All Forum Posts by: Michael Faulk

@Dan Shoemaker I work for McDonald's as my "day job" and our organization owns 1 restaurant in Jefferson, Texas and 2 in Marshall, TX. I only know a small amount about the east Texas area because I live in Shreveport, LA and only commute there when I am over that patch of restaurants. If you need any information specific about the area that you can't find remotely I can always ask my general manager who lives there. Just an fyi...

As a buy/hold guy...I would love to work together but, I am about 45 minutes away and currently am rehabbing a duplex in my area :(

Good Luck and if you have any specific questions about Jefferson I can try and help if needed.

Good Luck

Michael Faulk

Thanks for the advice guys! I am definitely going to do this for my current rehab.

Thanks so much for your input! I really appreciate it.

Happy thanksgiving to everyone!

Does anyone have any "best bets" regarding Builders Risk Insurance? I purchased a cash property on Tuesday 11/26/2013 and will be rehabbing it over the next 90 days. The purchase price was $39,000 and my rehab budget is approximately $25,000 with an ARV of $106,000. When this property is completed I will take a loan out on it and keep it as another rental in my portfolio.

Questions:

-Any suggestions on carriers to use for these type of insurance policies? (I have a call into my insurance carrier I use on my other properties but, I just wanted to throw out some questions on BP)

-How much insurance coverage do I typically need?

-Are there any articles on BP that dive into this subject?

Any and all comments/suggestions would be greatly appreciated.

Once again Happy Thanksgiving to the BP community!

Michael

"I noticed that you were in residential real estate".... as an agent

Welcome to the BP family @James Bares

I'm in Shreveport doing buy/hold while working a full-time job. There is a ton of great information on the site and really awesome people more than willing to help others. I noticed that you were in residential real estate. BP has put out "The Real Estate Agent's Ultimate Guide to Working with Investors"... I would highly suggest that.

I wish you the best of luck in your journey and look forward to hearing your growth as an investor.

MF

Awesome job @Logan Boyter Congrats!!!!

Welcome to BP John! I'm in Shreveport/Bossier City and am a SFH investor. I have been researching Multi's over the past couple of months but haven't purchased one yet. I have my eye on a 4-plex but haven't pulled the trigger.

If I can help you in any way while you are in Shreveport just let me know.

I am in Northwest Louisiana and may be totally off base in relation to New Orleans. But, I agree completely with @Jon Holdman In the area that I search for my investments I have found Zillow to be very very useful in regards to finding the actual house number. In my area I typically can distinguish some sort of pattern on that particular street. To take it one step further I will plug the number I "think" is the address into the Parish Assessors Website to verify if I am accurate or not and find out who the owner is. If I am in-accurate I just research a little further and maybe look for some sort of pattern via Zillow.

Just my two cents

@David J. Awesome information! I do have 1 LLC set up in the state of Louisiana. Currently nothing is under it (I understand that it is being wasted currently). Should I bring this up to the portfolio lender and see what her take on it is and try to put this unit under that LLC?

@Dawn Anastasi Thanks for the info and your Podcast was awesome! I was actually planning on listening to it again (I typically listen to all of them it seems like 3x because I always end up finding something I had missed initially). Oh and by the way... Dawn do you work at a job other than REI or do you do this full-time? That was one of the things that I didn't remember from your Podcast.

As always thank you-

MF