All Forum Posts by: Clint Galliano

Definitely will be posting updates. So far, the electrician has added a couple of new grounded circuits and replaced the electrical panel and the HVAC guy should have a new inside unit and ductwork in today. 

I will post before pictures later today or tomorrow.

We will start painting this Saturday, plus I need to line up a contractor to replace the doors and do some carpentry & drywall.

Plumber will be in later to replace kitchen sink, toilet, faucets all around, and change a gas valve out.

I will PM you, @Jason Chopin.

I got it at a little over $54/sq ft...others in the area, from what I could see were $87 - $122/sq ft.

I am looking into the feasibility of adding another bath, but it will most likely either involve busting the slab or adding to the outside of the structure. 

We ran across this deal on MLS. It originally listed for $120,000. I didn't think much of it at first because we weren't sure we were ready to purchase our first deal. A couple of months later, the price was dropped to $80,000. That really caught our attention and made me wonder what was going on.

I looked at the listing on Zillow and saw that it was a 4 BR/1 Ba in need of some TLC. One of the pictures had the listing agent's sign in it and I recognized the name as a former property manager who actually lived in the neighborhood.

I contacted her and set up a showing. The structure is in good shape, with upgraded double-paned windows and an 8 year old roof. Floors, ceiling tiles, and HVAC ductwork need replacing, some electrical upgrades, painting throughout, and a gut & refinish on one bedroom.

Comps for recently sold houses in the  neighborhood ranged from $125k - $155k, so we offered $72,581. It was accepted and inspections were ordered. 

The electrical came back with the need to replace the outlets near water sources with GFCIs plus the breaker panel and feed wire at a cost of around $1500. The seller agreed to drop the price to $71k to accommodate this.

We closed on 18-Apr-2017 and have started the  rehab. 

I plan to update this as we go until we get it  rented.

Wish us luck!

This is a common occurrence for property purchases in Louisiana. Someone waaay back in the history of the property acquired or retained the mineral rights, so they don't transfer with the sale  of the property.

Regards,

Clint C.  Galliano

Welcome  to BP from Houma!

Listen to the podcasts, dig through the forums, and learn everything you can from this buffet of information.

Hello @Ralph Newton. Welcome to BP!

I am a member of the Lafayette REI and live in Houma. Maybe we could get together for coffee one day?

Welcome, @Howard Hebert, from Houma! 

I have been on BP since January, consuming podcasts and digging the forums. 

What segment are thinking about getting into?

As an addition to my previous posts/comments, I also found out that, at minimum, in their personal rentals, tenants have to provide their own stove/range. This was on one of the more recent podcasts. That just seems like it would make the property harder to rent, from my perspective.