All Forum Posts by: Robert Leonard

@Graham Mink  there's no such thing as easy money in this business.

Your screening criteria needs to focus on ability to pay (you have that answer), rental history, financial responsibility, and any character criteria you have that's unrelated to protected classes.

The less you know about the person's medical condition, the less likely you will be accused of disqualifying them for that reason.  Any such disqualification could violate ADA.

@Fred Stevenson while I think you've mentioned some pretty good scientific metrics to consider, these are the things that get complex and the data gets skewed by inconsistencies within the data sets. What I mean by data sets, are the difference from one subdivision to the next within one zip code or MLS area or other geographic boundary used to segregate the data. A good realtor can give you general market trends and even break the data down by smaller segments. Here's a site that provides some general trend data

http://www.batonrougehousingreports.com/

As far as home buyer/renter demand projections go, I think those are a lot more important in new construction/development decisions than in existing housing investments decisions.  You definitely want to buy in areas with solid demand, but those trends tend to change very slowly. 

I think its important to identify decline and avoid areas where that's happening.  Indicators are very visual and easy to spot.  If you notice a significant number of houses that have aged or patched roofs, need painting/maintenance, more cars than parking spaces, cars that obviously aren't running, lots of weekday activity/presence of school/working aged males during school/work hours, low rent rates and recent sale prices are all indicators of decline.  

I found this report and decided I don't even want to consider any properties in 70805 or 70802. Of the 65 homicides in 2013 70805 had 22 (33.8%) and 70802 had 11 (16.9%) for a total of 50.8% of all homicides in the parish!

http://www.redsticknow.com/violent-crime-homicide-baton-rouge/

@J. Martin I for one, would like to hear more about the "oil/gas worker short/long term rentals in Louisiana!"  A lot of that activity happens in my neck of the woods and there's a real big natural gas project not too far from me that's expected to create some crazy demand in the immediate future.  Do tell!

Welcome to BP @Ricky Gibson !  You can add me to your buyers list.  Let's connect and we can discuss my criteria off line. Hope to meet you soon.

Look up "The RING" on meetup.com it's a very active REIA in Baton Rouge that I always recommend to investors in that market!

Thanks @Eric Taylor !

First hand experience is soooo valuable!

Welcome to BP @Fred Stevenson !

I recommend you lookup "The RING" (Real Estate Investors' Network Group) found on meetup.com to meet other local investors/agents in the Baton Rouge market.  It only costs $5 at the door for the meetings you attend and no long term membership expense.  I'm a member of the group and I don't get any kind of kick back for recommending it.  The guy who organizes it is a realtor/investor (Richard McCray) and I'm sure he can help you.

I just bought a property in the BR area and I'm looking to do more.  That deal was made possible by contacts I met at The RING!

@Account Closed look up at the top of this page and click on Marketplace and post there!

@John Thedford I am totally with @Marcia Maynard and @Aaron Mazzrillo on the best course of action here.  NEVER give the money back when you are collecting from someone.

I would recommend a collection course if you find any in your area.  That's where I learned a long time ago, never give any partial payment back.  Even if they try to be slick and write "payment in full" on their check or money order.  All it takes to counter that is three words "endorsed under protest" when you endorse the check/money order.  That's what works in LA.  Seek out and take a collection course - you need to know the legal answer to these type questions for the state you do business in.

@Jeff V. that's a good question for the attorney you have draft your operating agreement - I wouldn't draft one without an attorney.

Not legal advice, but I'll share my experience. I've never had anyone ask me for my operating agreement accept auction.com. I've opened multiple accounts for several LLCs (gotta love keeping track of all of those accounts :-) and the banks have never asked me for more than the articles of organization that come from the secretary of state. Having a partner and/or multiple members of your LLC will probably require more when dealing with the banks and others? You'll usually need a resolution from the LLC that authorizes you or whoever will sign the closing documents to do so on behalf of the LLC.