All Forum Posts by: Jay L.

@Brittany Dent Hey Brittany did you ever find a decent HML in Louisiana? I'd be curious to hear your results!

@Mike Frierson Hey Mike, awesome to see another Tiger on the forums! Let me know if you ever want to chat or talk real estate over coffee.

@Jordan Cardwell Hey Jordan, I agree with most of the statements above. It is very hard to make the numbers work in the New Orleans market currently. 

Have you tried looking outside of New Orleans proper, such as the Westbank, Slidell, Laplace, Hammond, or even Baton Rouge? The numbers are a lot more generous in those areas. You might be missing the convenience factor of having a property in your backyard, but most of the areas mentioned are within a 45min drive.

Let me know if you need any help looking!

Hey Holly, welcome to New Orleans! I'm actually pretty new to New Orleans myself, and just became a licensed real estate agent today! There's plenty of resources on Bigger Pockets stick around to read as much as you can :)

@Adrian Smude 

Absolutely. I can't get the numbers to work, at-least for my personal investing goals, without lowering the purchase price by at-least 25%.

I did just come across another interesting property this morning though.

Here's the quick breakdown:

• Class C Building
• 2 Small Apartment Buildings - 20 Units (2 bedroom /1 bath)
• Asking Price: $625,000
• Stated GOI: $132,000
• Stated NOI: $83,688

I'm currently waiting on more details from the broker, but 20 units does seem more intimidating than 8. I'm just trying to soak up as much knowledge as I can.

Wow! What a resource BiggerPockets is. Thank you all for the advice and for chiming in. 

Thank you for sharing that spreadsheet, it's really nice :)

After hearing the much appreciated advice from @Nick Baldo @Devin Beverage @Chris Frazier @Adrian Smude I've decided to pass on pursuing that specific property, but not of my goals of securing my first multi-family property by the end of the year.

PS: That property just dropped to $690,000, so who knows, if it drops into a sweet spot, where the numbers check out, I might have to reevaluate.  

I'll preface by stating that the property for sale is actually two 4-plexes, next door to each other, being sold as a package.

Some details about the property:

• Appears to be a Class C+ or B property
• Each unit has two bedrooms/two baths
• Covered Parking
• Buildings are being described as being well maintained with some updating as well.

Some details about the financials:

• $360,000 for each building - ($720,000 total)
• Stated Gross Income ($63,442)
• Stated Net Income ($56,824)
• Rents ranging from $600 - $850 right now
  • Average Rent per unit is around $660. 
  • Could imagine stabilizing all rents to $850 over the next 18 months, without much issues due to the local market and the area the property is in.

Some details about the owner financing:

• 20% down ($144,000)
  
• 6.5% rate at 15 years

What do you think about this deal??

This is my first question on Bigger Pockets, so please be nice :)

Thanks,

Hey y'all,

I am a new member to the Bigger Pockets site. A friend who is a real estate investor, introduced me last year to this Amazing site, but I am just now ready to jump into the world of real estate investing. 

Real estate has always been a passion of mine, even before I new the term real estate. Even when I was really young (think 9 years old) I would ride my bicycle around the neighborhood, and would take interest in certain houses and would envision ways to improve their property. 

Fast forward a couple years and I was in high school, and I was running my own landscaping company doing small residential jobs. I've always had a knack for improving properties.  Fast forward to college I took a few architectural drafting classes, and in my free time 3D modeled many "dream homes" of mine using Revitt, Sketchup, and AutoCad.

After college I become more involved in the film industry. Firsthand I was able to watch set designers, draw up set plans and then quickly build sets to mimic the interior and exterior of homes and buildings. 

After reading Million Dollar Real Estate Investor and Agent, Rich Dad Poor Dad, Hold, and just most recently audio listening to The Book On Investing With No or Low Money Down while traveling. My plans of becoming a Real Estate Investor have been concreted, and I look forward to using creative financing and the experience of all the member on BP to acquire and hold multi-family properties. 

In additional to my goal of becoming a Real Estate Investor, I am currently in Real Estate school, to become a licensed realtor in Louisiana, and to use the skills and knowledge gained to help people find their dream home.