All Forum Posts by: Gerald Jarreau

Quote from @Jim Rivell:

Jim, I just posted the same question and got a few responses. You can see them here https://www.biggerpockets.com/forums/52/topics/1143083-consi...

Hello BP users! I am wondering what questions to ask when purchasing a property with tenants already housed. I have an appointment to view the property but wonder when I could see the existing lease and how/when to ask about transfer of deposit (don't want to get stuck owing the deposit back when they leave). Also I don't know how long left is on the lease. Are their other questions to ask?

I'm afraid there is a lot of competition in this particular area and I can't offer the amenities, so already my rent will be at the lower end of the market. This is probably why he is wanting to sell. I will have to lowball offer just to make the numbers work.

I can't seem to download the Louisiana forms. When I add it to cart in the store, it shows a price of $99.00. I thought Pro accounts got them for free.

Quote from @Sam McCormack:

@Gerald Jarreau

Hi Gerald, it sounds like you want to stay with an LTR strategy, seeing as you already do it. I would recommend filling out that buyer box and searching for a city that has what you are looking for. Or you can work backwards, explore cities and figure out what is normal there and then find your core 4. I recommend looking for a realtor first because they will have the contacts to finish off that core 4

Thanks for your reply. I am working on it now. I would like to invest locally at first and my market has been listed as a good one so, I don't think there is a need to look abroad yet. I did find a duplex I am interested in. It has already been rehabbed but the price is still affordable. I just have to decide whether to use my money and refinance later or to pursue a loan or HELOC. Of course I haven't toured it yet and others may buy it first, so I guess I should contact the agent.

Background: I am 54 and have my house paid off (guessing around 250k in value). I have a condo with 37k of mortgage left (value about 160k). I have a job making about 60k per year. I have no car note. I rent the condo for 1200 (cash flow about $100 after expenses). I plan to retire in about 8 years (will have an old fashion pension, no problem there). I also have about 150k in stocks that I can sell to use for a purchase but am kind of scared to go all in on my first deal (I only rented the condo after inheriting the house and it wasn't something I really planned). I have another Roth IRA but can't touch it until 59.5 years old.

Problem: How to buy rental properties until retirement? I may be suffering from paralyses by analyses. I have been reading up on BRRRR and like the concept but if I start small, I will be buying cheap houses on piers (I hate those things) and in rough or ugly neighborhoods. If I go bigger and try a duplex/triplex, I might have to borrow some money so it wouldn't be a pure BRRRR. This is where I am stuck. I don't know what to buy. I guess they call that your "buy box"? I liked the idea of BRRRR because it seemed like the way to go if you don't have a lot of time but would like to buy a few properties. I would like to know if I am missing something obvious. Should I get a HELOC, or what would you do? Thanks for reading.

How much is this per month after the trial? I didn't see it listed anywhere. If you are using the service, is it worth it (PM me if you don't want to give a public opinion)?

Thanks!!

Is there a government agency that will need to certify the rental as mold free? Seems like this is mostly for tear out which is the easy part. You could tear out everything and spray the lumber with Monterey Consan 20 (I used it in Louisiana after the flood of 2016). You should use a moisture tester on all the lumber and make sure it is dry before drywalling. Then drywalling and everything else can be done by your contractor. For that small of a place, it might not be much more that this quote. This is all conjecture as I am not an estimator or contractor, but I know Monteray Consan 20 works well.

I'm in Baton Rouge. Welcome aboard. I'm kind of new too. I have a condo rented and it cash flows, but I want to acquire more rental property soon. I am currently reading Buy, Rehab, Refinance, Repeat by David Greene. It appears to be a solid strategy but requires cash up front to buy the first distressed property.

Thank you all, for the information!

Last year I needed to move in with my mother to take care of her. I rented out my condo. I do not have a business set up. My question is how do I prepare to pay taxes on the income I have earned? Do I need to set up a business? I was thinking no. I hate to itemize stuff, but if it's necessary I could. With the new double standard deduction, I might still come out ahead by not itemizing. I really have no clue. Could anyone post some ideas as to how they'd do it? Do I just need to see a CPA, or can I do it myself simply?