All Forum Posts by: Andrea E.

Hey @Braden Smith, so your contractor works with independent contractors and not a plumber or electrician that is part of a larger company? 

My contractor does have a team, however, he is always open to recruiting new talent. That's why I like working with him. It keeps everyone honest and competitive. I couldn't imagine working with the same people every time and never looking to see what additional talent is available. 

I also couldn't imagine not sending guys you respect more business. Surely they would prioritize your biz partner if they have such a great relationship.  What if your clients didn't want to refer anyone your way because they didn't want to share you as their realtor? That's just my opinion. There are plenty of great people in Nola, so I'm sure I'll have my "team" in no time. 

Thanks for all the input! :)

Hey @Braden Smith, would you please share your plumber and electrician contacts? Do you use the same people every time? My contractor has some people he uses but is always open to referrals. I will be starting plumbing and electrical work the week of June 25-29, so I need to nail down my guys this week. 

Thanks so much for sharing the updates on the STR changes. How do you keep up with the changing news? Do you read a certain paper every day or subscribe to certain newsletters?

@Tj Jieff I've been working with Movement Mortgage. My realtor and some other people recommended Raul Vasquez, and he has been great. He answered all of my questions, provided recommendations, and has been integral in getting this house closed in 14 business days. It would have been sooner, but the delay was on my end. He actually presented a few loan options for me (like 4-5) and helped me land on the 203k streamline once I found the house, and we ran the numbers. 

The streamline is max $35k for renovation work, and no work can be done on the structure of the home. So it's great if you want to upgrade the house and update plumbing and electrical. The streamline does NOT require a HUD consultant, which allows the home to close much faster and with less red tape.

If I recall correctly, I can refi after 6 months in the home. Doing so would allow me to remove the PMI. I probably won't refi for a few years though.

Thanks for the STR suggestions! I will be looking into my STR options after this first year.

Hi @Tj , thanks for checking in. It's still going! We had a delay getting final estimates for Reno work, which delayed the appraisal order (I'm doing a 203k streamline loan). I got the appraisal yesterday, so we should be closing thur or Fri next week. 

The area my house is in is great! A perfect blend of recently renovated homes and older homes. Most people on my street are older and retired, so it's quiet. I've seen families with young children taking walks around the neighborhood, and I know of a few young professionals who live in the area.

I do want to do STR eventually, but right now, I'd like to get a long term tenant in the house to better assess the STR market. I've been living in Algiers Point for the last 4 yrs, so I'm not very familiar with the ebbs and flows of this part of town.

Also, I want to limit up front, out of pocket costs for now, and an STR would require a lot of cash to furnish the place.

HI @Braden Smith, thanks for the reply!

The property was listed. On the market for 20 days. I do have a realtor helping me. I'm not the type of person who takes just one person's advice on something. She has provided her input, and I weigh her recommendations with the other recommendations that I get from other trusted sources. 

I got the home inspection done on Monday with House Call. I was very impressed with how thorough my inspector was, in addition to how well he answered all of my questions while I followed him through the crawl space lol. 

You are spot on about the lack of insulation. It has ZERO lol. It's a raised shotgun duplex. I don't know much else regarding "style" of home. 

After speaking with a few management companies, I agree with you. What are some good systems to put in place if I manage on my own? Should I contract out the maintenance to a management company that offers that service, or build my own team? Paypal/Square/Venmo for rent payment? What about 24hr emergency contact? Any good NOLA recommendations? 

There was some water damage in the owner side bathroom. The water issue was fixed, but it left a soft subfloor. I didn't know exactly where this subfloor repair was when I wrote the post. The inspector was able to let me know after the fact. There is some old termite damage that the inspector said can be easily repaired. 

Wow, that's definitely a lot of damage repair you're working with! More than I would be comfortable handling right now lol.

The rental side back porch was closed in by the owner. He did not get a permit to enclose the porch area. So I will need to open it back up or get it up to code and get a permit. 

I have a pipe video inspection on Thursday, and my contractor coming out to give me an estimate on the work I want to do. My loan officer said we can shoot for a June 15 close date! Wish me luck!

Hi there!

So the sellers accepted my offer!! This is my first home, and first multi unit property!!! 

The short of it is that I am looking for inspectors for mold and sewer pipes for sure, and am contemplating adding in asbestos, lead and an energy audit. The home was built in 1958 and it is very important to me to (slowly) renovate this place to be eco-friendly and energy efficient before I'm done with it. I am also interested in looking into a property manager, or getting your input as to whether that is necessary. I am looking to close ASAP, so if you know inspectors who can come out tomorrow (yes, Memorial day), I would love you forever. I'll already be there in the morning with the home/termite inspector. 

If you can offer up referrals based on the above info, post below. If you want more info before posting, keep reading.

It is a duplex in 70118 (Leonidas), and has a converted shed in the back with a kitchen and bath. However, the shed has been used as a tool shed for awhile, so it will need a full renovation. The two main units of the house look great, but just dated enough that I have a lot of potential in increasing the value with minor updates. The owner side is a 3/1 with w/d and the rental side is a 2/1. It will need some subfloor repair in a couple of areas, and the enclosed porch in the back of the rental side does not have a permit. I'll be working to get one for it. 

Any advice as I move forward? They accepted the offer today, so I'm trying to stay on top of everything. If I am living in the owner side, is a property manager necessary? 

Thanks so much!

NACA does $0 down payment, $0 closing costs, No PMI, for owner-occupied multi-family up to four units. HOWEVER, you must have ZERO timeline for closing on a house, below expectations for customer service and competency, and definitely do NOT think that they will approve you for mortgage amount even close to the value you could get otherwise.

If you're wiling to suffer through, then you have those benefits at the end of the day, and at least you have your foot in the door of real estate.