All Forum Posts by: Ryan Blackstone

G&G insurance is the best. 

Look up the "skyline report" or I can email you. Walmart, the biggest retailer, Tyson, which owns 20% of the food we eat, JB Hunt, which is the biggest transportation company in America. The University of Arkansas is 10 min from this property. It is great for STR's. Most of the area doesn't have restrictions or regulations yet.

@Sophie Dolezel Locally it is good because it is in the path of progress. there is new multi going up all around it. that neighborhood has a direct access to the Razorback Greenway which allows you to bike to Downtown fayetteville and the U of A. The new construction rents are pushing all rents up there (all ships rise as the tide rises). Your vacancy is under 4.5% there. There is also a bus route at the entrance of the subdivision. There is so much more, but these are what comes to mind. 

That is awesome. I own 3 on that street and set the comps for that neighborhood by selling two for my investors right across the street. Excited for you! The trail is right there!

@Alexander Parunin I will message you. 

Henry Washington is amazing! Wish I could go! Henry bring back some good tips and tricks for our meetup!

@Ruel Salvador I am an investor and broker here in NWA. The only out of state I have done was a JV, but I do know it is all about being connected with the right people. You should check out the Multi-family skyline report and it will give you the real data. We are around 4% vacancy. Typically, I get $250 more per unit than what all of the property managers are getting in the area. This is the case with most of my buddies as well. Just make sure the unit is fresh and clean, your PM does professional photos, and make the unit accessible when showing.

@Matt Robinson @Dustin Davis @Jeff Ahern will be able to help you out. They are investors themselves and do my stuff

@Joe S. I can only speak on the contracts that us agents/brokers use. However, I will say earnest money isn't very common here, because most sellers know that the buyer can get that money back very easily. Yes, the contract protects the buyer more than anyone else. Sometimes I feel like there is no justice to the sellers. However, we are in a sellers market. So we get away with getting buyers to:

1. Put down non-refundable deposit 3 days after the contract is signed. Or, we can get the earnest money 3 days after inspection. I don't put a lot of weight in earnest money in the state of Arkansas. 

2. We also get offers where the buyer is allowed to inspect, but will not ask repairs. 

3. The buyer will give us an appraisal gap, which means the buyer will cover the difference in cash if the appraisal comes in low. 

4. We will always get a proof of funds or Pre-qaul. We will not accept any offer without it. 

5. Escalation clauses. The buyer will beat any other offer to a certain dollar amount. 

Hope this helps and good luck. We also wait to make sure every property has 4-5 days on the market. So that we can collect all offers possible. 

@Alexa Intong commercial loans are more restricted now than they were in the past. If it is and ARM, the documentation would express how quickly the rate will go up. For example, they can raise it, but they can only raise it 2 times a year and only by 1% each year. This gives you time to shop around. I think buying with a commercial loan and then refinancing is the way most STR investors are doing to give the bank a proof of concept and history. I wouldn't suggest hard money, but Debt Service Coverage Ratio loans are great and can get you there. Just know that the bank will assume underperformance and a lesser appraised value. I assume they do this to protect themselves even more.