All Forum Posts by: Jeff V.

Wow I know this post is old but I'm curious to know why "BiggerPockets" even bothers to list them on the Resources Tab for Hard Money Lenders?  It sounds like this company is a snake in the grass with hidden fees.

Also, I saw alot of mention about having found better funding options with lower fees ect,..  Does anyone care to share on other better sources for hard money ?

Looking to do a full rehab on a property soon and will need some funding for the project.  Any referrals for Hard Money Lenders that are reputable in or serving Louisiana would be appreciated.

Thanks,

Jeff

@Bill Gulley 

I played baseball in High School "Dixie League". I'm currently working at Ft. Polk so most likely I'll be catering to the Military housing demand. How was the turn over with the high Military population and people constantly coming and going?

I don't know of a Stewart Kay but then I'm originally from Mittie, LA which is around 45 mins South East so I'm new to the DeRidder / Leesville / Ft. Polk market.

Pop. 10758 (estimated in 2012) in DeRidder according to the City Data site, but most of the people live outside of the city limits. They did expand the city limits in order to bring in new business so not sure what the new numbers look like. We now have better food chains ect moving into the market so it must have worked.

City Data for Housing Info:

All housing units: $116,170; Detached houses: $121,779; Townhouses or other attached units: $78,803; In 2-unit structures: $7,966; In 3-to-4-unit structures: $43,811; In 5-or-more-unit structures: $51,776; Mobile homes: $39,211
Median gross rent in 2012: $627.

Same goes for you as well, If/When you come out this way to visit give me a yell and we can coordinate a lunch or something.

Re-Posted to Tag Properly

Jeff

@DJ Savoy 

Excellent to hear you have been getting leads in DeRidder. I'm curious what your target numbers are for considering a property a deal in this market. Seriously, if/when you come down to DeRidder give me a ring or email and we can definitely coordinate a lunch or drive around town looking for dollars :D Looking forward to it.

Reposted to Tag Properly

Jeff

@Robert Leonard 

Sounds good. I'm sure I'll be taking you up on the offer to talk strategy.

On the goals... Mind if I ask what your target Cash on Cash Return and Target Cash Flow are when analyzing properties? Just need to confirm that my goals are realistic.

BTW you are in line for a booming housing market when those refineries open up. Also they are about to open that new casino which will create even more job opportunities in the area. They will most definitely need more housing! With all of the construction they will need more RV Parks as well for the construction workers.

Re-posted to tag properly.

Jeff

Mobile Homes title work goes through the DMV just like a vehicle unless the tongue  and axles have been removed the the mobile home fixed to the property itself.  In the second case where its fixed to the property then sales would go through the title companies or attorney as with any other Real Estate.

With that being said,  IF you have your mobile home dealer license you can transfer title from the seller to the end buyer without having to pay sales tax on the transaction.  If you do not have your license you will have to buy then resell on paper which would result in both you and your end buyer taking the hit when they go to the DMV to register the Mobile Home.

There are multiple buyer slots on the back of the title.  First is Registered Owner to Dealer or End buyer, Second slot is First Assignment from Dealer to End Buyer and Third is Second Assignment from Dealer to Buyer.  Both Second and Third sections require your Dealer ID information which is registered at the state.

Otherwise you have to actually buy the mobile home and then re-sell it, OR best lowest cost solution is to pay an option fee to the seller and fill out an option agreement to purchase the Mobile Home and then when you wholesale the deal just sell your interests in the option contract to your end buyer for a token payment (Your Wholesale Fee).  Then your end buyer would close directly with the seller by signing the back of the title and having it notorized and filed at the DMV.

Hope this helps.

Jeff Vincent

Thanks for the great advice!

Once we get everything in writing we will most definitely have an attorney look it over and be sure everything is legal and nothing was missed.

Thanks again,

Jeff

Starting an LLC and at the point where my business partner and I have come to agreements on how the business will be ran ect.

We will be putting these agreements into the LLC Operating Agreement. My question is once this document is drafted does it just need to remain on file or does it also need to be submitted to the secretary of state along with the Initial Report and Articles of Organization.

I'm located in Louisiana and will be Organizing a Louisiana LLC. Louisiana does not require Operating agreements for the LLC, but I have a partner and believe it to be the best solution to protect both my partner and myself.

Please advise on whether this has to be filed with the state, or recorded somewhere in public record or just to have on hand for opening accounts ect in the business name.

Thanks,

Jeff V.

Everyone Thanks for the warm invite!

@Robert Leonard 

Sounds good.  I'm sure I'll be taking you up on the offer to talk strategy.  

