All Forum Posts by: Louis D.

Lol.

Residential 

Just looked up homesteading in New Orleans. It only applies if the owner is living in the property.  I'm moving on as for  this location. Got OK to turn lease over to a new approved tenant I will will continue to pay until I do. 

I have heard of success in other areas but have not talked to someone doing it successfully one on one. I'm new to Bigger Pockets so I had not read what has been written. I'm focused on homes to rehab in Sacramento as my main focus at this time. 

Thank you Jon Crosby that's something I had not considered.

@Joe Mazur

I would be very leery. Getting permits is the legal way to go and the norm. I would not want work done without permits. If a fire broke out after selling it would having non permitted work be a liability? Though very rare someone getting caught for non permitted work can cost big $ Also permitted work is a selling point.

"All work done with permits.

Permits are signed off."

What about liability insurance? Does he have an existing policy?

I was part of a deal with two homes on one lot. About 140k below market.

Turns out back home was built without permit. Lost $ on the deal.

Without permits that project could have moved forward. Got renovated and then been told to tear it down or open her up for inspections.

I'd pass without inspections.

Id

I got a one year lease and partnered with someone to manage it. Got written approval form the landlord to Air Bnb.  It was doing well and making a profit within four months and heading towards Mardi-grass things looked good. I made supper host status (my partners are rock stars) and starting December new ordinances require a permit to do air BnB and permits are not given to non owners. 

I have the option to buy. (current location not for sale)

Sub lease (with owner approval) and get out. Sell everything 

Sell everything together as  package. 

Rent month to month. 

If anyone has any words of wisdom I'm listening. This is my first attempt so I have limited knowledge.

I also will entertain doing an Air BnB in my Sacramento area and put my five star super host rating to work. 

Any help will be appreciated. 

There has been a lot of good advice. The L shaped kichen will be the least expensive. I you have a existing vent and electrical for a hood keep that location of the hood.  If you don't a self venting micowave or hood will save you money. I don't know how well they work. Get an estimate. At least here in Sacramento Ca you need receptacles no more then two feet apart. Receptacles on kichen counter  and within two feet of the counter need to be GFI protected. If you do not have GFI look to see if you have a ground wire in the receptacles. If you do not that will have to be added and that will require opening up the sheet rock. Ground Fault Interrupting breakers need a good ground wire to work. From  a lilabilty standpoint kitchens and bathroom should always have working GFI receptacles. 

 In my area I have shopped many an imported cabinet shop and found one that had wood interiors as I prefer wood to melamine or particle board as wood  handles small water mishaps better and heck I'm a cabinet guy. I have not looked at Ikea cabinets on the quality side. It scares me going into Ikea as my wife LOVES Ikea and I try to stay away or let her go solo unless I have all day!

Big congratulations, well done!

I googled it and came up with "it's wholesaling multiple properties at one to investors. That's all it is."

If you are doing buy and hold try to pick areas that will still have jobs in a downturn. You will still have cash flow coming in. Robert Kiyosaki who wrote a book in 2012 about the next depression/recession  just had Brian Reynolds as a guest speaking about "shadow banking system" yesterday and how there will be a collapse and he does not think it is due for two or three years. Very knowledgeable guest. It is ALWAYS  good time to invest if the numbers are good.