All Forum Posts by: Jon Lallande

Megan King with ICB properties. She was super helpful and I’m pretty sure house hacking is her specialty 

@Erin Auman

Hey Erin, I highly suggest two books. They’ll change your life!

1) How to Win Friends and Influence People

2) Think and Grow Rich

One will teach you the art of human relations, the other will teach you how to have the mindset to do anything.

The fact that you don’t believe you can do it might be the biggest factor holding you back. Think about your strengths and focus on them. They are what’s going to make you successful! I’m a newbie here but I believe in the power of positive thinking and that people can accomplish anything with the right mindset. Good luck!

I stumbled across it honestly. I was searching through the site and decided to see if there was anything in my hometown since I know that market. Found this deal between two brand new shopping centers and right off the main interstate that goes into New Orleans. As far as due diligence goes, I called the sellers to make sure the wholesaler was who he says he was, I had some family go walk the property as I was on FaceTime, I called the title company to get a clear title report (that's being worked on now), had a PM look over the deal and got a separate CMA on the property, ran my own comps, called the local police department to find out the crime rate on that street, and got quoted for insurance. There was a property behind this one that was completely gutted and had some signs of water damage. Tried to get in touch with the owners but they didn't speak English. The property has been vacant for over 2 years with no water or power. I'm going to need to hire an electrician to do an inspection before I can turn the power on. There's still some unknowns I'm not comfortable with and am considering passing on the deal and doing something with less rehab for my first deal.

@Tim Harwick

Hi Tim, thanks for the response! I actually found the deal on myhousedeals.com

The numbers he had on the site were a little inflated but I feel like that’s expected given the circumstances. I’d be happy to share more info on the deal if you’re interested.

@Nick C.

Hi Nick, thanks for the response! I do have the contract between the wholesaler and the seller now. The title report came back with 5 names on it so we are working on that now. I ran all the numbers myself and had a PM look over them as well.

@Mitch Messer

Hi Mitch, thanks for the response! My concern was about wholesaling in general. There were some red flags involved but I’ve been doing as much of my own due diligence as possible. I feel much more comfortable now.

@Greg Routen

Hi Greg,

I’m currently looking for multi-family homes in DFW. Looking to buy as soon as possible. Please contact me at your earliest convenience!

Jon Lallande

985-373-4139

@Renay Reese

Hi Renay,

Conceal carry gives you the best of both worlds. Your concern is that open carry could potentially scare business away. With a CC you don’t have to worry about scaring customers away and you also protect yourself.

Also, if I were looking to commit a violent crime, my first person I’d target is someone with a visible firearm. Another great benefit of CC.

At the end of the day, you’re responsible for your own safety. I hope none of the above comments are getting in the way of that. Best of luck!

Jon

Hi BP,

I’ve finally found what I think is a great first investment property. My only concern is that I’m buying the property from a wholesaler. I’ve purchased a house before so I’m somewhat familiar with buying a home but I have no experience at all with wholesalers.

I’m looking for someone who has experience buying from wholesalers to have a conversation with. I’ve plugged in all the numbers conservatively and I’m looking at a 16-17 percent cap rate and 12-13 percent cash on cash return.

My offer has been accepted by the seller and I have the assignment contract now. I’m willing to discuss all the details about the property and I am open to partner on the deal if anyone is interested.

Thanks!

@Frank Patalano

Hi Frank,

I’m a new investor looking to do my first investment property out of state. I ask myself that question daily. I’ve realized that the biggest thing holding me back is wanting the perfect deal instead of just a deal that makes sense.

Another thing holding me back is just the general uncertainty. The “you don’t know what you don’t know” makes me nervous. I learn something new every day and always end up glad I learned what I did before I did my first deal.

There is no certification that states “you’re ready for RE Investing”. I’ve finally decided I’ve learned enough to get started and whatever other information I’m missing I’ll learn along the way. Hopefully I’ve learned enough from other people’s mistakes to start off on the right foot. I’m excited to start my journey.