All Forum Posts by: Chris Clark

Check out Hermitage too.  Lots of beautiful old well-built properties.

Is anyone attending the Basics Class provided by the N.O. REIA this Thursday? I just joined and would love to meet some from folks from BP.

Hello all,

I live in Louisiana, but own a free and clear property in Texas. I am in the process of renting my property and leveraging that property to add more rentals. How are you out of state landlords structuring your business? Because all of the rentals I am initially buying are in Texas, should I form my LLC or DBA in Texas, or where I am currently living? I am familiar with operating a LLC in Texas as I did it for years.

Everything is a tool on a standard job except:  Paint, Primer, Tape, Putty, Caulk and Thinner if you have oil base-trim.

Pump armor is a lubricant for HIS machine.  Spray tips, brushes, roller covers, 5 n 1's, etc are tools. 

Do not pay for tools.

Thanks Michael,

I'm still 6-12 months away from dipping my toes into real estate and was just curious.  I wouldn't think of getting involved with flood properties as my first step.  I'm in sales and on the streets in B.R. daily so all the bandit signs peaked my interest.  Thanks again.

Hello all,

What are investors thoughts regarding investing in a market that recently flooded?  Specifically I am talking about the Baton Rouge area?  I see the "we buy houses" signs up everywhere so someone must be doing it.  Just curious what strategy is profitable in a situation like this.

Thanks.

I'd like to sell the property in the next two years, first rental shortly after.  So roughly begin demo if that's the route I go in around 16 months.

Thank Ryan, that's what I plan to do.  My uncle is a agent/broker in Irving and I'm going to have him work up current value vs what I could get for two starter homes to sell.  Going to look through some plans with the builder early next year as well.  I probably won't be in DFW until Rangers season starts to catch a home stand.  I'll be in touch.  Thank you.

Additionally, I have good credit and my father-in-law is a builder in the DFW area, so I could get a pretty good deal on building two houses.

Thanks Ryan and Adam.  I added more detail in the forum "Starting Out"

Good afternoon BP,

Wanted to see what the pros think about my current situation and goals and what advise y'all might give.

Personal situation:  My wife and I work for the same Fortune 200 company.  She is on the fast-track to upper management and I will need to find other employment in the next couple of years due to conflict of interest.  Additionally, my schedule will need to be more flexible due to her travel and work schedule.  

The property: I was left a property in Irving, TX when my father passed in 2010.  Currently I let the woman who cared for him while he was sick live there for the cost of the taxes.  The lot has two structures that will need to be brought up to code before I do anything with them due to "creative" repairs my dad did.  I estimate the property as-is to be valued around 130-150k.  Property is owned free and clear.

I'm considering demoing the two structures, subdividing, and building two starter homes to sell.  This would get me out of any repairs to the current houses and possibly add a little more money to my starter fund.  

My long-term goals would be to have several rental properties and maybe some flips here and there.  I have owned two businesses in the past and I'm pretty handy.  However my wife's job will require us to move every couple of years around the Southeast so I would need property managers for the houses in markets I no longer live in.

Any thoughts?