All Forum Posts by: James Babin

Timeline for power restoration has been moved up. Last I heard Entergy is predicting 3 weeks to have 90% of the city back on. Downtown and French quarter will be first to come back on after hospital areas. I haven’t been back yet to check on my home but from what I hear the damage is not nearly as bad as it could have been. This is definitely not Katrina.  The catastrophic damage is outside of New Orleans in areas like Golden Meadow and Grand Isle, all of which I doubt any conference attendees will be visiting. 

@Scott M. The lease does not require us to provide washer/dryer.  
I would be OK with turnover in April as it is the end of her lease and the timing could potentially work out well for me, if she does chose to leave. I would likely move into that side.    The unit I live in now is worth more and would be rent-ready by April, but I am still completing some minor interior renovations.  

Nice work!  Gentilly area if I'm not mistaken?  Seems like there's a good bit of work happening over there.  Mind if I ask how you found the deal? 

Thanks for all the advice.  I think that I am going to offer the following options:

1. Install it in the kitchen 

2. Offer her to purchase the new unit from me and keep it on the porch, and she would be responsible for it if it breaks.  Potentially I could buy it back from her when she moves out if there is no damage. 

3. Let her buy her own units and place them on the porch and be responsible for them if they break. 

@Theresa Harris Yes, at this point I wouldn't mind just letting her put her own units out there. 

@Adam Martin I actually already went that route when the washer froze in February, and the cheap replacement I bought already went bad. 
@Nathan Gesner I agree and would like to take that approach as option 1, however I would rather prevent a tenant turnover at this time.

Sometimes it's difficult to react with reason to someone who is approaching a decision emotionally!  Trying to be as empathetic as possible, though.  Thanks! 

I currently own a house-hack duplex.  The washer and dryer on my tenant's side is located on the back porch (was like that when I bought the place). Five months ago, the washer broke in a freeze and I had to replace.  Now, two days ago, the replacement washer and the dryer both went out. I told her that we will be purchasing a washer dryer stack unit and moving it from the porch into the kitchen, which is the only possible location I can think to put it inside and is directly adjacent to the porch where the plumbing and electrical already is located. 
My insurance has also requested before that I move the units inside.  
I purchased the unit and have it temporarily hooked up on the back porch so she can use it until I can get the plumbing and electrical lines run into the kitchen. 

She is complaining that the stack will take up too much space in the kitchen.  There certainly is enough room for it and laundry in the kitchen is extremely common in older, smaller homes here in New Orleans.  However she has requested that I keep the unit outside until April when her lease expires. 

While I feel for her, I am not comfortable leaving a new unit outside especially when insurance has requested it be inside.  I am torn on how to approach this.  

Any advice would certainly be helpful.  

New Orleans is a great city for your strategy since there are tons of multi family options always on the market. It will be more difficult to find a multi family outside of the city limits since the surrounding cities such as Metairie, Kenner, and the North Shore are predominately single family. However they do exist. In my opinion, cost of entry is extremely high right now and it is very difficult to find a deal on the MLS that will be a decent cash flowing property. Another factor to consider is the age of the home. Most houses in the city are pretty old which could lead to consistently high maintenance costs, so that's also something to consider.
Not saying all this to deter you - there are always deals out there, but it’s a bit of a tricky situation now. Just make sure you are accounting for all the expenses like flood insurance and high capex which might not be as necessary elsewhere. Property taxes in Orleans Parish can also be pretty rough.
Do you have a target budget in mind that you will be able to spend? 

@Nicholas Gambino

My Insurance agent told me that typically when you shop around for new insurance they will inspect the house for new wiring. The absence of 2-prong outlets shows that it is no longer knob and tube. However receipts/photos/proof of work/permit number (if applicable) are all recommended but not necessarily required depending on the insurance company.  
Maybe you could make a receipt to yourself? Sounds strange now that I say it but since you are an electrician you are credible in that sense. 
Just some thoughts. It would be worth speaking to an agent, since it could be different in your area and I am no insurance expert. 

@Nicholas Gambino

I agree with David.  I am in the process of re-wiring my duplex from K&T mostly due to the inability to get decent insurance.  My policy is terrible, and aquiring better insurance will reduce my monthly payments and increase cash flow. I believe some buyers will skip on a property with K&T in a normal market.. Add on the safety factor, it is a big improvement.  

Good luck with renovation! 

@Nathan McBride That's an awesome house hack opportunity!  I'm doing an all-DIY historic duplex renovation myself.  While challenging, it is incredibly rewarding and exciting to continue the story of a home.  I'd love to connect and be able to follow the progress! I'm down in New Orleans but spent my college days at LSU. 

Thanks for the feedback, everyone! I definitely understand that I'm liable for the full deductible, just want to cover my bases to make sure that:

A) Asbestos is removed and replaced 

B) I pay no more than my deductible

The roofer I've selected is willing to take those extra steps, and in fact out of the 6 contractors I've gotten quotes from he is the only one who offered.