All Forum Posts by: Clint Galliano

It's going to depend on where you are purchasing. NREIG (a BP advertiser), is only writing new policies in certain parishes. Other than that, it is slim pickings. The Louisiana insurance environment is in a bit of a rough patch at the moment with few carriers writing policies. Hopefully, new legislation will change things to entice more carriers to the state.

I suggest you reach out to your local insurance broker (where you plan to invest) and explain what you are looking for in a rental dwelling policy. 

Quote from @Christopher Martin:

Thanks for reaching out!  Shreeveport and New Orleans are the two areas.  

 Nice! I'm about an hour outside of New Orleans, to the Southwest. Feel free to reach out if you have any questions about anything in Louisiana.

Welcome to BP!

What part of Louisiana are your connections to?

Quote from @Angelica Valde:

Hello, I purchased a property and a title company closed for us. I noticed when looking at the local tax assessor that my name (purchaser) was listed as 50% while someone else was listed as the other 50%. Long story short, the other 50% was the now deceased husband of the wife I bought the property from. 

Wife was 50% owner

Husband was 50% owner. I bought the wife's part I guess. I was a bit frustrated with this after ward. I have contacted the company I used that closed and I wanted to get insight from yall and ask for your expertise. I have paused all renovations until I can get this cleared.

Has anyone else dealt with this or have any suggestions?

Location: Louisiana

 Disclaimer: I am not an attorney & don't play one on TV.

It sounds like the title company did not do much research into the chain of title if they did not see that a succession was not done on the husband (what appears to be the case based on what you have relayed). 

Did you get title insurance? That would cover any screwups, but also incentivize the title company to remedy the situation without making a claim, since it appears to be their oversight that caused the issue in the first place. I would have them correct the situation at no additional cost due to their lack of due diligence. 

Where at in Louisiana was this, if you don't mind my asking?

Quote from @Jennifer Sala:

Hi, all!

I am considering getting my real estate license and just want some input on starting off.

  1) What is one thing you wish you had known before you got started as a realtor?

   2) Can you "keep your day job" while you get started? I've heard it takes a couple of months to make any money.

   3) Thoughts on interest rates/real estate market in 2024? I'm in Maine if it helps, and not Portland/Lewiston but a rapidly growing city no less. All of the email blasts and YouTubers tell you devastation will prevail in 2024, but nobody would click the link if they projected easy sailing...

Looking forward to your thoughts!

Thanks,
Jen

 Hey Jen,

1) What is one thing you wish you had known before you got started as a realtor?
     -Real Estate is a Contact Sport...you can have a successful real estate career based on the number of people you know and keeping in touch with them on a regular basis throughout the year.

2) Can you "keep your day job" while you get started? I've heard it takes a couple of months to make any money.
     -If your "day job" is the only thing paying your bills and you are relying on it, then definitely keep the day job. If you have reserves that can support you for 6 months or so while you build your business or a partner to help support you, then becoming a full time agent can work for you. Ultimately, it depends on how much effort you want to put into it.

3) Thoughts on interest rates/real estate market in 2024? I'm in Maine if it helps, and not Portland/Lewiston but a rapidly growing city no less. All of the email blasts and YouTubers tell you devastation will prevail in 2024, but nobody would click the link if they projected easy sailing...
     -The FED is signaling that they will be cutting interest rates 3 times in 2024. Some economists are predicting up to 7 cuts. While that does not directly impact mortgage rates, it does have a knock-on effect that influences them. Mortgage rates have already started to come down and several economists have predicted that they will continue to do so throughout the year. While we likely won't see sub-5% rates anytime soon, buyers are getting acclimated to the current rate environment which is very close to the 20 year historical average.

Social and news media always go for the headline that bring clicks.

Definitely get with their broker and if you don't get satisfaction there, contact the state regulation authority for real estate licensing to file a complaint.

Quote from @Bruce Lynn:

!. Training Room.

2. Training Calendar

3. How much does the training cost?

Everyone tells you they have training, but if they don't have a classroom to do it in, and they don't have a calendar, then you have to ask yourself how serious they are about training.  There is a cost, but is the broker paying for that as their investment in you, or are you paying for it.

Real estate school teaches you the basics of real estate and contracts typically.  Broker training teaches you how to do the business.

Lots of people ask for mentorship and leads, but I think that is a bit of a stretch in almost every brokerage.  Rare will you really find someone who is going to hold your hand and walk your thru step by step on how to become a millionaire.  No one really has time for that.   Leads...well they are everywhere.  I'd almost be suspect of anyone offering you free leads.  What you really want is training on where you can develop your own leads...and then what to say to them, systems to keep in contact with them.

It's pretty common I hear from new agents that they want mentorship and leads, never kept track of that, but that almost tells me they are passive people and might struggle in the business.  People who are determined to go find the business are probably the ones who are going to last.  Just a thought, no proof of that, but something to think about.

 @Sean Dye Bruce is giving you gold here. 

Look for training on how to run your business as a real estate agent. They should have an in-person training schedule with a classroom for you to learn. To supplement that, there should be additional self-paced study opportunities in addition to free and cost-to-you live virtual training. That is just the training aspect.

You also want to have broker availability for any legal/transactional questions that may arise.

Add to that a mentor or productivity coaching program to help you to become successful. There will be some cost to you for that, but the benefits should more than outweigh the costs.

Please feel free to reach out if you have any questions.

I've been using Stessa for years at a basic level with their free accounting package. It provides automated income & expense tracking via connected bank & credit card accounts, in addition to some basic property management functions. All at no cost. They do have a premium subscription and add-ons that make it more of a property management platform, but I am not using them. The best thing about Stessa is that you can create a tax reporting package at the end of the year to send to your accountant without having to dig through receipts. I think Stessa has recently become a BP sponsor and that they offer some kind of perk for using them now.

This is a common practice in Louisiana, also. I have a 40 gallon and a 50 gallon in my attic for different parts of the home. Each sits in a large pan, though not the cheap ones you can pick up at the hardware store. The pan is approximately 3 1/2 - 4 feet square with at least 12 inch sides. It won't contain all of the volume in the event of a total failure, but can hold a lot. There is also a drain that goes to the soffit. Most put a small (3/4 inch) drain. I recommend using a 1 1/4 inch drain to allow for a faster flow and less chance of clogging by wasp nests.

Automated sensors with shut-off valves for the water supply would be ideal to keep a bad situation from getting worse, but I would still recommend the pan & large drain.

Look into KScore. They are available in Florida. If it's a right fit for you, it is very helpful and thorough. **Disclaimer: This is Keller Williams' Real Estate School. There is no cost to students nor any obligation to join a Keller Williams brokerage once completed.**