All Forum Posts by: Amy Verges

Ditto what Tami said, @Robert Leonard knows his stuff (I know him through our local REIA). I had the same questions he does after reading your post. I can't seem to work out how this would be a good investment for you. I understand if you're doing it simply for emotional reasons, but I'm not sure how the #s would work out.

You've probably seen the "70% rule" on here, which says that you should take 70% of the ARV minus the repair costs and that's the highest you should pay for the property. By that standard: 70% of $170k is $119k. Minus the $30k in repairs (although listen to Robert and estimate higher), and that comes out to $89k. So realistically if you want to make it a decent investment deal, you should only buy it for that amount. If this sale really does HAVE to happen because of a desperate situation, then I would just offer to pay off their loan amount of $90k.

Lastly, make sure you have a realtor pull actual comps to help determine the ARV and not just an appraisal. An appraisal means nothing if no one is actually willing to pay that amount. Hope that helps a bit!

@Ryan Nodurft You can PM me if you would like some contractor recommendations here in BR. Like the last post said, the home inspector can probably give you an idea of the extent of the damage, but you may not know the full extent until after closing when you can actually cut into the walls. I’m happy to pass along the name of some local GC’s who I think could help though!

Hey @Eric Schodowski , I was born & raised in Baton Rouge and have been investing here since 2013. I own duplexes and have dealt a lot with 4plexes (my dad owns about 50 units here, almost all 4plexes). I also own a property management company that manages mostly small multi family. I’m happy to talk shop and share some of my experiences here. If you PM me I’ll give you my cell # & email.

In terms of learning more and meeting new people, definitely check out our local REIA called the RING (Real estate investors networking group). It's the second Tuesday of every month. You can find more info on Meet Up. I've learned more from that group than anywhere else, especially about the local market.

Good luck...and welcome to Baton Rouge!

Which town is the triplex in? I’m here in Baton Rouge and can maybe help find an appraiser who’s familiar with investment properties. Can’t  promise anything but I can certainly ask around locally.

Also, great advice from @Steve Rozenberg!

Hi @Tamara Alston, I’m so sorry you’re going through that. I’m an investor here in Baton Rouge and have been frustrated with the local PM industry for years. So much so that I actually started my own PM company last year. My good friend & partner is a broker of 15 years and is highly involved with the regional board of realtors and state commission, so I think he could offer some guidance on how to handle your situation. I’m also happy to answer any questions about the market or specific area you’re property’s in. Send me a private message and I’d be happy to give you my cell # and email address (BP won’t let me post it here in the forums). Good luck!

Thanks @Brandon Johnson!  Kevin, I'd be happy to chat to see if I can help.  Send me a PM and we can schedule a time to talk.  At the least, I can put you in touch with some other investors that have done short term rentals in BR.

Hi @Casie Nicholson!  I was born & raised in Baton Rouge and have several investment properties here. In terms of buy & hold, I’m in the belief (at least for BR) that as long as you buy right, it doesn’t matter where we are in the “market cycle.” Baton Rouge is a very stable market compared to a lot of other areas in the country. We don’t have huge ups & downs like a lot of other markets.

That being said, I’m very conservative when buying: at least 15% return, good neighborhoods, no high risk flood zones, etc. I feel like if it meets all of my criteria, it’s going to be a good deal regardless of the “cycle” and that has been proven correct (so far 🤞🏼). 

I would highly recommend checking out two things that'll help you learn even more: the TRENDS Seminar on May 2nd at L'Auberge (this is a great seminar with speakers specifically talking about the real estate trends in BR) and the Baton Rouge REIA called RING (Real estate Investors Networking Group), which meets the 2nd Tuesday evening of every month. It's a great opportunity to network with other local investors. I've learned a ton from both of these. If you'd like, you can PM me your email address and I'll forward you the info emails on these.

Hope that helps! Good luck getting started!

Thank @Brandon Johnson!  I would love to help @Joshua Buck.  I'll send you a PM with my cell # and more info so we can see if we would be a good fit for each other.

Wow, @Payman A. , I’m so sorry to hear you’ve had such a bad experience in Louisiana. As others have already said, there’s really no excuse for this, especially since we’re such a landlord friendly state (I can file an eviction, attend the hearing, and have the tenant out all in about 2 weeks). To answer your original question, if it were my property, I would cut my losses & evict the current tenants now and keep the deposits. If you have the right help, you could probably even have them rented to new tenants before the sale.

Despite being a great real estate market, for some reason we haven’t had great options for residential property management in the Baton Rouge area. That’s what pushed me to get into it. Feel free to PM me if you have any questions or if there’s anything I can do to help. I actually would enjoy talking to you about the NC market since it sounds like you have some experience there. My husband and I went to Raleigh this year and I like what I’ve read so far about the NC market. Good luck!!