbers are right on a potential property, is this a good idea or is it better to save up the cash and keep on researching and networking?