All Forum Posts by: Clint Galliano

@David Smit, Interest rates are rising and will continue to do so, at least in the near-term. They have nothing to do with the national debt. As many have stated elsewhere in this post, regardless of what anybody else is doing, search for your why. Comparing what you are doing to an institutional company is pointless, unless you want to be like that company. And on the subject of companies you are referring to, I suspect that their investing has probably slowed a little & the majority of their inventory was acquired at lower prices. I also suspect that they are doing what David Green suggests, investing in markets that allow better earnings.

what is going on is that it will be sold at a sheriff's sale. the bank may be listing it to try to get their money back, plus some extra. is the market value $110k?

Welcome to Bigger Pockets from Houma!

If you haven't done so, listen to the  podcasts and set up keyword alerts for topics you are interested in. Also, devour all of the free educational material here on the site.

Regards,

Clint C. Galliano

You can write out your  own operating agreement, but I would still suggest having an attorney look it over. 

The thing to do is to decide on your operating agreement terms with your  partner. Include how you will operate the business, who will do what, who is responsible for what, and who is accountable for what. Once you have that worked out, then decide how you will break up the business should one of you want to exit. Include every scenario you can think of. 

Once you have that in place, then contact an attorney. It "should not" cost thousands of dollars for an attorney to look over you operating agreement. You should then be able to file your LLC on your own with the state.

Disclaimer: I am not an attorney and don't play one on the internet.

Looking forward to seeing everyone tomorrow night. 

Go to meetup.com and search for BP Acadiana. That is the Lafayette area meetup for real estate investors. Join the group and go to the meetings. Lots of investors to network with and the speakers are always top-notch!

I don’t have knowledge of the specific area, but here is Southern Louisiana, almost all unincorporated areas below I-10 have to install sewerage treatment plants based on the maximum estimated per-person, per-day water usage. That determines the size of the unit. Residential units are fairly cheap here, $2k-$3k, but when you start getting into multi-family, it can be downright expensive. When building a 20 unit RV Park, it cost over $40,000 to put in enough capacity to cover what we were required to have. So that is the equivalent of a 20 unit multi-family. If you have the ability to tie in to municipal sewerage, go for it. Also, as a new buyer, you may be required to upgrade to a STP even though it is currently utilizing a septic tank.

@Corby Goade, That's a steep price for a notary. Most notary work I have gotten done that was non-real estate related cost about $25. Plus, in addition to banks, most lawyers' offices have a notary on staff. 

Welcome to BP, @Teddy Winstead!

Congrats on what you have accomplished so far! 

If you are in Houma on Thursdays or Fridays, let's try to get together for coffee.

@Monique Burns, Depends on what & where. May be able ot help you out.