All Forum Posts by: Harry Asnien

Adrienne Jordan , are you still buying in New Orleans? I may have a property you’d be interested in.

I’m about to sell a duplex that I live in and rent the other side out. How is that handled from a 1031 perspective? Can I 1031 the gains from the rental side but not the primary residence side? I have only lived in it for a little over a year, so a personal exemption on cap gains isn’t possible. Cheers!

This income generating duplex is located in the heart of Uptown New Orleans. Within steps of Tipitina's, Magazine St, parade route, and breweries, this house basically rents itself out. 

The newly renovated (paint, floors, foundation, and more) cambelback duplex has two units (3985-3987), side by side; a two bedroom with a non-shotgun layout, and a large two bedroom with camelback. Each has an in-unit washer/dryer, dishwasher, and has been renovated within the last year. One side is currently rented for $850/month and estimated gross rents are $1,950 per month!

With a tons of development happening on the Tchoupitoulas corridor, the options for this multi-family house are endless... ideal for long term rental, owner occupant, or a SUPER vacation rental. Call or text today to schedule a showing! 504-507-0703

Keywords: NOLA, New Orleans, Louisiana, LA, Uptown, Irish Channel, Riverside, Duplex, Double, Multi Family, Buy and Hold, Income Property

Is it a single owner LLC? If so, your general liability from your personal residence (if you have one) should cover vacant land, you'd have to check with your insurance agent though. Also, depending on the value and coverage, you may want to get an additional umbrella policy.

Property taxes can be looked up or estimated on the Orleans Parish Tax Assessor's website quickly. A call to an insurance agent can get flood/insurance rates (you can roughly figure $3,000 for a 250,000 property but it really depends on elevation and area). 

I started a few years back before it got too competitive and found a double I wanted to live in and rent the other side. I didn't know anything about real estate, but I wanted the other side of my house to cover my monthly mortgage, taxes, and insurance for the whole house. That let me live almost for free and save money for other investments. Now, I've moved into another double that I've fixed up and the original one is cash flowing nicely...rinse and repeat. 

Good luck!

@Rogers Smith I'll echo the other people on here, thanks for sharing the process and photos!

What was the timeframe for the build out from purchase of the land to construction being complete? 

If you list the property, you'd get a 6-10% commission. If you're able to buy the property at 20-30 cents on the dollar, you stand to make a much larger profit. 

My profits on land deals are mostly between 300-500%.

I do alot of direct marketing for land, mostly to buy and resell though. I've had alot of success with postcards to the owner, but you may have good luck with professional letters as well explaining how you'd like to help them. Why not buy the lots and resell instead of listing  @Luke McCann?

Nice pick up Stephen Hundley ! Should be a nice quick flip. Persistence definitely pays off in direct marketing. I've been mailing for vacant land and have had people call me a year after getting my mailer. I'm hoping to start mailing for houses soon, once I wrap up a reno of my own in Nola.

Thanks @Shane Jeanfreau! That'd be great.