All Forum Posts by: Robert Leonard

You need to keep in mind that "holding" the license will require 2-3,000/year to maintain association, MLS, continuing education requirements and other expenses on an annual basis.

Specifically what PM companies expect is much like any broker, it's specific to each company and their policies.  There are a few brokers that do only PM, but most are like a division of a larger brokerage that performs the full spectrum of real estate brokerage services.

There's a lot of flexibility in how people practice as real estate professionals.  That's what many people find appealing about it.  What any given broker will expect or allow is really a question you have to pose to any one you consider working with.  The answers are probably different for each one you talk to. 

Don't get discouraged if you start off with a few "NO"s because you get those a lot in this business.  You have to figure out who you want to work with or how you need to approach who your are dealing with to get to YES.  This point applies to almost all aspects of the RE business!

Welcome to BP @Brian Winders!

You need a realtor's (salesperson) license to manage properties for others in LA.  Your license has to be with a broker for 4 years before you can become a broker and do things on your own.  As a salesperson, your license always has to be under a broker. 

There are very different expectations from different brokers.  That's why you'll see/hear folks refer to "investor friendly brokers." That's basically a broker who will allow you to have your license with them, and not treat you like an employee tasked with answering phones (phone duty) or listing/sales production quotas.

As far as starting out as a PM, you may want to work with a PM company part-time rather than trying to start there on your own.  It takes volume to achieve viability in the PM business.  You could learn a lot from working with an established PM, whether it's managing a large number of SFRs or multifamily properties.  There's a lot to know.

Welcome to BP @Justin Martin !  Sounds like a pretty good plan to start off with.

When will you get to Baton Rouge?  I can probably offer you some pointers on landlording/PM.  Here's a site that will help you figure out where to buy that's outside of flood areas:  http://maps.lsuagcenter.com/floodmaps/

I can also help you make sure you get the full value of your GI Bill when dealing with LSU.  I transferred my Post 9/11 GI Bill to my kids and I've dealt with them over the last 4 years.  You might expect the default application of the benefit to be the most beneficial to you and the university, but that wasn't the case.  I'll explain the details if you care to know?

Wholesaling is "unconventional" to the point that is too "out of the box" for a lot of people to accept as something other than a scheme of some sorts.  I've heard some old school real estate professionals refer to "doing assignments" and they were talking about what we know as wholesaling.   You may want to use that term to see if you get a different response from any attorney(s) you approach before you try doing any deals. 

You want to be certain that you and your attorney review any contracts or forms you intend to use before you try to do any deals.  You can find a form or "go by" for anything on the Internet and that doesn't make it legal in LA.  You have to learn what is legal and be disciplined in the terms you use and the practices you follow to keep what you are doing legal.

Yes, @Taylor Westan attorney can perform all of the functions/services of a title company without being part of a title company in LA.

Welcome to BP Peyton Harm ! You are starting with a pretty well suited education and career field to set yourself up nicely for investing. The contacts you make in the trades will be invaluable in the future! Look up "The RING" on meet up .com to network with Baton Rouge area REI. There's a meeting coming up soon. Hope to see you there!

Welcome to BP @Stuart Craig!  There's a new meetup group for Lake Charles investors that you can find on meetup.com.

It's interesting to see all of this talk of Jennings.  I've recently done a few projects in Jennings!  My current "big project" is there.  I grew up in Jeff Davis Parish in Elton, but I graduated from Kinder High.

Best of luck in your investments!

@Robert Lockwood there is no effect on your ability to take the depreciation deduction in an LLC. The default form of LLC in LA is a "pass through entity" and all of the taxation and tax benefits pass through the LLC to you personally. The property will go on your schedule E, just like any property that you own in your own name. The liabilities of the LLC remain with the LLC (when operated properly) and that is where the asset protection benefit comes from. As I understand it, that is the best option for buy and hold real estate investments in LA.

The second option is to elect taxation as an S Corp at the time of formation of the LLC. That gets a bit more complicated and is best suited for "trading" real estate (wholesales or flipping). While that wasn't part of your question, it's just something to be aware of. If you want to do some of that type of "trading," ask your tax advisor about the difference in how it would be taxed.

@Tyress Wilson go to meetup.com and lookup Baton Rouge.  There are two that I know of for sure.  I'm a member of "The RING."

Welcome to BP @Melanie VanBuskirk !  There are several active BP members from your area.  Look up @Michael Faulk who organizes a local meetup in Shreveport!  Hope to see you around the site!