On the goals...  Mind if I ask what your target Cash on Cash Return and Target Cash Flow are when analyzing properties?  Just need to confirm that my goals are realistic.

BTW you are in line for a booming housing market when those refineries open up.  Also they are about to open that new casino which will create even more job opportunities in the area.  They will most definitely need more housing!  With all of the construction they will need more RV Parks as well for the construction workers.

@DJ Savoy 

Excellent to hear you have been getting leads in DeRidder.  I'm curious what your target numbers are for considering a property a deal in this market.  Seriously, if/when you come down to DeRidder give me a ring or email and we can definitely coordinate a lunch or drive around town looking for dollars :D  Looking forward to it.

@Bill Gulley 

I played baseball in High School "Dixie League".  I'm currently working at Ft. Polk so most likely I'll be catering to the Military housing demand.  How was the turn over with the high Military population and people constantly coming and going?

I don't know of a Stewart Kay but then I'm originally from Mittie, LA which is around 45 mins South East so I'm new to the DeRidder / Leesville / Ft. Polk market.

Pop. 10758 (estimated in 2012) in DeRidder according to the City Data site, but most of the people live outside of the city limits.  They did expand the city limits in order to bring in new business so not sure what the new numbers look like.  We now have better food chains ect moving into the market so it must have worked.

City Data for Housing Info:

All housing units: $116,170; Detached houses: $121,779; Townhouses or other attached units: $78,803; In 2-unit structures: $7,966; In 3-to-4-unit structures: $43,811; In 5-or-more-unit structures: $51,776; Mobile homes: $39,211
Median gross rent in 2012: $627.

Same goes for you as well, If/When you come out this way to visit give me a yell and we can coordinate a lunch or something.

Looking forward to working with everyone here!

Cheers,

Jeff

Hello Everyone,

About Myself:

I have been interested in investing for a long time. Not just Real Estate investing but investing as a whole. I've dabbled in Commodities, FOREX, Stocks and Real Estate.

Commodities - Market moves too fast for me and too volatile. FOREX - Slower moving market but still to fast for my taste and has too much leverage that acts as a double edge sword.

Stocks - I follow Bogleheads method of investing for long term with the correct portfolio mix of index funds and bond funds held in the appropriate tax advantaged account. I still actively invest.

Real Estate - Studied books such as Multiple Streams of Income, Rich Dad Poor Dad, Think and Grow Rich, A fortune at your feet, OPM - Other Peoples Money, ABC's of Real Estate, Cashflow Quadrant, How to be a quick turn Real Estate Millionaire... to name a few. Purchased my own property and learned alot but now ready to take it to the next level.

Looking to invest primarily in Residential Real Estate for cash flow on a part time basis until I can replace my full time job. By day I'm a Network Engineer.

I've followed all of the books advice up to this point. Paid off all debt, established an emergency fund, invested the rest and now at the point to start investing in Real Estate to grow a business that I will be able to teach and pass on to my son.

Looking forward to a bright future in Real Estate.

Most Recently a co-worker of mine mentioned he was interested in Real Estate and we started talking and it really got me fired up again to actually get started. 

My problem is that I have been suffering from Analysis Paralysis, as they say.  

Today I sat down and put some preliminary goals on paper:

Short Term:

Start REI Business - Setup LLC

Look for Properties that when analyzed have 20%+ Cash on Cash Return and $200/month Cashflow.

Build Business Team - PM, GC, CPA, Lawyer

Build Investor Team - Bird Dogs, Wholesaler, Rehab Specialist, Landlord, Developers

Medium Term:

$3000 / mo Passive Income

  - 15 Units w/ $200/mo CashFlow

Long Term:

-Replace Job income with Passive Income from REI Business

-$6000/mo Cash Flow

-30 Units w/ $200+ Cashflow

Started Taking Action today and so far:

Found potential bookkeeper with accounting degree.  She just started working for my Step-Father.  Going tomorrow to help him relocate to his new office and plan to develop that relationship and pick her brain on best methods for keeping the finances straight for rentals.  Basically all of the back end business stuff nobody talks about.

Found a good lead for a property that I'm told the owner wants 10k to get rid of it.  His son got arrested so he won't be needing the property for a while and just wants to off load it.  Drove by the property and it looks like it needs alot of work.  It's a small house not sure on the sq footage or bed/baths at this point but for 10k for a lot in the city with a house on it...  sounds like there is money to be made.

Not bad for one day of activity.

Also earlier in the week found a portfolio lender and looking to move my personal accounts to that bank and start "developing" that relationship :D

Looking forward to sharing information with everyone.

Cheers!

Jeff

NM found it... Disregard