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All Forum Posts by: Clint Galliano

Clint Galliano has started 13 posts and replied 227 times.

Post: Morris invest - any insights?

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115

@Jay Hinrichs 

This was another thing that bothered me when listening to the podcast...being from South Louisiana, something without AC is a horrible experience. Window units are OK, but it takes multiple units, depending on the size of the property, in addition to more components to break.

Post: Morris invest - any insights?

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115

@Joel Owens, They don't mess with air conditioning...and if I understood correctly from the podcast, allowing tenants to put in window units if they want A/C. I have been listening to the podcasts for the last couple of months and the thing that gets me is when analyzing a property, they tell people to use 40% for repairs & expenses. And not to worry about cash flow unless it is under $1, because you are building wealth. CAPEX doesn't need to be worried about because they rehab the homes and you shouldn't need to do anything to them for a while.

All of these things raise my "Salesman Alert"...I may be a little overly conservative when analyzing a deal, but I want to make sure it pays for itself and brings in a little extra. The principles advised feel like you are being set up for a ride on the sucker train.

Post: Sharing a buy & hold cash flow spreadsheet

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115
There are a few rental analysis spreadsheets in the BP file place. It should serve as a good start for what you are trying to build.

Post: Flooded Houses in Louisiana

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115

I was thinking of this myself and would be interested on everyone's thoughts. 

Post: (Current) Tenants say the dumbest things, too...

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115

We had a couple move into our SFR from New York. The husband was transferred by the Coast Guard. They reviewed the lease before traveling and agreed to it's terms, signing it when they arrived and paying the deposit.

Within the first week they were complaining about not being able to get internet at the home. There are two options for internet, the local cable provider and AT&T DSL. They were not happy with the options.

Next, they asked us to go down on the rent because they found a townhome with a washer & dryer for a lower monthly rate nearby and we did not provide a washer & dryer. They did not like the idea of using a laundramat. We explained that the details of the home were clearly explained in the rental add description. 

They replied that they would probably just move to the townhome, since they would not have to cut grass there either. We then explained that they had signed a 12 month lease and were not on a month to month lease. The husband proceeded to argue with us that they were there on a month to month basis. He finally read the lease and stopped his line of argument. 

The next thing for him to complain about was that there was some dirt in the shed/storage building in the back yard. He was afraid of what might be in the shed and did not want snakes or rats to attack his toddler daughter. The building was empty with a little dirt/dust on the floor. We had someone sweep it out. 

Then he comes up with a story that he was being reassigned to a different office within the same area and and might have to move because he had to be within 30 miles of that office. He probably did not bother to measure the distance, because he was already within 30 miles. 

We asked him to provide a copy of his orders, but he could not do that. He sent a copy of a billet list (sp?), a list of personnel assigned to a location, but still no official orders saying that he needed to be within a certain range of the office. 

We then get a text message that he will be moving out within the week and he needs his deposit back when he hands over the keys so he can move into the new place. This did not comply with the terms of the lease stating 30 days notice by the tenant or the landlord. 

He also stated, rather rudely, that we needed to accomplish this before the end of the month and if we did not, he would go to Coast Guard Legal with the issue.

My wife called Coast Guard Legal the very next morning and explained what was going on. Within an hour, we received a text apology for the rudeness, an emailed copy of a letter from the tenant's commander saying he needed to move, and a request to return the deposit at our convenience.

All's well that ends well, I guess. But it was a lot of extra stress and aggravation dealing with these tenant's barely passing acquaintance with reality. 

Post: Interesting observation with VRBO average rate and bookings

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115

@Matt Donley It took a little longer than I anticipated to get this to you. Here is the spreadsheet I used to analyze a 3/2 condo listed for $199,900. 

https://docs.google.com/spreadsheets/d/1guukgRSG_eCkb-9TAInSB_adsuTjSxzQU7ctya6hwiU/edit?usp=sharing

Post: Interesting observation with VRBO average rate and bookings

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115

I am probably looking at self-managing. From what I have heard form an existing owner (5 condos), local PM companies are charging 25%-30% for PM.

I'll summarize what I have for expenses in a document and share back here later today.

Post: Interesting observation with VRBO average rate and bookings

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115
Matt Donley I am currently researching the possibility of purchasing a condo at Windsor Hills Resort community. We like to visit Disney and the possibility of subsidizing our trips by actually running a vacation rental is appealing. If you don't mind my asking, what resort is your analysis for? Also, if you are interested, I can provide you with costs/prices of most operating expenses that I have gathered for WH. I would be interested in getting a copy of your spreadsheet used to do your analysis.

Post: Getting Comps on a Fourplex

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115

I am looking at a REO fourplex for buy & hold, and I am trying to figure out how would you collect comps for it? There aren't any recent multifamily sales in the area that I can come up with via Trulia or Zillow, and short of getting with a realtor, how else can I find comps for this property?

Post: Share your IFTTT recipe for a new year mitzvah!

Clint Galliano
Posted
  • Real Estate Agent
  • Houma, LA
  • Posts 237
  • Votes 115
Charity Suttles It stands for "If This, Then That". It is a service that automates actions between various different web services & tools.