Newbie in Houma, Louisiana

14 Replies

New to real estate investing, not for long I hope. Any tips for getting rid of the fear factor and actually pulling the trigger. I've been a little confused about Subject to and Bond for Deed. Is there less risk for me in doing a lease option instead. I'm a little confused about these investment strategies. I'm very grateful for any advise or tips you may have for me. Thanks,

Ralph Newton

Hello and welcome to BP @Ralph Newton !  Subject to and BFD are a couple of advanced strategies and they should put fear into you as someone who's never done them.  Lease options can be done a few ways and many people use the term interchangeably with lease purchase or rent to own and they are all technically different.  You have to do a good bit of homework on this stuff or work with someone with experience to help you fill in the blanks or connect the dots for the parts you don't understand.  I'm right up the road from you here in Lafayette and I keep a pretty busy schedule, but I'll be glad to help you when I can.

Some of the best information you will find here is in the podcasts.  The hosts do a good job of making the podcasts educational by having guests pause to explain any acronyms or terms they use during the interviews.  You might search for podcast and a term you are interested in to learn about each topic. 

BFD is a LA unique strategy (term) that is most similar to land contracts in other states.  There is a BFD service company in Metairie that has a website that is pretty informative with a few short videos.  You can find them if you google LA bond for deed, they will be one of the top results. [I am a customer, but I have no affiliation with the company. :-) ]

Thank you Robert, great advise! I found that BFD service company. Pretty cool, seems like an escrow company that does a little bit of everything, and legally too. Thanks a ton. Are you in any REIA's? One you might recommend. I joined NOREIA but haven't gone to a meeting yet. Kinda skeptical about doing anything in NO due to all the violence there. Anyway thanks for your help. I'll be jumping on those podcast now.

I'm a member of the Baton Rouge REIA/The RING, it is very well organized. I am coorganizer of the Lafayette Real Estate Investors' meetup group you can find at meetup.com/bpacadiana Down in Houma, you are about in the middle of all of those. There are investors from your neck of the woods who I see at the BR and Lafayette meetings.

Welcome to biggerpockets.com from another newbie! I'm a residential and commercial Realtor in Metro New Orleans and the surrounding parishes finding investment properties for clients now, and for myself someday soon.

@Ralph Newton

Fade the fear and just do a deal.  Once you get beyond the first one you will gain serious traction if in fact that is what you are after.  Mindset is everything and if you simply set the GPS on your final destination and put the car in gear, you will find yourself led in the exact right direction you need to go and you will get there almost effortlessly.  But you have to commit to your end result and take some kind of action in order to realize this to be true.  Connect with me at The RING meeting if you ever make it over to BR to catch one.

Take action and I'll see you at the top!

The RING meets the 2nd Tuesday of every month at 6:30 PM and the venue is usually at the Hyatt Place on Bluebonnet across from the Mall of LA.

FYI, in order to make sure a BP user knows you mentioned them in a post, you can put @ in front of people's names when you begin to type them and then click on their name when it is suggested to you.  This notifies the BP member that you mentioned their name in a post.

take advantage of the educational tools, as well as podcasts, forums, and other great informational contents, welcome to BP nation, and hopefully we can grow from a bigger pocket to a fatter wallet, keep posting but most of all keep sharing