re: Information for my fellow Real Estate Investors

Just got under contract for my first home.
What's the best places to look for homeowners insurance? I would like to shop around, home is grandfathered in for flood insurance which is great but wanted to shop the homeowners to get the best rates. Have a quote from Allstate, quick synopsis of the home/property.
.6 acres fenced in back yard, home is equipped with home security system. No pool or anything like that. 12 year old home 1 owner.
New to the process since this is my first home purchase. Lending wise, so far really like NOLA Lending group compared to other lending companies and the banks quote as well.
Lining up home inspection for this weekend.
Have the 20% down payment but I also purchased .5 acre in a subdivision a few years ago that I already paid off in Youngsville. Wanted to sell that to get the 20% instead of using most of my cash up.
Trying not to list the property w a real estate agent but may have to in the next week or two. Just w social media, have been getting inquiries over the last few days

Thanks any information helps

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Get an agent that you are friends with to make the offer.

Do not let listing agent double up on negotiations, it does not work out well.

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This isn't the case at all in my experience. Just don't be a pushover, often times if you use the listed agent you can knock 1% or more off of their commission. Tell them bluntly I'll make my offer through you for 4% or I'll call my guy for 5%.

NWLA. Shreveport/Bossier

This certainly is a breakneck pace y'all are on. When did y'all start, like 2 years ago? What's your count up to now? I need to find your original thread when y'all got started.

Also, prior to getting into REI, did y'all have any previous real estate/property management experience or are y'all just doing it trial by fire?

Guys that renovate/new build rental units here, is it worth it to pursue a general contractors license?

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stevengtiger

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ok, inspection failed. Things were not even completely installed yet like some electrical and HVAC. so it actually was not ready yet for inspection. somebody got lines of communication mixed up obviously. first time for everything.

ok, everything installed now. I have lined up my inspector for final inspection. Everything is good to go with mortgage company. had to send them a few updated documents this morning. Hopefully we close within a couple weeks now.

yes, one of my best deals yet! Next go around will be two properties purchased so I hit a milestone.

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3 bedroom/1 1/2bath right at 1,000 sqft Needs some light repairs, approx. $2,500 but nothing urgent. Offer price $65K and got it with no counter Rent is currently $1,000 per month.

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Wow, those are some good numbers. Was this a trailer or a house? What kind of area was it in? I would kill to find a deal like that in my area.

Also, why did the owner want to sell if he had a tenant in place paying that much rent?

BUMP- Update

Just had an offer that I signed this morning on the mobile home we rehabbed and put on the market.

Total Cost after rehab: $72,500
Asking price: $109,500
Offer price: $109,000 with some additional items asked for.
- Pay for flood elevation cert. Not in flood zone but most FHA loans require on mobile homes.
- Pay to make sure the home was retro fitted. My inspector told me the home was already retro fitted to comply with FHA loans when we inspected, so a non issue but could have cost around $3-4,000.
- Pay for appraisal and inspection for the buyer.

We countered with everything the same besides paying for the appraisal and inspection. We don't want to be out any cash if they back out.

All in, we will be looking at around $96,500 after closing, inspections, etc. conservatively. $24,000 profit since purchasing in Oct. Probably closer to $23,000 once you figure in interest on the LOC and utilities.