All Forum Posts by: Christopher Kilpatrick

Thanks everyone! As many times as I've heard guests talk about tenant screening, I somehow didn't think about the fact that automatic bookings completely bypass the screening process.

My family booked a vacation rental in Branson this summer. Shortly after booking it online, we were contacted by the owner to say that the unit we booked had been booked by someone else – apparently just before us and via a different site/app. I'm helping a friend setup her website and listings for a new vacation rental and want to keep this from happening. Anyone using multiple sites (i.e. HomeAway and Airbnb, etc) at the same time? How are you preventing double bookings? I listened to ep. 57 & 114 again and read some blog posts, but haven't found anyone talking about this. I think this would seldom occur, but it would make the owner look bad if it did.

Denard Taggart , Welcome to BP! Nice to see a fellow North Louisianian join BP. I'm a little east of you over in Ruston. As others have said, catch up on the old podcasts, read some of the recommendations, and ask questions on the forum. Not only will you gain a lot of knowledge about what to do, you'll also get insight on mistakes to avoid.

Welcome to BP!

If you're looking for books to read, BP has several blog posts on books. The podcast interviewees often recommend many of the same books from week to week. BP compiled a list of the Top 12 and Top 21 books. 

They might have newer posts, but that's probably a nice starting point.

I think the original owner has 3 years to redeem the lein in Louisiana, but if the property is declared "abandoned" or "blighted" the redemption period drops to only 18 months. You may already be in a position to take title.

They do demolish “unsafe” homes in Louisiana. New Orleans (and the surrounding area) was doing this after Katrina (https://www.aclu.org/files/images/asset_upload_file357_25255.pdf) and as of last year the city was boasting of 10,000 homes either demolished or repaired (http://theadvocate.com/news/neworleans/neworleansnews/8110151-148/our-views-knock-down-build). 

I’ve never invested in a lein (also not a lawyer), so I don’t know what your legal obligations are. However, I think you need to talk to someone if you don’t want the structure bulldozed. At minimum, call the city. You don’t want your time to challenge the demolition to expire. 

Welcome to BP Braden! I lived in New Orleans (Harvey actually) for a few years in the 90's. Best of luck building your business down there. BP has tons of experienced members than can help you if you have questions or want feedback on your plans.

Stephanie Foret I'm liking it so far. It seems people here are very willing to provide help to people learning the industry. People each have their own ideas about best practices in RE investing. I like hearing what's wrong with an ideas/plans – even if it's just opinion. It helps me get a better perspective. I lived in Houma from around '94 - 2004. It's probably my favorite place I've lived full time. (I studied a few months in Paris, but that doesn't count.) I don't think I've been that far south in almost a decade. I hear the city's changed quite a lot. How's the investment scene there?

I'm not familiar with Texas laws, but Louisiana requires sponsorship from a broker to get your license. You should check with an agent in your state to be sure. Also take into account all the fees you will incur. (testing prep education, licensing test, national and local membership fees, continuing education, personal website - if you actually want clients, etc). I'm not saying it's a bad deal, but make sure you know what the costs will be as well as the benefits.

In North Louisiana (Ruston), I think you can pretty easily wholesale your deals – assuming you actually have a "deal". I don't know if you can find the properties. I haven't tried sending out yellow letters/postcards. IMO, you won't get anything to wholesale off our MLS. But, the investors are here if you do find a great buy. If you have a Ruston, single family property, that's in city limits and well North of California Highway, I might be interested. If not me, I can refer you to someone else.

Thanks everyone! I agree that I need to keep my holding costs in check. I've kicked up my rehab pace and hope to be done really soon. Mehran, Thanks for the link. I haven't read most of those books. I'll check them out.