All Forum Posts by: Robert Leonard

@Albert Martinez keep networking and you'll start finding them! I've come across lots of them, but the ones I've seen are packages of low value properties. I've seen a few on the MLS too. Those were either snapped up as "presold listings" or overpriced.

How did you decide that you want to find a package deal of properties?

Well @Sheri Fierro disasters do happen.  If you walk out of your house, you might get struck by lightning.  While disasters are always possible, this is not a likely disastrous scenario.  This is an excellent opportunity to use a handyman to save some money for some simple rebuilds.  I would personally do these myself - its that simple.

@Robert Williams described my experience.  Leave filters there and it just saves you from having to bring them when you change them.  Tenants just do not change them.  However frequently you want them changed, plan your (or your handyman) visits to the property.

@Sheri Fierro I totally agree with @Michael Herr , you only need rebuild kits that should cost <$20 each to fix your problem.  When toilets sit dry, the rubber fixtures dry out and will leak when you turn them on again.  The porcelain is fine and doesn't need replacement.  Rebuild should take about 30 minutes each if your handyman is handy.

Hi @Trina Joseph and welcome to BP!

I'm a member of The RING, a meetup group for REI in Baton Rouge and at one of the meetings the following title companies were recommended by several investors: Accent or Legacy Title, then Billy Leach in Denham Springs or Pat Miller were recommended as Title Attorneys

I haven't personally used any of those named, but those were the recommendations from several investors at the meeting.  I hope this helps.

@Cheryl Packham  I've heard of it happening too.  Unfortunately the only time it's happened to me was when somebody was trying to spare themselves the expense of a demolition.

I would use the Michael Q. approach to such a situation.  (I think he detailed it in the second podcast he did?)  Ask if he (the property owner) has a family member or friend who can also be involved in the decision?  Then in the presence of both of them, negotiate the terms of sale (transfer) so there's no accusations at some point down the road that you took advantage of the old fellow in some way.

@Sarah Brown I'm in total agreement with @Colleen F. but I would say, MOST people can't visualize.  They'll see that mess and they can't get out of there fast enough.  Even if you promise that it will all be cleaned up, they have to trust you to deliver that.  Whereas when you show a clean place, they see exactly what they are getting.

That's why I only show my rentals when it is in move-in condition or very near it.  I clearly set expectations when I show a place and say out loud, that I'm looking for someone who appreciates a nice place to stay and wants to keep it "this way."

You didn't say if you are showing it to potential renters or buyers?  If it's a listed property for sale and you are showing it for a client, there's not much you can do.  Especially if it is being marketed as an occupied rental.  If it's a lease listing, I wouldn't show it before its cleaned out.

@Brian Huber I think wholesaling is only impossible where there are no motivated sellers.  I think there are always motivated sellers.

@Matt Skinner 

"Entry level homes here are about $400k and there's always a market to sell them to. I have often theorized that a person who can afford a $400k starter home would be more financially savvy than someone who has lived in an $80,000 home their whole life."

? What?  How does the price of a house prove to serve as a measure of a person's financial savvy?  As someone who's never lived in a house I paid as much as 80k for, that must make me some sort of financial dimwit? ... Bummer!

"One could speculate that someone who lives in an overcrowded and over priced big city knows he lives in a high demand market and what he can get for his house, no matter his luck in life."

I guess that's why they call them city slickers - they are just so much slicker than the rest of us?  Oh, and that's why none of those savvy investors lost money or houses during the mortgage crisis, I guess?

Sorry, but those theories just don't hold water.  Price tags are not a measure of financial savvy in real estate and nobody knows what they are going to get for a house when the fit hits the shan.

Hi @Amy L. and welcome to LA and BP!

I'm just a little ways over here to your West.  Give me a shout if there's ever anything I might be able to help you with!  See you around the site.

Check meetup.com for investor groups in your area.  There's a real good one in Baton Rouge (The RING) that meets once a month on the second Tuesday.  There's no kind of annual dues or long term commitment to join that group, just $5 at the door to cover the cost of renting the space for the meetings.  That cover charge might change they are currently changing the meeting place?  It's a great place to do some networking, when you're not doing it here on BP!

Welcome to BP @Matt M. !

That's a pretty interesting background you have.  It should serve you well!  Give me a ring or shoot me an email anytime I might be able to lend a hand!

WHO DAT!