All Forum Posts by: Stephen Leonard

@Dave Edwards as a REI realtor, understanding the investment process I believe is key. having investment property is also key. I ask many new investors that have a real estate friend or contact. Ask that agent how many investment deals they've been through. many times it's "Zero", so how is that agent supposed to guide someone through the investment process if they themselves have not been through it. I have flipped many homes since 2006 and currently have 73 rental units. So I feel I have certain experience that is beneficial to my clients. Some agree and some do not. I just think it's hard to explain to my client something I've never done and explain it with some experience. So you have to know where to get your resources if you have no experience.

Happy Investing 2017 

Stephen Leonard

@Vicent C. first figure out if you flipping or buy n hold. I may have overlooked it in some follow up comments if so sorry. But once you figure that out, you can come up with your plan of action.  With 10k available, consider looking for a property with owner financing. Or a property that's been on the market for more than 180 days. I recently (as in the first week of January 2017) purchased a double for 49k with 5k down.  The seller agreed to carry back the remainder 44k for 6 months.  Having already lined up my lender for this one, and knowing he didn't require a seasoning period (a period of time to hold it until he would let me refinance).  I got to work with the remainder of my cash.  Now knowing I can refinance the property for 85k (recently had 12 doubles close with an appraisal of like kind units for 85k, I should be able to cash out about 63k. So 49k to purchase and it leaves me about 14k in reno cost.  The reno is likely to come in closer to 6k or 8k.  So when i refinance and pull out the cash I should put about 6k in my pocket for future work on another project. 

With 10k you do have options, think outside the box and just get started which is usually the biggest hurdle. 

Happy Investing 2017

Stephen Leonard

@Christopher Chunn Down south in Gretna/Terrytown (New Orleans Metro area), welcome to BP.  Great group and plenty of resources. 

Happy Investing 2017

Stephen Leonard

@Carl Martin Biggest thing i could suggest is trying to work with someone you know and trust and that same person has to have the same trust in you. 

My original partner - we started flipping property back in 2006 and essentially he dropped 140k into my LLC bank account. He and I had a simple drafted agreement of what our roles were and our partnership split. once you can show that you can do it, other partnerships can or will form. As you will have the proof to show it.

when I start talking to someone about a new partnership, i sometimes get resistance. Then i show them my proof - which is HUD 1's and projects we've done or rent rolls. It gets easier building new partnerships as you grow and show what you can accomplish.

Good luck!! and Happy investing

Stephen Leonard

So been investing off and on for a number of years also trying to get more active here on BP.  Short snap shot of me, End of 2013 we committed to buy n hold which started with 2 doubles which we were fortunate to purchase at 75k each and immediately have 40,000 in equity with 95k appraisals for each.  Fast forward to the end of 2015 my first partner and I with the 2 doubles, go ahead and by 6 additional units but no immediate equity.  I form a new partnership and we purchase a 4 plex with his cash and then with a month or 2 we are able to cash out most of his cash with about 20k left in and then we move on to a few singles.  Fast forward through to 2016 and 1 more additional partnership formed.  With my 1st partner we end the year with still only 10 units, my second partner we blew it up and ended 2016 with 34, my 3rd partner we purchased 12 doubles in October and so we ended the year with 24 units.  So all together with a few personal holdings we are now sitting at 73 rental units and approximately 4.5 mil in valued assets. All while running my real estate company which also offers rental management with approximately 60 rental units for clients.  

My 3 partnerships have like kind targets for 2017 which the Goal of the different partners will be to grow the respective portfolios by a minimum of 40 more units or more.  

Always looking to connect with like minded investors and wholesalers that might be able to direct properties my way.

Happy Investing in 2017

Stephen Leonard 

@Robert Riess Let's try and connect tomorrow during the mid-morning.

Stephen

@Dontae Scott can't send email via here.  Sent you a colleague request.  once accepted i can send to you.  Alternative google my name and Pelican Realty you can get me that way. Cell and email. 

Also on Facebook

Stephen

@Russell Harris. Welcome  to BP. Plenty of resources online here.  Have any questions  feel free  to reach out.   I'm  online and Facebook as well. 

Stephen

@Robert Riess.  Juat sent an email via your  work.email (if you're  a lawyer).  I havr colleague request pending with you as well.

@Dontae Scott I'm  in Gretna but we do invest on the Westbank  which includes Harvey.  Message  me with what you  have.

Stephen