All Forum Posts by: Courtney Fricke

Great points Jerryll Noorden ! I plan to have an actual curriculum that covers topics that can benefit both experienced and newbie investors. Even considering workshops on basic topics that are provided throughout the year. Love your suggestions! Thanks!

Hey everyone, 

As I prepare to start a local REIA, I'm curious as to what is your favorite part about the REIAs you attend? What do you like? What do you dislike? What do you think those meetings should be doing that they are not? Looking forward to your input!

Also, I'm looking to connect with other leaders of REIAs. As I plan to start one locally, I'm curious about certain aspects to the logistics. Did you start a separate entity for the REIA or is it run out of your regular LLC? What are some value adds that you added to your program? Curious to things like that.

Hi! I'm looking to meet up and connect with investors from or around Bogalusa, LA. Anyone on BP who invests in that area? Thanks 

Hi! Welcome! I'm an investor/wholesaler in St Tammany. There's also a BP meetup in Covington (search Covington in the forums and you should find it - it's bi monthly) and a monthly REIA in Covington that meets tomorrow night. Google Columbia REIA in Covington. Columbia coworking site should pull up. Best of luck!

Would recommend going to local parish land records. Search for any liens against property. Did it go to tax sale? Someone's paying the taxes. Does it have any code enforcement fines? Etc. Then I would advise having that heir open succession with an attorney. Basically money from the sale of the property would cover all liens and attorney costs. For example. Say you purchase it for $10,000. After all liens and attorney fees have been paid, the excess goes to the heirs. Depending on how many there are. So it's important to know if there is debt against the property and if so, how much that debt is. You can also call some local probate attorneys in your area to ask for a free consult. Ask them about their fees associated with such a transaction. Go from there. Best of luck!

Looking to connect with any buy and hold investors in the Bogalusa, LA or Washington Parish area. Are there any on here? Are any of my Louisianans friends with investors in that area?

Looking to connect with any buy and hold investors in the Bogalusa, LA or Washington Parish area. Are there any on here? Are any of my Louisianans friends with investors in that area?

Welcome to Bigger Pockets, Jermaine Beasley ! I see that you're from the Slidell area. So am I! Let me know how I can help. Best of luck!

That's great news, @Jaron Smith! One tip would to be overestimate your costs. Usually double what you expect it to be is what ends up happening. 

Hey @Jaron Smith, 

I'm not an expert with HML as I'm still new to them so I would recommend a few things that I am doing myself to gain more education on the topic.

1. I would research the topic on BP. The link below is older but a good starting point.
https://www.biggerpockets.com/renewsblog/2006/12/0...

Basically it is still a loan but with a higher interest rate. I've seen between 9-12%. So if you can keep a HML during the renovation and then refi to get a conventional loan then you would have terms just like any other loan. It also depends on the HML what those terms are. All apart of the research. Some you pay as you go, some you pay at the end, everyone is different.

2. Attend some local REIAs or meet with local investors and find out who uses local HMLenders. Find out who the go to lenders in the area are. Build relationships. Start from there. 

I would first get educated on the topic before talking with a lender. Do some due diligence on the deal too. See BP podcast #009. https://www.biggerpockets.com/renewsblog/2013/03/1...  

I recall that podcast teaching me to see it as an important marketing pitch where you pitch both the deal and your track record. So to answer your question, you can still get a HML without experience using it. Everyone has to start somewhere but because it is an asset backed loan, I would do my best to present both the deal analytics and myself/my business with the best foot forward when I first introduce myself to the lender.

Best of luck!