All Forum Posts by: Robert Leonard

All I can say Bob, is keep your head up.  "He won't lead you to it, if He can't lead you through it."  It sounds like you have a place to stay.  If you have other needs, share them here or on the RING meetup site and if I can't help you, I bet somebody else in the group can.

Not long ago, Baton Rouge was struggling with some issues of division that called into question our love for our neighbors and our fellow man.  I can say without a doubt that this flood brought a lot of us back to knowing what it is to help and care for our neighbors.

Stay strong - we will all be stronger on the other side of this situation!

Great post @Brandon Johnson! 

“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”    -- Winston Churchill

It's pretty clear which one you are, my friend!

Welcome to BP @John Walker!  I've done a little business up in your neck of the woods and I really like the people there.  At 90 miles, it's just a little out of range for me to do more there.  Lots of great opportunities there.  Let me know if I can help you along the way.  Sounds like you are going to be pretty busy over the next 3 years, but I think your goal is very doable in that market.  Go get 'em!

You can find 30 year terms for properties and mortgages in your personal name all day long, but they are extremely rare for properties held in an LLC. I do all my business in an LLC(s) and I'm happy when I get good 20 year terms. You get nice equity building at payments that still allow good cash flow.

I wouldn't give up the benefits of my LLC for 30 year terms at this point in my investing timeline. However, I did do that when I first started and I had very little in the form of assets to protect. Each of us has our own personal financial picture and level of assets to protect. That's what makes the "right answer" different on a case by case basis.

People often use the expression, "there's no right or wrong answer," but I think the right answer is the answer of what's the best thing that fits your personal financial picture.  Your personal legal and tax advisors who have intimate knowledge of your personal situation can help you find that "right answer."

Wholesaling is a term uncommon to "retail" real estate people.  If you use the term assignment, they will understand what you want to do.  Say "I have an assignment deal, can you handle that closing for me?" And see if you get a different response.

The more you use funky forms found on the Internet and elsewhere, the more resistance you will get from people in the business and the more likely you will run into a problem that's not covered in your contract.  Use the standard contract found at lrec.state.la.us/PDF-forms (letter sized) and don't let anyone tell you that "a 9-page form will scare people."  It covers all concerns on 99% of deals that's why it's a standard form.

Welcome to BP @Stiel Aubrey!  Keep reading and listen to the podcasts whenever you can.  Each podcast is like a short course on a different strategy and they are in a very educational format.

Look up our local meetup group, BPAcadiana on meetup.com to make some connections with active local investors.  We meet once a month on the third Monday of the month.  Get the details by joining the group. There's no charge to join.  See you around BP and around Lafayette!

I think you've done extremely well @Priscilla Davenport! If you establish a line of credit that will be very low cost and won't cost you any interest until you use it, you will be ready to make a quick acquisition of another property or two. I think if you are an opportunistic buyer, you will only buy when you have a great opportunity to buy a great deal. Having the LOC in place will allow you to do that. With roughly 300k of equity, you should be able to establish a LOC for 75-80% of that and that would put at least $225k "at the ready" for you to buy.

If you are keeping things simple and self managing, keep buying the type of quality middle income type properties you have in the past.  Managing those are very different from lower income properties.

About the paid-off 140k primary residence - that's one that is a matter of risk tolerance.  Someone who has proven that they know how to manage their finances well enough to pay off almost 5 properties and still have some retirement savings after going through financial hardships, is a disciplined investor.  There's a significant opportunity cost that comes with what people call the "peace of mind" of having a paid off primary residence.  When you reject the super cheap money that you can borrow on your primary residence you miss some opportunities to buy those additional properties that can create the income you are looking for.  Not everyone can handle their money well and manage investments the way you've proven that you can.  That's why this idea may be good for you where it wouldn't be for less disciplined or experienced investors.

There's NOREIA that meets monthly and I'm sure if you search on meetup.com you can find other groups for RE investors.