New Rental Property Purchased

New Rental Property Purchased

Good morning everybody, this is Cory with Clear Property Management. We are at 1412 Ivy Drive in Jacksonville, Arkansas. Basically, one of our investors that we manage a couple other properties for, they were looking to keep adding to their portfolio. So, while we do mostly focus on the management aspect for our owners and potential owners, we also do property sales as well.

This particular home, he bought this. This was actually a short sale from the VA, Department of Veteran Affairs. It was a little non-traditional in the sense of the way that the transaction actually went down, but it was actually a pretty easy transaction as well.

I’m going to come out here in the front yard and show you this house. It looks to be in pretty good condition. It just needs a lot of updating to be honest with you. You see a nice little two car garage. It’s actually got an oversized lot too as well, or I think I would consider that. It’s got all this room back here in the back and a good-sized backyard too.

Coming in this front door, you’ll basically see that the house is in decent condition. It obviously needs some flooring, some updated fixtures, definitely some paint, but everything else seems to be in pretty good condition. You can see the kitchen area, lots of shelving. My suggestion to our investor is to get these appliances changed out too as well. I know that the dishwasher worked just fine in the inspection, but the range and obviously a fridge is needed right in here as well as add a washer and dryer. I always say too on the washers and dryers, they are not have-tos for rentals, but it’s about a 50/50 shot on who’s got washers and who has dryers so as an investor you are welcome to include them in your rental or not. With that window unit right there, you can actually see that this thing is heated and cooled, which is a pretty cool if you wanted to use this space outside of just a traditional garage.

Coming through on the back side of this house, all the bedrooms are on one side and basically your living room and everything else is on the other side. I was actually curious on that right there, if that had anything to do with an electrical issue but the inspector actually said that that was probably just a bed rubbing up against it so it’s not too bad. The bones of this home are really good but it just needs some good paint throughout the home. Fixtures, like I said, they’re all fine but just dated. The investor will need to change out all the toilets and make sure all that is operable.

Here is your primary bedroom. Put a fan in here to make this good to go. It’s kind of weird on how this bathroom is set up. You’ve got a standing shower right here, and then you have a bath right there. Notice no shower head. Just the bath right there. Just odd. Then, of course, changing out that toilet right there too, and making that all good to go.

I just wanted to show y’all this house to let you know that while our main focus is property management, that is what we are great at, we’re great at sales too. Let me say that, we can help our investors find homes and be a true traditional real estate agent for them on their behalf. It was good going back and forth with this deal as we were able to get them a great deal on this place. It should have a pretty decent return for them, cash on cash wise once we get a tenant placed.

Anyways, like I said, they are closing on it today and the owner is actually, or the new owner, he is actually out of state, so we’ll start getting some quotes together for him for repairs and updates. We will lay out everything on what needs to be done, here’s your quote, so whenever he gets back we can go over all that stuff and he can sign off on it and we can get this rehabbed and ready to rent.

As always, if you or you know anybody that has rental properties in the Central Arkansas area, we would love to have that conversation with you on helping assist you in your property management needs and evaluating if we are a good fit for each other. But as always, give us a call or text us at 501-733-9373. Thanks!
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