All Forum Posts by: Robert Leonard

Welcome to BP @David Womack!  I would like to hear more about your Interest in LC.  I am personally working with investors in that market and actively investing to capitalize on the opportunities there.  Email, PM me or call me.  I look forward to hearing from you.

Hello @Charity Phillips! Only your tax and legal advisers will know enough about your personal financial circumstances and need for asset protection to give you the right answer for you.  The right answer is different for different individuals.

Just for the sake of discussion, usually it's best to hold rental property in an LLC. It's usually best to own flips/wholesales in an S Corp or LLC taxed as an S Corp. Your combined owner occupied/rental property presents a unique set of circumstances that your advisers can best address.

LLCs cost different amounts and your ability to borrow money in their name is very different from state to state.  They offer very low cost asset protection in LA and they are not hard to borrow money under favorable terms.  No, not the same as consumer rates/terms, but still very attractive rates for sound business purposes.  Your own credit will matter when you start.

Welcome to BP @Jason Laneaux!  Do what @Brandon Johnson said - that's great advice.  I'll see you around Baton Rouge and around BP!

Hello @Angela Cobb and welcome to BP!

Glad you found the site.  It's a great place to learn and get to know other investors.  I highly recommend the podcasts.

You should lookup "The RING" (real estate investors networking group) in Baton Rouge.  Its a very well organized group and there are lots of other active investors who you can meet there when you're not making connections here on BP!  See you around BP and around Baton Rouge!

Hello and welcome to BP @Brandon Vidrine!

I look forward to seeing you here on BP or maybe at the Lake Charles BP Meetup in a couple of weeks.

Hey @Sean Vidrine, if you type the @ symbol and start typing a person's name who is a colleague or in the conversation, their name will appear at the bottom of the box and you can click on it, to tag them and they get notified that you mentioned them.

The meetings are usually at the Central Branch of the library at 301 E Claude St. in Lake Charles.  Still coordinating for this month's meeting, but if you join the group at

http://www.meetup.com/BPLakeCharles/, it's free, you'll get a notice anytime meetings get scheduled.  

the world's largest home improvement specialty retailer The HOME DEPOT!

Lafayette, LA and all surrounding area real estate investors will meetup this coming Monday to make deals, learn and grow our businesses/investments!

Want to get great deals on products and installation services for your next project using the bid desk?

Are you looking for licensed & insured contractors? Ever heard of RedBeacon?

Would you like to establish business credit for your REI business?

Learn all about how The Home Depot can help your business/investments be more profitable at our next meeting.

Do you have a wholesale deal, a notepad, a friend ... BRING 'EM!  They are all welcome.  RSVP on meetup.com/bpacadiana to attend.  See you there!

Welcome to BP @Sean Vidrine!  Its a great place to learn and make some connections.  I highly recommend the podcasts.

We have a BP meetup group in LC that meets on the 4th Monday of the month if you care to join us.  Looks like you have some interesting experience.  Hope to see you around BP and around LC!

Welcome to BP @Stephen Haehn!  Stick around here and you can learn a lot and make some great connections.  I highly recommend listening to the podcasts until you've listened to them all!

Hello and welcome to BP @Christina Pribilla!

I also recommend you avoid assumptions like "check out states like, Arkansas, Georgia, Louisiana, and other southern states."  Unless you are talking to someone who has experience in those markets, they are probably wrong.  As someone who knows Louisiana, I would advise against buying anything in this market in the 20k range, except in some rare circumstance.

With your 20k, I think a good strategy would be to plan to use half as a DP on a duplex or 4-plex, whichever your market will allow, to go for the well-known house hacking strategy. Keep the other half as cash reserves. If you are eligible for an FHA loan, buy the best property you can afford up to what your DP funds will cover.

It might be difficult to find, but if you can't find one of the small multifamily properties mentioned, you have a buying advantage for a lot of REOs. You could buy an REO during the O/O only bidding period and buy something significantly undervalued. I would not recommend you try to buy anything that needs more rehab that's more than paint and flooring.

Those are a couple of ways to put your 20k to work and solve your own housing needs in one purchase.