All Forum Posts by: Robert Leonard

Hello and welcome to BP Brad McDonald ! Having your acquaintance (X) act as a Private Lender/investor is far simpler of an arrangement than as an equity partner. As a partnership, you'll need a well thought out and thorough operating agreement just to open bank accounts. You'll need separate accounting & accounts for anything that you do without X. You'll also have a slew of other tax implications to consider. If X simply acts as the bank, you won't even need an operating agreement for 98% of what you do. Accounting and taxation matters are clear and simple. Or should I say simpler? I'm brushing over this for some general perspective, but your legal and tax advisors can really explain the differences in detail. Equity partners are much more complicated in a lot of ways. I look forward to meeting you at a RING meeting or around town!

Whatever route you take @Scott Clymer, I would think about the fact that Fall college semesters start around mid-August.  Having your lease end at the end of August will make your place available AFTER most student's will have a place to stay and classes start.  

The main drawback to the graduation clause idea is, what do you do when one graduates at the end of the Fall semester?  December is a bad time to have a vacancy.  It's not impossible to fill a vacancy in December, but there will be a drastically smaller pool of applicants.

Congratulations @Mitch Barry!  I got my license 3-1/2 years ago and we are with the same broker.  Glad you are on board at KW and here on BP too!

You are welcome to join our real estate investing focused meetup group found at meetup.com/bpacadiana to meet local investors and learn a little at the same time.  You may even find a deal when wholesales are presented during the meeting!  See you soon.

Hello @Joyce Keyes and welcome to BP!  Like @Tami DuBose, said, you are welcome to join our meetup group that meets on the 3rd Monday of every month in Lafayette.  You can find the group at meetup.com/bpacadiana

It's free to attend.  We have active investors who bring deals to the table and we bring in guest speakers who aren't just selling something, they teach you things you need to know and add real value to your investments/business.  Hope to see you soon!

That's a solid deal @Will Menard!  Congratulations.  Very nice finished product indeed.

If either of you are available Wednesday morning for breakfast, I'm open to grabbing breakfast and discussing your plans.  I'm actively investing in the Baton Rouge market.  I keep a busy schedule, but I always say, a man's gotta eat.  So I can talk real estate/investing strategies over a meal.  Either way, see you soon!

Hello @Jim Struthers (Chris Burnell) and welcome to BP!  I'm not sure what explains the different names but I have seen spouses or a couple sharing an account. Does that explain it? Any how, my son is about to start his Sr year at LSU (GEOLOGY) so we have an LSU and Lafayette connection - GEAUX TIGERS!

I have to advise you, as a novice, you don't know how frequently novices show up and say, I'm looking for a mentor. I'm looking to set the REI world on fire, only to be a "flash in the pan" and disappear.

REI can be a slow long term process and it is seldom as fast and as fun as on TV. The commitment of a mentor is an act of taking a risk of investing time, effort and experience on someone, who may be just another person chasing today's shiny object before they disappear in pursuit of the next shiny object in short order.

I'm not saying these things to discourage you, but so you manage your expectations and if investors aren't lining up offering mentoring opportunities, don't take it personal.  What you can do is show your determination and willingness to learn a lot from reading and listening to podcasts and continuing to show up - be present. Ask for help filling in the blanks or clarifying what seems complex.  When I hear "I'm a hands on learner - I don't like to learn from books!" I hear "I'm looking for the shortcuts, just give them to me."

We have a Lafayette meetup group that meets next Monday evening. There's no charge to attend and you can get the details at meetup.com/bpacadiana I encourage you to come and meet some other active and aspiring investors there. The groups purpose is networking to learn and grow our REI businesses or investments. We'd be happy to have you join us.

I would not tell too many people, first.  Then go out and invest like you have no money and see what's possible.

You'll get a lot of suggestions, but it boils down to your level of risk tolerance and what your goal(s) are?  No matter what strategy you pursue, you should keep about 20% as a cash reserve.  And expect the unexpected!

That's a nice house @Jesse Kindra.  It's a good thing the pink has faded, or at least that's the way it looks on my computer.  I would have said the house is an off white if you asked me what color it was.

For me, it's hard to imagine colors on a house that are just suggested colors to use.  I like to find similar houses (actual or pictures) that look really sharp and look up or find out what the paint color is?  Out of a lot of color adding websites and programs I've tried, they are often difficult to apply the colors to a photo.  I just find a similar style house that I like the colors on and try to make my house look like that.  I don't have a whole lot of painted houses, so I'm not doing this repeatedly.

Hello and welcome to BP @Warren Hem!  I won't hold all that Mississippi stuff against you, all that matters is you're here now!  ;-)

I encourage you to join the Baton Rouge REIA/The RING to start making connections with other investors in the local market. You can find it meetup.com/the-ring

I would like to hear about what type of properties you are looking for and what's your buying criteria?  I'm usually a buy and hold investor, but I'm doing some wholesaling in the Baton Rouge market in the near term. I might come across properties you'll be interested in.