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All Forum Posts by: H. Duplechain

H. Duplechain has started 4 posts and replied 38 times.

Post: NewBee In New Orleans

H. DuplechainPosted
  • Contractor
  • New Orleans, LA
  • Posts 43
  • Votes 9

Congrats @Carlos Burgo! And Happy New Year. Be sure to drop me a line so we can meet for coffee soon.

Hope

Post: Getting Started in the New Orleans area

H. DuplechainPosted
  • Contractor
  • New Orleans, LA
  • Posts 43
  • Votes 9

Hi @Damian Mandina and welcome to BP. I'm new here also. I can't give legal advice and don't know your situation so I can't advise you on the best business model but as for as doing the paperwork to form a business here in Louisiana, it's pretty easy. Visit the Secretary of State website and all the forms you need are there. The people in the office are very helpful at answering questions on how to complete the paperwork, but they won't give any advice that would be considered legal. 

I've always gotten Federal and State Tax IDs for my businesses even though I've always been the only owner. I think you should consult with an accountant and an attorney to help you decide on this and also which business type to form.

I'm always looking to network with other investors in my area so if you'd like to get together over coffee then feel free to drop me a line.

Hope

Post: I want to build my home without any help of a GC. What do I need to do?

H. DuplechainPosted
  • Contractor
  • New Orleans, LA
  • Posts 43
  • Votes 9

Great thread. @Shane Mcc I think it wise to hire a GC to help on your very first project. A good GC is worth the money. It sounds easy, but building a house - with NO EXPERIENCE - is no easy task. Even as a professional, it takes time to really learn the building code and know what is right or wrong.

I'm a licensed GC and I will be honest, when I first started there were learning curves at every turn. I'd hire licensed subs - trusting that they would do work up to code - and then find that they didn't do something right. You'd be surprised how many "contractors" there are that don't do work correctly. Liability is a big thing that a lot of people take lightly, but it is VERY important (I recently read an article about a deck failure where people were severely injured when a 2nd story deck collapsed.) If you don't know what to look for to ensure that it is correct, then you are opening up yourself for the possibility of having to: have work redone (i.e. poor layout due to poor planning); winding up with a job done with poor craftsmanship (i.e. uneven floors, rooms that aren't square, etc); or having a job that can prove liable (i.e. foundation issues, poor framing, inadequate electrical service, etc).

Also, as a GC, when I do a job, I guarantee that the work is done RIGHT. I charge a mark-up on my subs because I am guaranteeing their work also, in addition to supervising them to make sure that their work gets done when its supposed to. I know each tradesman is supposed to guarantee their work, but sometimes they don't. I'm that extra level of security for the client. 

You could possibly hire a GC to be your project manager and have him help you do things like selecting subs and advising you to ensure that things stay on track. I've worked with clients before and let them hire the subs (that I approved and trusted) directly and wouldn't charge them a mark-up. I would meet with inspectors, help lay out budgets and schedules, and do periodic visits to the site to make sure things were on track. The client would do the leg work - shopping for supplies (I sometimes send clients to my suppliers and even share my discount with them), calling subs, scheduling workers (using the schedule we laid out), and supervising day to day operations (just making sure workers show up and are working when they're supposed to be). 

I don't do this with just an average home owner. but with clients that are going to be doing this type of work. It helps them learn and gives them a feel for what we do for the money we make. Some clients decide that it's too much work for them and will have us do the work for future projects, some don't mind and will utilize us for the larger items and will handle the simpler tasks themselves. If this is something you plan on doing long-term, then see if you could find someone that is willing to work with you. That would provide you protection and education. And each time you could take on more responsibility.

Post: New Orleans New Member

H. DuplechainPosted
  • Contractor
  • New Orleans, LA
  • Posts 43
  • Votes 9

Welcome to BP! I'm in New Orleans too. Even though I have some real estate background, I'm just getting into real estate investing again for myself and am always looking for others in my area to network with. I have been truly enjoying listening to the podcasts and reading the blogs (when I have time). They're all very educational and motivating. 

Hope

Post: NewBee In New Orleans

H. DuplechainPosted
  • Contractor
  • New Orleans, LA
  • Posts 43
  • Votes 9

@Ron Collins, it would be great to have you join us. The more, the merrier. I'm going to be working on scouting out some neighborhoods this weekend so anytime is good for me.

Post: NewBee In New Orleans

H. DuplechainPosted
  • Contractor
  • New Orleans, LA
  • Posts 43
  • Votes 9

Welcome @Carlos Burgo! I'm from New Orleans. I'm new to BP also, but so far I've been learning tons by reading the blogs and listening to the podcasts. Are you a member of NOREIA or any of the investment groups in our area? I am planning on joining a couple in the new year. Please take a look at my profile and drop me a line if you'd like to meet for coffee one day.

Post: Greetings from the 'Big Easy'...

H. DuplechainPosted
  • Contractor
  • New Orleans, LA
  • Posts 43
  • Votes 9

thank you all for the warm welcomes. I am so looking forward to jumping in and learning all I can. I've wanted to get into investing for a long time, but kept convincing myself that I wasn't ready yet. Well, I've finally realized that if I wait until everything is perfect, then I may never be ready enoug...so, here goes.

@Dmitriy Fomichenko - thank you for the tips. That helps. @Braden Smith and @Jennifer T. - glad to see fellow New Orleaneans here. I am happy to see that there are so many locals on here. I used to go to NOREIA meetings and am planning on joining again soon. I've also found a couple of investment groups on MeetUp, but they don't seem to meet very often. If either of you know of other groups in the area, please share.

Well, I better get to reading and learning.

Thanks again,

Hope

Post: Greetings from the 'Big Easy'...

H. DuplechainPosted
  • Contractor
  • New Orleans, LA
  • Posts 43
  • Votes 9

Hello all,

My name is Hope and I'm from New Orleans, LA. I've just joined BP in hopes of beginning my journey into the world of real estate investing.

A little about me:

I am currently a licensed commercial contractor. I got into construction unexpectedly though. Since I was young I had dreams of being a developer. I wanted to become an architect but life happened and I chose to dedicate my time and energy to my family. I did obtain my real estate salesperson license and also studied and practiced real estate appraisal for about 9 years. Before I was able to obtain my appraisal certification, hurricane  Katrina hit and I wound up moving to another state for awhile. When I came home, a friend convinced me to help him flip a few houses and that was my first real taste of real estate investing.

As we tried to sell the homes we rehabbed, people began wanting to hire me to help them rehab their homes, so I got into contracting. But I did so slowly and reluctantly. I decided early on that my interests were more in commercial property, so i obtained a commercial builders license. Now, as I am becoming more knowledgeable about construction I have begun to think of getting into investing on my own. I figured the best thing I could do at this point is to learn as much as I can and to find a community of others that are doing the things I desire to do..and so that is how I got here.

I'd love to meet others in my area, and other areas, to network with. 

Thank you,

Hope