All Forum Posts by: Jonathan Robichaud

Bank statements, cell phone bills, proof of income, and etc. You don’t want to get caught with fraud.

Hi Dexter Knox My understanding is that you can get a loan for an investment property with 20% down, but you will likely have to show some reserve for 6 months of mortgage payment including taxes and insurance. As for understanding if it is worth it or not, you have to look at the numbers. Two $70k plus repairs properties might have a better return than a single $200k property. As for time and energy management, your first property will be your most difficult because there is a lot to learn. I would recommend you read the “Long-distance real estate investing” book by David Greene. I think this will give you most of the answers you are looking for. Jonathan R

@Lee Nugent I just realized this was an old thread. Someone had revived it

Welcome to the group @Josh Dean. BP is a great place to get your questions answered. Good luck in the Baton Rouge area.

Jonathan R

Welcome to BiggerPockets and REI @Lee Nugent!

I can't help you much yet as I am just starting myself, and I will likely be an investor in the Greater New Orleans area. BP however is a great place to get your questions answered. Good luck!

Jonathan R

Thanks for getting back to me @Braden Smith.

Thank you both for your recommendation. I will reach out to him.

I am pretty new to real estate investing, and I have few questions about partnership.

I am looking to invest in the greater New Orleans area, and I intend to do it with a few family members. I want to structure the partnership correctly so that everyone's assets are protected. There is essentially two types of investor to be included in the partnership: 1) member with very little assets to protect with a substantial amount of savings in retirement accounts, and 2) member with retirement accounts but also a substantial amount of money in a regular investment account.

My questions are: 

1) How does the Louisiana laws protect retirement assets and personal home in case of litigation? 

2) What is the best way to structure the partnership in order to protect everyone assets in case of litigation against the partnership? To launch our real estate investments, we will need residential loans. Would a LLC be a problem?

3) Any recommendations for a real estate attorney in the greater New Orleans area?

Welcome to the group John. I am fairly new my self. I currently live in Dayton, and I see a lot of potential in this part of the country. I hope you find the support you are looking for in BP.

Thanks for the welcomes guys!

@Christina Carey I have been to my first meeting in March. I was not too sure what to ask at the time, but I really enjoyed the format. I meet some great people for sure. I missed the April meeting but I will be at the meeting tomorrow.

@Ozzy Smith I look forward to meeting you!