All Forum Posts by: Brandon Johnson

I'll second that recommendation.  Lane helped me get my start!

I'm in the same boat with the ERAP in Louisiana but I have not even been contacted about the first one so far and most of mine applied at the end of March and early April.  Anyone else have any more insight?

@Patrick Michaels I sent you a PM with a recommendation of a local agent who is a rental property investor himself.

Good luck!

@Tyler Hallman by the craziness intensifying I do not mean just in the real estate markets.  I'm referring to global economies and the current financial system.  Obviously you've heard how difficult a time home builders are having due to prices of material skyrocketing.  They are having to explain to their customers how their lumber budget suddenly jumped from $25k to $100k and customers are not happy and many contractors and builders are losing money because of this.  This is just one example, but is evidence of a trend in a US dollar being weakened.  As I mentioned, a savvy investor can do well in any market, but my personal choice is to sit back and be an observer during this time. 

That being said, I am a huge proponent of owning tangible assets such as physical precious metals and certainly land and property.  If you find a deal that works for you and you have the means to acquire it, go for it!

It's been a tough year to be a landlord, but Louisiana still has some of the most favorable landlord/tenant laws from the landlord perspective.

I do both BRRRR and fix and flip here and I personally am on a hiatus right now.  There are always deals to be had and money to be made in real estate, but from my perspective all evidence indicates the craziness is only about to intensify so I am choosing to remain an observer at this time.  About 9 months ago I tried to post about the NESARA-like transformation that is taking place behind the scenes in our financial system, but the mods wouldn't allow the discussion to take place here. That's unfortunate because real estate investors are certainly affected by these global transformations.  

We are entering into a magnificent new era, but the transition is going to be painful for some I suspect.                           

@Jeremy Beathley I agree fully with what Mr. Stephen said above.  Hold out for a great deal.

I have a good mix of SFH, 4 plex and duplexes. Out of all of them I tend to prefer my duplexes in all cases.

For some reason, the duplexes seem to be less demanding on maintenance, they generate more income and seem to usually have better tenants.  Also most of my duplexes here locally are 3 bedroom and the fourplex units are all 2 bedroom.  There is demand for both and its all relative, but the rents are certainly higher in the 3 bedrooms vs 2 bed ($900-1,050 vs $650-750.)

@Irwin Velez I need to make a correction as I have learned the provisions of the CARES Act I referenced expired near the end of July and we are now dealing with the CDC eviction ban as you mentioned.  Good luck let us know how the process turns out.

@Irwin Velez since you have a FHA loan, the CARES Act was extended until the end of the year to "cancel evictions" as one of it's tenets and as far as I know you cannot file for eviction due to the type of mortgage you have. You may want to call the local eviction court in Brusly and ask them if you can file an eviction, but the last one I did in Baton Rouge I had to sign an affidavit upon filing, stating that my property was not mortgaged by a government backed loan.

If you were me, you would put your mortgage in forbearance and also apply for an EIDL loan from the SBA.  Payments on SBA loans (including new loans) are automatically deferred through the end of the year and I have a strong suspicion that they will be completely forgiven at some point in the future. It is not your fault this burden of not being able to evict a non-paying tenant was put on you, so I would take the available "assistance" being afforded to you right now while we await new developments surely on the way to address this matter.

Water and electricity utilities are also not currently terminating service due to non-payment.  

@Irwin Velez Do you have a mortgage on the property? If so, what type of mortgage is it? If you have an FHA loan or VA loan or other Fannie Mae / Freddie Mac federally backed mortgage, then you may have trouble evicting per the CARES Act. I believe that is the answer you are seeking, but it depends on your mortgage type.

Conventional or commercial loans are not affected and non-payment of rent is still grounds for eviction.  

The good news if you have a government backed mortgage is you can call your servicer and request a deferment or forbearance.  If you mention you are experiencing a financial hardship due to Coronavirus (which you are), then my understanding is they are also bound by the CARES Act to grant you the forbearance.  

I am local so PM me if you need more help.

Good luck!

@A.K. Ahuja 

My biggest recommendation would be to research this subject I am presenting you before you make any moves to give up the property at a big loss or damage your credit, unless you simply want the property gone.  If you see the evidence of what is happening now, there are big changes coming to the banking and financial system and there is likely some "assistance" heading your way.  I believe the mortgages in foreclosure and forbearance will be the first to be assisted.  

if you were me you would have already called the mortgage company and asked for a forbearance due to financial hardship.  If you mention the words Corona or Covid19, they can't deny your request.  At the very least, this buys you some time, but the fact is people are already reporting very unexpected things happening to their debts.