All Forum Posts by: Kris Mead

Greg Joyner from Arkansas Home Inspections is good.

Michael West from Dreamkeeper is also really good

@John Hickey, absolutely.  It’s funny that you mention “no nose”.  She’s  a local legend.  We actually came out of a job one day and she was cleaning her “hole?” In the mirror of our work van and left some sort of slime on it.  She said something along the lines of “oh, don’t worry, I’m not trying to rob you”.  

I live local and have worked in the city quite a few times.  I have always been fascinated by Newburgh and it’s potential and everyone always thought I was crazy when I brought up doing what you are doing.  Great work!  I don’t think I have the guts to do what you are doing, I sure wish I did!  I see a lot of revitalization going on in the area and it’s only a matter of time before there is a huge turn.  A long shot, but if commuter rail service could ever be re-instated on that side of the river, the sky is the limit.

@Matthew Diionno

Though I haven’t purchased turnkey, my properties on average have taken about 45 days to rent in Little Rock from closing.

@Dannielle O'Buckley I am local to you and came to the same realization about a year ago. I wound up getting comfortable with Little Rock after I did a small tour of the south/south east. I spent some time out there meeting with people and building a team.

I closed on two properties and so far, so good 🤞🏻.

One thing I will say, fly or drive out to your market. Interview the people, look them in the eye, ask them lots of questions and write down their answers. Some will say that this is not worth the cost, but I would never have taken the step without seeing the neighborhoods and meeting the people myself. I got lucky and was hooked up with a fantastic realtor by a recommendation here. I interviewed a few property managers as well and I must have connected with over a half dozen lenders. My one weak area is a contractor. I haven’t found one yet. All the ones I have spoken with charge NY prices +50%, they definitely know when you are an out of state investor.

I am not too far ahead of where you are at, so feel free to reach out to me if you have questions.

@JR M. I utilize a combination of the two. I started with the HELOC first, however.

@Chris Mason thank you! This is exactly what I thought. I didn’t want to make any changes and shoot myself in the foot.

@Paul Defngin the account would be opened as a joint account. Basically, I am just looking to take advantage of a higher interest rate while the funds are sitting.

@Dominik Makaneole that’s the most logical conclusion and I really hope that’s the case.

Hello everyone!

In order to maximize our Fannie/Freddie loans, my wife and I take turns putting properties in our name.

My question involves saving for down payments.

Currently all of our accounts are joint, but we store all of our individual deposits in separate savings accounts. Basically, if it comes in her name it goes in an account with her name as primary (still a joint account) and vice versa.

Are we able to consolidate to one savings and still be able to pull the full amount for a down payment in only one of our names, or will there be a seasoning requirement?