All Forum Posts by: Andrea E.

@Adam Broussard, I know a few that work for Stone Pigman. 

@Adam Broussard that's wild. I'd probably start by taking my complaint up with the FHA consultant's supervisor. I bought my home with an FHA 203k streamline loan and the fact that they kept the money is what literally saved me. My contractor tried to act like he couldn't continue the work without getting more money (in a streamline, you get 50% up front and 50% upon completion). Because the money was with the lender and out of my hands, the GC had to just figure it out and finish the work. I was also able to make sure EVERYTHING I wanted completed was completed because I was responsible for calling the consultant to come review the property when I thought it was done.

Obviously, you are well past this point, but if the work was not complete and the consultant signed off, then liability points to them at this point. It may be worth your time to at least get a free consultation with a real estate attorney

@Mike Wood Thank you! That is very helpful. 

Hi y'all,

I'd like to replace my fence to a multiunit I own, but I want to confirm my property lines first. I have reason to believe that one of the fence lines is further into my property than it should be due to a tree being in the way. How can I confirm my property lines? Is there an online database I can use to look up my property? 

I don't know if I have my deed or anything yet (I'm searching for all the papers I received at closing). But even if I got access to the plat/deed/etc, how can I accurately measure?

Also, I went to the city of new Orleans website and read every permit they had and didn't see anything about needing a permit to replace a fence. Am I correct about this, or would I need to get a permit? If so, which one, because I didn't see anything that matched such a description.

Thanks so much!

Congrats Darryn! I bought my duplex in 2018 using an FHA 203k Streamline loan. They are great because they allow you to roll in renovation money into your loan. I think I put a total of $10k down (that's closing costs and everything). I was able to do up to $30k in reno work. The streamline only allows for cosmetic fixes. Nothing structural. There is another loan for that, but their closing process takes longer, and I didn't have the time.

On the day I closed, before a single day of reno work had begun, my home had already appraised for $90k above my purchase price. I currently airbnb the other side but may transition to month to month furnished leasing due to the lack of tourism lately. 

My biggest piece of advice is to secure a TOP NOTCH team before you even start looking for houses. Do your research and ask them ALL the questions. Only work with realtors and lenders who are very experienced with FHA loans. Find general contractors with a proven track record of quality work and positive reviews. For 203k loans, they get half the money up front and the other half when the job is done. If your contractor can't float the funds for the project, then RUN.

This was a major learning experience for me. Unfortunately, I didn't have the best team and ended up feeling like I was doing everyone's job for them, while they collected the commission check. Lesson learned. Still looking for a GC I can trust....

Goodluck!

Hi @Mike Wood, thanks for the comment. Like I mentioned, the $2000/mo would only be if I rented it long term, furnished, and all bills included. Even if that still put it on the higher end, I would be ok with that, as long-term renting is a last resort for me at this point. 

I am within 2 miles of Oschner Health System (#1 largest employer in NOLA), Oschner Medical Center (#2), Children's Hospital (#5) and Tulane (#6). Like @Emily Coia mentioned (thanks for the comment!), I would be looking to rent to people in the health and medical fields, in addition to grad students or temporary corporate professionals. 

Emily, I think we're in the same area. I'm about three blocks to the west of Carrollton. Would you mind if I messaged you to pick your brain a little more on how to list and rent independent of platforms?

Hi Jennifer and Kimberly, 

Thanks for the advice! Sorry i missed your message earlier, Jennifer. I haven't gone in person yet, because I don't have a car and I'm a full time law student, but I had a feeling that I'd need to show my face. The first issue was that my homestead did not process before they checked, so they just denied me instead of asking for proof of filing. This time, they're saying I'm missing an electrical permit (but not an issue last time?), which I got the inspection the next day and showed proof, but again, they don't see it in "the system" and want to deny me again. 

I've been applying since Aug 10. 

I'll definitely look into the options you both recommend. If i have to go with a realtor, I'd rather choose a full management company so they can do the cleaning, hosting, etc as well. At the very least, I need a good, reliable housecleaner.

Thanks Braden! Yea, I have set aside the long-term rental option. I could not make enough going that route to recoup the money I've lost over the last 6 months. Also, with it being furnished now, I have no desire to unfurnish the property. 

I'll see if I can find any brokerage/realtors in the area.

Hello all,

So I bought a duplex uptown (good side of Leonidas area, to be exact) in June 2018. I renovated it and listed one side for long-term rental, but missed the wave of Tulane/Loyola students (I live on the other side). I decided to pull the listing, furnished it, and applied for an STR license to airbnb. Needless to say, the city has dropped my application twice now, for reasons beyond my control. While I wait to get that sorted out, I will not rent short term illegally, so my only options are renting for a minimum of 30 days or more.

I was looking into doing corporate rentals. There's a site called "corporate housing by owner." You pay a yearly fee and, depending on the package, you get so many photos, they'll take photos, video, and guarantee a booking in your first 30 days. 

My question is, does anyone have experience with corporate rentals in NOLA? Is it a profitable business? I have a 2bd/1ba shotgun. One covered parking spot, one off-street parking spot (I have no car), dishwasher, washer/dryer, gas and electric, high-speed internet, keyless entry, etc. Similar houses I've seen listed range from $2100-3000+/mo. If I can get $2000, my mortgage would be paid, which helps me out a lot. 

I'm really at a loss right now as to how to start making money on my rental side. The other option I'm considering is offering month-to-month or 3-6 month leases furnished and all bills paid for about $2000/mo. 

Whatever the solution, I can't keep paying this full mortgage by myself for much longer. If you have personal experience with any of these things or have website recommendations or other advice, I am all ears. 

Thanks!

I know you are in a different market than I am, but I just purchased a duplex in New Orleans with window units. At the moment, I am only working on updating plumbing and electrical, as well as removing the carpet and refinishing the hardwood floors in the rental side. I'm adding a dishwasher to both units and a washer/dryer to the rental (the owner side already has them). That alone gave me an appraisal value $92k ABOVE purchase price. 

I love window units because you have more control over your utility bills. There is always more value for central air, but figure out if the cost to install outweighs your return. Here in New Orleans, window units are very common, so they do not affect rental ability. 

Good luck to you!