All Forum Posts by: Lori Thedorff

In addition to the above, I'm a legal tenant w a 2yr pre-paid lease. I'm sure there's a way -just like for any individual interested in the property- to get in position to acquire it.
Seems like I'd be smart to talk to an RE atty. Then there's also the possibility that I've been named as Personal Representative in the Will, if there is one...

Hi y'all,

Original plan was for my condo to be purchased by me in a few years, but we made no contracts or legally binding agreements. We weren't aware at time of purchase that I could have been put on the title as part-owner.

My friend passed away, the wife intends to proceed with the plans. But how do we proceed a) until/during the succession process? and b) what can I do to secure my position legally with this property? c) what are the different options I have as far as taking over the mortgage, getting title, etc. d) what kind of real estate professional(s) should I talk to?

Looking forward to as much help as possible. Looking to the BP community for sincere responses from people with integrity, knowledge and experience!

@Jackiebotham congratulations!!!

NEVER NEVER NEVER let your contractors get ahead of you on the money side.  After running the office of a new residential construction co, w 3 builders doing 2-4 houses at a time, we always paid our contractors in draws equal to the percentage of work completed by week's end. Keep records, don't listen to their waa-waa BS! Hold them to their word, bc they'll sure hold you to yours when it comes to the money!! But you can't pay for work that hasn't been done!!! 

Glad it all worked out for ya. Don't hire that guy again, though. And he didn't 'give' you any kind of 'discount', he screwed you out of rent income. He's lucky you didn't fire him after the 1st time he screwed up. 

Lesson here is work on your contracts. Be definite and cover all the bases, even if you think you don't need to. A contractor who sees all that from the beginning will sense you mean business. Let the contract 'be mean' so you don't have to be. 

Hello fellow BPers!! 

This post is specifically asking people in the Acadiana area what kind of laws and regulations there are here in regards to negotiating with a seller, getting a property under contract, and assigning contracts. 

I've been reading blogs and forum posts and there's always the caveat of 'find out your local regulations'.. so I'm asking you guys. Louisiana law is often quite different than the rest of the country.

Does anyone have some pointers?

@Cierra Seay, how did you find the investor with whom you have teamed up?

Hi everyone,

Having spent the last 6 mos working with a RE developer on a successful flip, I'm back to square one. Respective of a 3 resource concept  -Time, Money, Experience- I am now in the position of having LOTS of Time and SOME Experience. 

My questions today are varied. The first is HOW do I find someone to work with who has the Experience that I may lack on the business end and the financial clout to invest in deals that I will find? The concept of actively networking to people who are not already in my circle is new to me, although I am learning quickly. 

The easy answer, which I've learned from podcasts, articles and other forum posts is to do exactly what this post is doing: REACH  OUT and ask. I'm just not sure how to what to say and how to formulate the aspects of the whole process that I can bring to the table. I've read/heard a lot of things here on BP that say 'find a mentor' and 'work with/under someone else who has more experience, knowledge, etc.' I've seen/heard suggestions to money investors to 'find someone to do the legwork' and 'find someone who has the time' etc. Well, I AM THAT PERSON for my area. I am passionate about improving the neighborhoods in my community. 

This may be another thread altogether, but to me it's related: There are some people -non BP- in my circles who have already told me that they want to get in to RE investing on the money side, but they aren't sure how to do it. How do I talk to them about teaming up? I'm SO very new to this that despite my confidence in myself to successfully perform in the areas that I do have skills and knowledge, I have doubts about whether or not people will trust me to perform when it's their money on the line and they might be inexperienced themselves.

For now I will continue to study here on BP, do the legwork, drive for dollars and everything else that I can to find and analyze deals so that when I do find them, I'll hopefully have made some contacts within my local network.

I know that there's a local BP meetup group in my town and I (finally!) made it to last month's meeting. The next meeting is coming up this Monday and I'll be there; talking to people is step 2. Being new and kind of shy are two challenges that I'll have to overcome quickly in order to make real connections in the real world, face to face with other investors in my area. Not having much experience, done deals or money sort of makes me hesitant to declare myself an actual 'Real Estate Investor'... although I suppose having Time and passion, determination to succeed are 'investable' resources that count just as much as Money.

Yes, this post is broad in subject matter, but it sums up a few challenges I'm facing and I'm asking for help.

-Thank you BP!

You can't get your # without looking at the property if all your other resources don't give you enough info to find your #. If you'd rather wait three years than go drive by a property, go ahead. You might think it's a waste of your time, but even the most successful wholesalers have SOMEONE who looks at the property at SOME point in the deal analysis. Spend your time where your business will benefit most.

Hi! 

Nice question, and prompt to KEEP PLANNING.

My goals for the rest of the year are to FINISH my current house rehab project. In the next 2-3 weeks, we'll have the flooring and all tilework completed so we can LIST the property. I'm overseeing the sub work: get the bathroom showers tiled, floors tiled; get the 10'x20' shed disassembled and OFF the property, get 3 or 4 trees removed and the exterior painted. WHEW! 

This house is my first rehab-and-sell and I'm SO lucky to have an awesome RE developer as my coach, support person and mentor. By early Dec I want the house under contract, if not closed. 

In the meantime, I've got 3 houses I'm looking at for our next project. One of them will be lined up within a month from now. Also will get my application to the State Board to take Res Contractor's exam. 

oh yeah, and blog

Welcome to the site @Derrek Sander!