All Forum Posts by: Aiden Harris

@Frank Mirando I’m not seeing an issue. I did this in college. I was a goofy out on his own sophomore, who was concerned about cash flow management. I didn’t want to end up being short on rent ever, so I wrote the property management company 12 months up front. They were skeptical at first, but after explaining my situation they permitted it.

@Robert Leonard thanks for the reply, it seemed sort of inapplicable and hogwash-y to me.

@Braden Smith hey sorry, last question! I’m trying to class the house & neighborhood. It seems tough to do in New Orleans because new construction is less common and the classes seem to rely on that to some degree. I’m thinking it’s B/B+.

@Braden Smith thanks for the reply! I’m pretty excited. Grew up in Carrollton and now I’m moving out to mid city. Lakeside near the Midcity market and all that. Lovely location. I’m looking forward to the challenges and rewards.

I’ll admit screening this deal on a lot of other sites (reddit), a lot of people told me it was a financial death wish. But I know Orleans is a really strong renters market with almost constant demand (for good and bad reasons).

I think the best part about the deal is, I love the place I’m buying and happily see myself living there beyond the one year, if need be.

@Nick C. Thanks for your response, I have gathered that cozy is pretty good for pre screening? Louisiana requires 10 days notice on m2m. I just don’t want to get too burnt on the turn. Plus side is, I did turn one summer in college on a huge college complex, so I know how to get in & out fast.

Hey all first time poster/long time browser,

I'm closing next week on a shotgun (duplex @ $2600/month mortgage) next week. Each side is a 2bd/1ba, with full kitchen, in unit W&D, front porch & backyard. Really lovely place. I did this through the FHA program, did 3.5% down. I plan on owner occupying one-side to satisfy the fha requirement, and I have carry over tenants from the previous owner (Who are great!). They've verbally agreed to a rent increase to 1400 for their 2bd 1ba unit, and I've got the contract coming together for after closing.

The only hitch is they are in the market for a home, but they could not afford to buy the place they currently live in that I just bought. Real estate is pretty pricey here in New Orleans, and I suspect it won’t be a quick occurrence. But it isn’t possible they find a place in a month & close.

Basically, how do I mentally prepare myself for their potential moving? I wanted them to go long term but they seem more set on going month to month time being and agreeing to the rental increase (12%) to a monthly rent of $1400.

Side note: this property would cash flow if I was not occupying the other side. As market rate (based on comps) appears to be $1500 (appraisal stated) per unit.

Thanks in advanced for your time.