All Forum Posts by: Agustin Rossi

Hello, I am thinking of investing in a duplex to rent out and have my first rental property in Louisiana and I wanted to know if there is anyone out here in Bigger Pockets that is investing in Louisiana. Thanks!

I know this was posted 2 months ago, but I am looking to invest in Louisiana as well. Did you pull the trigger on something?

Hey Dominic! I am traveling to Louisiana tomorrow to look for properties in Baton Rouge, Ruston and New Orleans. I am talking with many realtors, insurance people and lenders right now to find the best deals and to compare quotes and for the numbers to be more specific and keep making sense. I am having some issues finding insurance in Louisiana since many providers left because of the flooding and hurricanes that happened in the past, and insurance is very expensive but I have connected with you on BP so I will keep you posted if we get a deal in this trip, but very soon we will do our first one for sure. We have a friend in Louisiana that is a contractor and another friend that has 2 rental units there already so this is the reason we are looking in Louisiana, plus costs in NY where me and my business partner live are way more expensive of course. Thanks for your reply! Sorry for my late one!

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I want to know which companies would be good for rental units in Louisiana. I am looking to do my first deal. Thanks

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I am looking to buy my first rental property in Louisiana and I want to know which homeowners insurance companies do you recommend me. Thanks!

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All good David, thanks though!

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I was reading the book "Real Estate by the numbers", the part on EV, and I was wondering on how to calculate the EV when I do not know the probabilities/percentages of each outcome happening, can you give me an example on EV with a rental unit please? I need to know the percentages of the options I have available to choose in order to be able to calculate the EV and choose the best option, the one that will give me the best return. Thanks

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Quote from @Michele Fischer:

Types of fees:

Application fees: Above info is spot on, the only advice I would give is that higher fees means less applicants (we decided not to charge at all when we self managed, it did not add up to very much each year) and if it is non-refundable there are likely tenant-landlord laws about what you have to disclose about your criteria before they apply.

Late rent: If rent is late, there is an exra fee. Tenant-landlord law often limits what this can be.

Insufficient funds: If you accept personal checks and the check bounces, there is normally a fee.

Key/remote replacement fee: If new keys, garage door openers, mail keys, etc need to be replaced for the same tenant, there is often a fee.

Breaking lease: If a tenant moves out before the lease is over there is often a penalty clause. In most cases you cannot charge two different tenants for the same time period (double dip).

Pet fees/pet rent: Local laws vary, but there are often addiitonal deposits, fees, or rent for allowing pets that don't qualify as service animals or emotional support animals.

Thanks Michele!

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Quote from @Nathan Gesner:

Quote from @Agustin Rossi:

How do application fees work for rental units? What are some examples? Do tenants get this money back if they get accepted as tenants and not if they do not get accepted? I know one example of these fees is late rent and another one is for screening them to see if they are a good tenant to occupy my property, but any other fees are there? Thanks

The application fee should be used to cover the cost of the background check. In my office, we conduct a full credit/criminal background check. The price for that report is $20 per person. Then we take time to review proof of income documents, picture ID, check landlord references, etc. I charge $30 for the entire thing, so it's certainly not a money maker.

My policy is that application fees are not refundable, period. Why? Because once I order the credit/criminal background, the money is spent and I can't get it back.

I am very clear about the no-refund policy in my marketing and at the top of every application. I occasionally get a complaint, but it is what it is.

Thanks Nathan! Do you use a specific software or how do you do the credit/criminal background check? Thanks

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Right, thanks Laura!

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Thanks Gina! Good luck to you too!

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All Forum Posts by: Agustin Rossi

Agustin Rossi has started 25 posts and replied 76 times.

Post: Investing in Louisiana

Post: Home owners insurance recommendation for Louisiana

Post: Homeowners Insurance companies

Post: Expected Value (EV)

Post: Expected Value (EV)

Post: Fees for Rental units

Post: Fees for Rental units

Post: Fees for Rental units

Post: Can I market my property for sale and for rent at the same time?

Post: Financing a foreclosure

Agustin Rossi has started 25 posts and replied 76 times.

Biggerpockets Logo Post: Investing in Louisiana

Biggerpockets Logo Post: Home owners insurance recommendation for Louisiana

Biggerpockets Logo Post: Homeowners Insurance companies

Biggerpockets Logo Post: Expected Value (EV)

Biggerpockets Logo Post: Expected Value (EV)

Biggerpockets Logo Post: Fees for Rental units

Biggerpockets Logo Post: Fees for Rental units

Biggerpockets Logo Post: Fees for Rental units

Biggerpockets Logo Post: Can I market my property for sale and for rent at the same time?

Biggerpockets Logo Post: Financing a foreclosure

Post: Investing in Louisiana

Post: Home owners insurance recommendation for Louisiana

Post: Homeowners Insurance companies

Post: Expected Value (EV)

Post: Expected Value (EV)

Post: Fees for Rental units

Post: Fees for Rental units

Post: Fees for Rental units

Post: Can I market my property for sale and for rent at the same time?

Post: Financing a foreclosure