All Forum Posts by: Clint Galliano

@Ryan Steven Taylor I would have to say your experience is the exception. Most properties in Louisiana sell without the mineral rights & the sellers, at least the ones that haven't had the property in the family for 80+ years or so, usually don't have them either.

And especially around the Shreveport/Bossier City area, I would not expect anyone to sell the mineral rights if they have them due to the proximity to the Haynesville Shale.

This will not lead to drilling on your property, but they could easily drill a well 3, 4, 5 miles away and access gas a couple of miles below your property.

You may have missed out on a deal, unless your specific purpose was to acquire mineral rights.

@Adam Zach

In my experience, it varies. I'm not a licensed engineer, but have spent the last 27 years in an engineering-type job in the oil & gas industry. I think it goes back to the numbers as to why you as an engineer like REI. I know that is part of why I do.

@Jacob Coffman My rentals are mainly in Thibodaux, with one in Morgan City.

I generally use contractors, but do some work myself.

Congratulations, @Jacob Coffman! Where is your rental located?

Any more Quick Tips?

@Woody Daigle, 

           The 45 days starts at the point that the first payment is late. They have the 45 days to become current. After 45 days, the property reverts to you and the Bond for Deed agreement can be canceled. I would suggest either contacting the attorney who did your BFD paperwork or message me for an expert contact. 

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

@Sean Tippens Based on this experience, set up a rule/work method for your PM... Have a handyman or general maintenance person available, (read: lower cost per hour), to check out stuff like that. If the maintenance person can't fix it, then they can call out the $75-$120 per hour minimum "big guns".

@Kera McMiller

Some people use insurance brokers and others use companies tailored to investors.

When we were rehabbing one of our rentals, we used a builder's risk policy. It was a steep premium for either a 3 or 6 month policy.

Since then, we use a company that puts everything on a master policy, so we can add or remove options as needed.

@Abigail Nalbandian

There should be no additional taxes. Contact either a title company or real estate lawyer to assist you in getting it transferred properly.

DISCLAIMER: I am neither an attorney nor a CPA, and I don't play one on the internet.

Welcome to BP from Houma!

Make sure to listen to the podcasts, set up keyword alerts for the forums, and educate yourself as much as you can.

Also, find a local REIA to network with like-minded individuals. You can learn a lot there, also.

Regards,

Clint C. Galliano