All Forum Posts by: Luis Espinoza

Thanks for the advice man. I think I'm gonna go down that route. 

I spoke with a PCS representative two days ago. Even though he wasn't a pushy salesman, it felt too good to be true. I did some more research, consulted with other experienced investors, slept on it, and decided to not move forward with it. When he called me back to hear my decision, I told him that I wasn't interested because it was too expensive. He immediately said they could drop the price $1k if I signed up during that phone call. Another typical sleazy sales tactic so a good sign this is not the best way to go. 

@Chris Virgil-Stone How was your experience with them this past year? I'm looking into possibly using them myself. 

Hi Oksana,

Fellow Baton Rouge investor here! Welcome!

I'm not a wholesaler myself, but I can direct you to a couple of REI groups here in Baton Rouge.

1) BR Wholesaler's Meetup - This group meets every third Monday of the month with the next meeting on Monday October 18th. I have never attended their events, but will be going for the first time this upcoming Monday.

2) The RING: Baton Rouge REIA - This group meets the second Tuesday of each month but no meeting planned for October due to Hurricane Delta. I have attended a couple of their events, and they are great. The first hour is spent educating the audience on a real estate topic. The rest of the meeting is for networking. Lots of seasoned investors willing to talk to us rookie investors. 

Hope to see you around!

Hi all,

Looking for your input on this one. Have any of y'all used a credit card to finance the Rehab of a BRRRR property? How did it go?

I'm looking into purchasing a distressed property with cash and using the CC to fund the rehab. The CC has a 0% APR for the first year, and a $30,000 limit. I, of course, would still have additional reserves to cover holding costs and minimum card payments. Plan is to use the Refinance to pay off the CC.

Thanks!

Hi Jocelyn,

Congrats on the first investment property! How long is the lease term for? If it's month-to-month and you truly don't want that person in there after hearing this, then just reach out to them to tell them that you will be terminating their leave in the upcoming month. If it's a longer lease, then I would keep a close on eye on their behavior and use one of the clauses in the lease as a reason for termination if they break it. Completely legal if your lease is set up correctly.

Couple of other thoughts....

1) How did the tenant screening process go? If you did your due diligence, then the tenant should not be a problem. Was there anything in his background check that threw you off? Anything from the last two housing references? from the work reference? If you didn't do any of these things, make sure you take it as a lesson for future tenant searches. BP has great content for finding good tenants. I would recommend the BP book on Rental properties.

2) How much do you trust this "someone"? They could honestly just be an ex trying to ruin this person's life! If you trust them, then fine take it as a reasonable warning. If not, then why be so concerned? I would just continue to closely watch the tenant and trust your tenant-screening instincts, there is a reason you accepted this tenant.

Best of luck! Great learning opportunity here. 

Hi Chris,

Congrats on your first house hack!

Do you already have a trusted handyman or group of skilled laborers? If not, I would start working towards that. Ask your realtor, friends, family, fellow investors , etc. in the Denver area if they know people who can do XYZ (or search on BP!). Once you have somebody, start developing a relationship with them. Ask them to come out and quote you on a certain workscope. During that first encounter, I would make it clear to them that you are a real estate investor and that your plan is to purchase more and more properties. If their quality and cost remains competitive, you will continue bringing them constant work. It's a mutually beneficial relationship. Ask if it's ok to call them asking for advice on certain repairs. Those guys are busy. A small job is not worth it to most of them. I will often call my trusted handyman, explain the issue to him, and he will tell me whether it's something I could fix myself (<1hr of labor) or if it's something that's a bigger job and it's better to bring him in. In my experience, that helps with not paying way more for repairs that are pretty minor.

Hi,

I'm looking to purchase my first rental property in Baton Rouge, Louisiana. Does anyone have a recommendation for a local real estate investing-friendly lender in the Baton Rouge area? 

Thanks. 

Hi Robert,

Are we planning on doing a similar event the second Tuesday of August? If so, I would like to attend.

Please let me know. Thanks.