All Forum Posts by: Robert Leonard

Welcome to BP @Jennifer Crager!  You should connect with @Michael Faulk!  He's an active investor in your keck of the woods and he's building a pretty broad network of investors in that market.

That's a great background to bring to your business/investments.  Give me a shout anytime I might be able to help with any of you investing questions!

Welcome to BP @James Pearson!

Getting renovations done and dealing with contractors is a one of the keys to getting things done in this business, so that will be very helpful in your investments!

You said you own a home, so you should have received an appraisal when you bought it? I would pull that out and take a look at what you can learn from it.  A lot of new investors struggle with understanding valuations and tend to do what I call "throwing around numbers."  When you look at your appraisal, look at how the adjustments were made to the comps used to come up with the value of your house.  Appraisers can make errors, but from the appraisal, you should be able to get an idea of how to use similar properties that sold as recently as possible and how adjustments are made for size, features and amenities.

The key is to get smart and get started.  One key factor in investing is the "time value of money invested." It has to be invested to grow.  The sooner you start investing properly, the sooner it starts growing.

Welcome to BP @Steven C.!  Hope to see you around the site.  The podcasts are like short courses on different strategies.  They are great for learning.  You can make some great connections here.

Best of luck to you.

@Shannon Cannon My son just left to head back to LSU today for his Jr year and my other son started school last week after we spent the Summer working on a few projects of our own - so I can relate to how your Summer must have gone!

Glad to hear about your quick success story.  Look forward to hearing about the next one!

I am generalizing, because I don't know the market your property is in, but if you have a well maintained property in a decent neighborhood, it will be easy to rent without an extended vacancy.  That being said, the biggest mistake I see "landlords" make is to rush to fill vacancies.  It is worth it to take the time to select a well qualified applicant to live in your property.

I would not spend money on professional photos to fill a vacancy unless you have a very upscale property that is in the high end category for your market.

Keep calm and let your PM screen.

"The RING" is the real estate investor networking group that you can find on meetup.com Its a well organized group of active Baton Rouge area investors that meets on the 2nd Tuesday of every month. Its not an official REIA, with annual dues or membership fees. You just pay $5 at the door to cover the cost of the hotel meeting room rental when you attend meetings.

Hello and welcome to BP @Shannon Cannon ! 

Look up Shelby Carnahan.  I don't have her contact information readily available, but she is an investor/CPA who spoke a couple times at The RING meetings in Baton Rouge.

And this is what "jumping in" to "get in the game" and "figure it out as you go" looks like.  If you have no cash reserves, I sure hope you have some equity.  That might attract another experienced investor who can buy the property for what you owe (or give you some cash back) and save your backside.  You need to stop the bleeding, because you are bleeding, bleeding bad.

This needs to be handled by a professional who knows how to manage properties (and the eviction process) in your market.  Now is not the time to get creative.  You are in a very unfavorable negotiating position, so you need to make the deal very attractive to whoever you turn to for a solution.  I doubt if a PM would come in at this point to rescue you, but they might?  That still won't be free.

I think the idea of selling and going back to the books or seeking a partner before you try to manage properties is your best option.

A very common question you will hear is, 'how do you know when you know enough to make your first deal?'  My answer is, when you know what a good deal looks like, then you are ready to start.  Real cash buyers know a good deal when they see one - and they are ready, willing and able to buy them when they see one!

Welcome to BP @Joy Cobert!  I happen to own a few properties in Opelousas and invest in and around Lafayette.  Feel free to reach out anytime I might be able to help you with any investing questions you have.  I'm glad to help!

See you around BP and around town!