All Forum Posts by: Kris Mead

This is the kind of stuff that always keeps me away.

I have tossed the idea around a bit and have found the landlord tenant laws prohibitive.  If the market comes down a bit, I may be game.  For now I invest out of state.

I am out of NY and I hold rentals in LR.  I made a lot of phone calls and made a list of people to interview in person. Realtors, property managers, lenders and home inspectors.  The one group I missed was contractors.  We drove out with a 3 year old and 10 year old and spent about a week.  I thoroughly interviewed everyone and had a list of questions to ask going in.  I kept note of everyones answers and selected from there.  We became comfortable by just spending time in the city like it was a family vacation and we fell in love with the area.

I recall touring the area when we were out there and liking it.  We spent quite a bit more time in Levy, because that’s where the cash flow seemed to be.  Park Hill can cashflow as well, it just seems that you need to buy a house that needs a little work.  We are planning on getting back out there again soon and evaluating more areas.  We will probably spend quite a bit of time in NLR trying to figure it all out. 

I have one property in the Levy area and so far, so good.  Levy seems to be half sketchy and half improving.  I have also been searching in Park Hill, I just haven’t been able to land anything yet.

@Kalanie Tran I would say it’s safe, but that’s up to you to determine your tolerance for that kind of risk. It’s definitely a possibility, I personally just don’t worry about it. There are plenty of other markets that might fit your needs/goals that have more favorable weather.

@Kalanie Tran simply look at the age of the houses for sale. If they haven’t been taken out by a tornado by now they may be okay 😂.

There has been really bad rain and flooding earlier this summer, that worries me due to possible flood zone redrawing. Tornados are definitely a real threat, but I don’t worry about it because insurance will take care of that. Having to purchase flood insurance on the other hand, that would sink almost any investment.

@Nick Maugeri if you don’t mind.

@Nick Maugeri

If you don’t mind, could you PM me the lender info? I met with a few when I was in the area and spoke to about 8 others on the phone and consistently came back with 5.625% w/ 20% down and 5.25% w/ 25%.

Tired of these rates 😂

@Nick Maugeri

Fantastic job! I am also actively buying in the Little Rock market

Questions for you:

Where are you finding 85% LTV financing? What were the terms/rate?

I’m also curious how managing from afar will work out.

-Kris