All Forum Posts by: Robert Leonard

https://www.slideshare.net/BatonRougeHousingReport...

Hello @Stefen Sheets and welcome to BP. Check out the article above it answers a lot of your questions. I recommend that you join "The RING/Baton Rouge REIA" found on meetup.com and you can connect with lots of active investors who can help you answer more of your questions.

Welcome to BP @Nathan Krehbiel and congratulations on your property.  I've always drawn my own lease from what I found to be good templates and only used them after getting an attorney's approval.  I wouldn't think any boiler plate type of lease would be what you need for a room by room rental.  Whatever you chose to use, you need a LA attorney's opinion at the very least that what you will use will take care of what you need.

Think of what you would do if you had to do an eviction or if you end up with damages that exceed your security deposit?  Who would you call?  That's the same attorney you need to talk to about your lease, the one who will defend you/it when necessary.

Hello @jeromy @Jeromy Boutte and welcome to BP.   Looking forward to hearing about that first deal of yours and your success!  If you want to connect with other local investors, we have a real estate investors meetup on the third Monday of the month in Lafayette and you can find the details on meetup.com.  Hope to see you soon!

Hello @Kevin Zwerneman, how's it going?  I didn't see your email address on your profile.  You can email more details to me at my contact information on the bottom of this message.  I look forward to hearing from you.

Robert

@Steven Hamilton II

You need a relationship with a local attorney if you are going to be in this business.  Lots of questions will come up that you need a legal answer to.  Matters of eviction and landlord tenant rules are interpreted differently by different judges who the local attornies face on a regular basis.  They will be familiar with how to answer these and many other questions that are subject to the judgement of local judges.  Those opinions are the ones that matter to you.

Congratulations @Ryan Tortorich.  You'll do well following @brandon 

@Brandon Johnson's advice!

He's on BP @Richard Spears and his contact info is on his profile.

Hello and welcome to BP @Jacquelyn Tucker! I like your strategy. My short and simple advice (it's always hard for me to keep it short when I start talking about real estate) is to stay below your means. Don't buy anything near what you qualify for. Buy the best deal on an REO that you live in and later turn into a rental. That will leave as much as possible of your creditworthiness available for investing!

Always buy like an investor.  As an owner occupant, there are situations on REOs when there is an owner occupant only buying period.  Those will be your best chance to buy an undervalued property as your home that will turn into an investment later.  Go to hudhomestore.com, homepath.com, hometelosfirst.com, homesteps.com and reo.wellsfargo.com to see properties that are available like I mentioned.  If you don't see anything you like, you can save your searches and get email updates as properties become available.  Okay, I'm stopping myself now, so this doesn't get any longer.

Are you planning to continue with a student rental or will you rent to others?  The management will be very different as a student rental and you will need to make a lot of adjustments to rental agreements, applications and procedures when dealing with a group of student tenants as opposed to the rest of society.

I don't do student rentals.  I recommend that you lookup and contact @Account Closed he specializes in student rentals in the LSU area.