All Forum Posts by: C. Burris

The problem with 5% is that it's going to increase exponentially. Look at the cpi index history and the area. Keeping the rental occupied is what counts.

Removing the popcorn ceiling is no fun task. The prices don't sound all that bad. I suggest offering a painting allowance in the offer.

Well it sounds like through it all you are still making okay money off of the property. Tenants are tenants. If you were not making money I would say it was going really bad.

I don't know if this allowed so someone say something, but trying to get very nice bus cards can cost an arm. My fiance got me on Vistaprint.com. They have good stuff. They are always pushing free stuff. I didn't go there for that part. The products are top notch. I have no affiliation with them btw.

The Tax Asssesors office is going to be fun and overwhelming. Here we have it packed with land men lately. DO NOT be afraid to take someones time there. Get help and use it. Trying to do it yourself will waste an enourmous amount of your time.

QFT.

Doing it yourself it much more cost effective. You have to give these sites all of your info anyway. You could be using that time to type your information directly onto the forms. Lawyers here charge $1200, but that's my problem.
One other thing I have heard of is filing in Delaware. Anyone hear about the benefits of that?

That seems really fraudulent. Just because it's legal does not make it right. If you can't start from scratch and have good rapport with the community you are working with you don't have a chance.

Just do the math and see how long it takes to acquire 10 properties paying them off one at a time. Even without taking a dime out of the business you will still take a lifetime to have 10 properties. Math can answer most questions we have.

One other thing to consider is the mineral rights. Hey I never thought that I would get a letter asking if they could lease my mineral rights. A third of an acre in the middle of town. I think the final bonus offer will be $9k plus 25% royalties. When has a stock just up and decided the desk that it is sitting on worth money also?

Thanks, I am a little nervous about all of the forms and licenses that have to be had in order to do business. It's a bit complicated. Hopefully the local SBA will lend a hand.

Oh, what to cover. I'm 27 and live in Shreveport, Louisiana. I have owned my own house for 2.5 years. I have a very good job in sales and I am financially secure. The housing market in Shreveport is good and I became interested in becoming a landlord. I spoke to a few older friends that own 30-300 properties. I always assumed that they owned the middle class homes. I was dead wrong! When we started to discuss the homes they owned, I was taken back with how small they started and continue to invest. I was planning on being modest and keeping my investments below the $75K number. Realize this is Shreveport, my house was purchased for 127K (3br,1.5bath, 2 car garage) so $75 seemed bottom of the barrel. To my surprise he suggested $15-25K. Wow, that changed the game. Margins on the 20k home is the same for a 100k home here and you have much less invested.
As of now, I am in the planning stages. LLC paperwork and all other gov't paperwork being set up. I will file and begin investing Nov-Dec. I know it's always something, but I'm getting married soon and I want her name on the paperwork along with the fact I will then know exactly how much cash I will have to work with.