All Forum Posts by: Daniel Purcell
Daniel Purcell has started 4 posts and replied 62 times.
Post: New Orleans Purchasing Advice for Shotgun Double
- Rental Property Investor
- New Orleans, LA
- Posts 66
- Votes 41
Brandon,
Glad you are here on BP!
I am always hunting in that area as well as all of Uptown including Broadmoor (hidden gem), Tulane, Lower Garden, Irish Channel, Milan, etc.
Since you are planning on living in at some point, you may want that point to be the beginning. FHA 3.5% down mortgages are available for singles through quads. If its a fixer upper, you can do a FHA 203k which gives the same limits based upon post-Reno appraisal value. The kicker is you have to live in it for a year. Not a bad trade off.
(Also look into the other side being a Short Term Rental as the city is ok with you living in one side and Airbnb'ing the other!)
I recommend @Braden Smith's link on guides and would push you towards using the BRRRR method as it is an amazing way to pull the equity from the reno and turn it into cash for your next property. BRRRR can be explained in detail by the pro's and guys who created the term on BP.
Happy to help along the way where I can!
Post: Is this happening anywhere else....Airbnb is banned in my city
- Rental Property Investor
- New Orleans, LA
- Posts 66
- Votes 41
@Jennifer T. @John Britt
I also live in NOLA and own a quad that we STR 2 of the units with. New Orleans parish is ok with owner occupied STR but jefferson parish (3rd largest in state and directly next to NOLA) doesn't let any type, so it's very common that the rules change city-to-city and county (parish)-to-county.
I use the rule, as many others do, that LTR's rule and use their base income when deciding on properties. If the numbers work with LTR's, then STR's can be a home run for as long as its legal.
Worst case you rent out a furnished apartment on a corporate level or minimum LTR furnished.
Good luck!