All Forum Posts by: Damon Aniton

I "feel" like given the fact that not a lot of 3 bed 3 bath properties exist in the area I can land near the higher end of the price spectrum as an LTR, $2200-$2500. And whenever the city gets their act together pulling in 10 days a month as an STR consistently is very doable as well. Anything outside of that would be pure cashflow.

 Well yes there are more.  I was filtering by similar bed and bath which brought it down to 5.  Ill be listing a 3 bed 3 bath unit.

And with the city not giving out permits for STR until maybe April at the earliest than LTR it is.

How has the MTR for New Orleans been. It almost seems like this would be a better all around strategy than the STR maybe.

I am under contract on my first property. A 6 bed 6 full bath up and down duplex in New Orleans. My plan is to LTR 1 unit and STR the other unit. It looks like the STR portion of the plan is on hold for an unknown specified amount of time as the city seems to be waging war on private home owners looking to STR for now.

I am doing a little of my own research as far as comparable rentals in this zip code and see dam near nothing and the hand full, 5 in total, that are listed have been on the market for a month or more. Some as many as 60 days or so. All of which are reducing their prices in the hundreds. I know people do tend to move less in the fall and winter. So the amount of time some of them have been on the market is not terribly surprising. But the low inventory is what has me scratching my head. Is it because this particular area of the city is more rented out to STR than anything else or is there something else I am missing?

@Mike Wood I definitely think you are right. While a 3 bed 3 bath might be ideal for an STR or LTR it does seem like it might be counterproductive as an MTR in the long run. The most ironic part of this entire situation is the house is maybe 5 blocks off the parade route and I will not even be able to capitalize on that until next year.

 Already halfway through the book

 It is a duplex I am in the process of purchasing.  Essentially just waiting for the builder to finish and pass inspection.  I am purchasing it for myself specifically and was planning on the original house hack as just a straight up LTR just to lower the expenses.  The MTR was honestly more appealing to me than say AirBnB as a possible alternative.  Property is a 3 bed 3 bath 1500sf per unit.  With 2 master bedrooms per unit.

My original question is definitely general in nature I suppose.  The concept of MTR was new to me until I went under contract a few weeks ago.  It just seems like everything I hear and see makes it seem like such a no brainer it is hard to understand almost why everyone is not doing it.  I know nothing is ever as good as it seems.