All Forum Posts by: Clint Galliano

How have things turned out? I suspect that a succession "may" need to be completed for the recently passed heir to legally close the sale, but I am not an attorney, I don't play one on TV, and I didn't sleep at a Holiday Inn Express last night.

More commentary from Louisiana: After the "fun" hurricane seasons of the last few years, most insurance companies are not wanting to write policies on roofs over 10 years old. In my personal experience form switching carriers on my residence, they send a local person to evaluate the property, mainly by taking a defined set of photos. (plumbing under sink, roof, HVAC, water heater, etc.) and if anything remotely looks like it may be a problem, they threaten to cancel unless it is corrected. I had to change out two supply valves under my sink because of a spill of cleaning solution that had corroded the finish of the valves. They want to limit their risk as much as possible and for the most part, there is no wiggle room. 

I agree with everyone else, find a solid independent broker to get you with a good carrier who won't put you through this hassle.

@Jordan Parr Congratulations, Jordan! I'm the market center tech trainer for the KWRBP office. Looking forward to seeing you around the office.

Welcome to BP and congrats for getting into REI!

It sounds like you are well on your way to enhancing your education!

Listen to the podcasts...there are lots to pick and learn from.

Read the UBG if you haven't already. Search for "Ultimate Beginner's Guide".

I run the local REIA and we have monthly meetups, so hit me up.

@Gerardo Hernandez I saw that you rescinded your offer. As others have said, you need to put a $$-value on your commute time AND on the physical & mental stress of 2.5 hours of commute. These need to be factored in to the cost of the next property you analyze. Make sure to take into account the difference in costs of your current living situation and what it will be once you buy your house hack closer to work.

You also want to ensure that once you vacate the property that it will cash flow enough to maintain a reserve fund and still provide you with income OR that it will have appreciated enough to bring you a gain if you sell.

Instead of 18 months you may want to consider at least 24 & do improvements to the property to force appreciation. Then when you sell, the gains should be tax-free.

Good luck!

@Paige Hutchinson Talk to the person in charge of Sheriff's Sales for details.

@Loren Perez I use NREIG. While I have never filed a claim with them, they provide the coverage I want for cheaper than the consumer providers do, plus it includes 1 million dollar liability per property.

@Lexi Cain Landlordology, (google it), has a section on Louisiana landlord & tenant laws. Additionally, it wouldn't hurt to have a real estate attorney review whatever leases you plan to use. Feel free to PM me for a recommendation on one.

@Allen Lopez I'm assuming that you are buying this home as a primary residence since you are paying appraisal price?

What does your agreement to buy/sell say about repairs? A typical one will give the seller the option to repair, reduce the price to cover the repairs, or choose to do nothing & leaving it up to the buyer to cancel the contract.

It also sounds like you did not have an agent representing you in this transaction.

@Kendall Chamberlain I have a "Non-refundable Deposit to Hold" form that specifically states that it is a deposit to hold for a specific amount of time, and should they not follow through and sign the lease/take occupancy, they forfeit the deposit.

I would suggest returning the deposit, unless you spelled out in your verbal agreement that it was non-refundable.

****Disclaimer: I am not an attorney and do not play one on the internet.****