All Forum Posts by: Clint Galliano

 What Parishes are your properties located in? The company I use, NREIG, just started writing again in some of the northern parishes, but aren't covering large multi-family and are requiring a minimum dollar amount per ft. sq. 

Hey Logan,

          This property is mostly in flood zone X (approximately 7 of the 9 acres), which DOES NOT require flood insurance with a loan.  The remaining +/- 2 acres can be utilized for parks, playgrounds, and/or retention ponds for runoff management.  Please feel free to reach out if you would like more information.

Clint

9 - acre tract is 2 adjacent tax parcels with frontage on busy Park Avenue near downtown Houma. The frontage was once a use car dealership. This property could be developed as a mobile home park, residential subdivision, multifamily complex, or commercial building with access to municipal water & sewer. 

Approximately 7 of the 9 acres are deemed flood zone X, meaning no flood insurance is needed. That leaves approximately 2 acres for retention ponds, parks, playgrounds, etc. 

Click on the link below for more property details.

https://s.paragonrels.com/goto/F7SlJC

Call or email me for more details on how you can acquire this property!

Clint C. Galliano, REALTOR®

985.647.4479

[email protected]

Keller WIlliams Realty Bayou Partners

985.262.4400

There is a company that allows you to put multiple properties on a single schedule at pretty good rates. They charge you by the amount of coverage per sq. ft. and provide you with an optional tenant insurance. BUT, unfortunately, they stopped writing new policies in Louisiana post-Ida. Luckily they have not dropped existing policies. Hopefully, they will start writing new policies again as Ida's impact falls into the past. Reach out & I'd be happy to share when they start writing again.

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@Kevin Parnella What type of property are you looking for? Feel free to DM me or call to talk about it. 

Not an attorney, don't play one on the internet. Unless you have a lot of assets (cash, properties, vehicles, etc.) in your name, you don't need an LLC. Also, depending on how you purchased/own the properties in Louisiana & Colorado (Read: Do you have a mortgage?), the lender may not let you transfer the properties into an LLC if they are in your name.

If you are partnering with someone on another deal, draw up an operating agreement defining who does what in the partnership, how you will wind down the partnership when you both decide it is time to get out, how ownership will transfer if only one partner wants to leave the partnership, and if a partner can sell their interest in the partnership to an outside party, then get with an attorney to set up an LLC for that business.

Welcome to BP @Tabitha Harris! Read everything real estate related, books, the forums, everything. The podcasts help, too. 

Congratulations on working to get your real estate license! Please feel free to reach out if you have any questions regarding that!

Depending on the laws of the state you are in is the first caveat. Your realtor probably has been or should be assisting your negotiations and advising you on the process and possible outcomes. I operate in Louisiana and our DDIP (Due Diligence & Inspection Period) ends as soon as we submit a Buyer Response to Property Inspection. But that only means that we can't do any other due diligence after submitting the initial response. We ask for repairs to be made by the seller, if indicated & supported by the licensed home inspector. The seller has no obligation to make said repairs but can respond with the following options: Make All Repairs, Make Some Repairs, Make No Repairs, or Offer Cash in Lieu of Repairs. Depending on how the sellers respond, the Buyer then has the option to accept the Seller's response and elect to proceed towards the act of sale or elect to NOT proceed towards the act of sale. 

@Patricia Sander In your situation, this inspection is your opportunity to negotiate for what you want. Don't let any emotions you may feel cloud your judgement on this business investment. I am not familiar slate roofs, but from what you described, it sounds like a patchwork mess. Embrace the negotiation and stick up for what you want. Seller doesn't want to replace the roof with a quality roof installed by a licensed professional. Let the deal die and move on to the next one. 

I would think that as a part of the purchase agreement, if you do not provide the EMD, the agreement becomes null & void anyway.

@Troy P. I'm not an insurance agent and I don't currently have an umbrella policy, but I am strongly considering one. The idea is that the "Umbrella" covers everything that might result in a claim against you. It's another avenue towards asset protection.