All Forum Posts by: Jon Lester

Investment Info:

Small multi-family (2-4 units) buy & hold investment in New Orleans.

Purchase price: $250,000

I worked with a buyer that I met here on Bigger Pockets and connected her with a deal in New Orleans on a 4-plex. She's owner-occupying one unit (house hacking), and renting out the other 3. All 3 other units are government subsidized at 125% market rent, and she's able to cash-flow the deal, even at current interest rates.

What made you interested in investing in this type of deal?

Cash flow and appreciation.

How did you find this deal and how did you negotiate it?

Off-market channels before it hit the MLS, so we were able to make the first offer.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the agent who found and negotiated this deal.

Quote from @Bob Stevens:

Quote from @Jon Lester:

Quote from @Bob Stevens:

Quote from @Jon Lester:

Quote from @Bob Stevens:

Quote from @Jon Lester:

Hey everybody,

I wanted to share a really great opportunity in New Orleans for some savvy investors looking to get in on some semi-fast but massive equity opportunities.  This area of New Orleans has historically been a little rough, but lots of big investment money coming in quickly and revitalizing the entire area.  This could be a really great opportunity to buy low and sell high in only a few years. 

Check out the article below for details.

https://neworleanscitybusiness.com/blog/2023/10/03/infrastru...

 I care about 4 things to get my attention.

How much needed, 

Income per year,

Secured how? 

Your relationship with the deal. Do NOT tell me your " partner" has the contract, 

Thank you 

 Check out this post and let me know if you're interested.

https://www.biggerpockets.com/forums/517/topics/1146828-cash...

 It's terrible, why would you even think about that?  It LOSES each month? You are hoping in appreciates, NOT a wise way to invest.  "

Massive Growth Opportunity in New Orleans" 

Come on this is NOT FB, 

Good luck 

 Where are you seeing losses?  It's cash-flowing $423 per month as-is, and one of the rents just got approved to increase on December 1st, 2023.

 Sorry 10000% my bad, I noticed the - next to the 423, but on bottom 423 positive. I hope it gets even better for you, 

 It's the approximation sign, but I definitely see how that could easily get overlooked as a minus sign.  No worries at all.  Thanks for the positive feedback!

Quote from @Bob Stevens:

Quote from @Jon Lester:

Quote from @Bob Stevens:

Quote from @Jon Lester:

Hey everybody,

I wanted to share a really great opportunity in New Orleans for some savvy investors looking to get in on some semi-fast but massive equity opportunities.  This area of New Orleans has historically been a little rough, but lots of big investment money coming in quickly and revitalizing the entire area.  This could be a really great opportunity to buy low and sell high in only a few years. 

Check out the article below for details.

https://neworleanscitybusiness.com/blog/2023/10/03/infrastru...

 I care about 4 things to get my attention.

How much needed, 

Income per year,

Secured how? 

Your relationship with the deal. Do NOT tell me your " partner" has the contract, 

Thank you 

 Check out this post and let me know if you're interested.

https://www.biggerpockets.com/forums/517/topics/1146828-cash...

 It's terrible, why would you even think about that?  It LOSES each month? You are hoping in appreciates, NOT a wise way to invest.  "

Massive Growth Opportunity in New Orleans" 

Come on this is NOT FB, 

Good luck 

 Where are you seeing losses?  It's cash-flowing $423 per month as-is, and one of the rents just got approved to increase on December 1st, 2023.

Quote from @Bob Stevens:

Quote from @Jon Lester:

Hey everybody,

I wanted to share a really great opportunity in New Orleans for some savvy investors looking to get in on some semi-fast but massive equity opportunities.  This area of New Orleans has historically been a little rough, but lots of big investment money coming in quickly and revitalizing the entire area.  This could be a really great opportunity to buy low and sell high in only a few years. 

Check out the article below for details.

https://neworleanscitybusiness.com/blog/2023/10/03/infrastru...

 I care about 4 things to get my attention.

How much needed, 

Income per year,

Secured how? 

Your relationship with the deal. Do NOT tell me your " partner" has the contract, 

Thank you 

 Check out this post and let me know if you're interested.

https://www.biggerpockets.com/forums/517/topics/1146828-cash...

I'm part of a group with GCs.  Shoot me a text when you get a minute.  504.380.2686

Thanks

Hi all,

I have an off-market deal in New Orleans that is currently cash-flowing ~$423 per month.  It's a 4-plex that's fully occupied with 4 reliable, section 8 renters.  The property itself was renovated in 2018.  

Rent increases in New Orleans, year-over-year, so it will only continue to increase.  And when insurance prices drop in the next couple of months, your monthly returns will increase significantly.

Current monthly expenses = $5,164.89

Current rental income = $5,588.00

Cash flow = $423.11

Contact me for more details and a full breakdown of the costs.

I opted out.  I really love the idea of this program, but until it's executed better, it's certainly not worth the money.  Someone from BP reached out to me last week about potentially re-joining, and I told them the same thing.  The number one thing that needs to be done is better vetting.  Right now, they are charging ~$60 per lead for someone to fill out a webform, with no vetting at all.  I had so many of them that were spam, and then I had to type up a lengthy email to get credit applied back to my account.  Too much work for too little reward.

I'm hoping they overhaul it and reach back out to me.  I love BP and would love to test pilot this program 2.0

Hey everybody,

I wanted to share a really great opportunity in New Orleans for some savvy investors looking to get in on some semi-fast but massive equity opportunities.  This area of New Orleans has historically been a little rough, but lots of big investment money coming in quickly and revitalizing the entire area.  This could be a really great opportunity to buy low and sell high in only a few years. 

Check out the article below for details.

https://neworleanscitybusiness.com/blog/2023/10/03/infrastru...

I signed up in New Orleans in April and am having the same problem as everyone else. I was told that the leads would be pre-qualified but they are not at all.  I get so many of them that have not researched the market at all, have not researched real estate investing in general, who never respond to my outreach attempts, or already have representation but want a second opinion.  I read this thread before making the jump, so I was skeptical about the results but hopeful that things had changed; however, my experience so far has not been great.  I will likely cancel my subscription if none of the leads can be converted.  And even if they can be converted, I'm not sure it's worth sifting through them as opposed to working through standard leads.

Quote from @Stephen Keighery:

Quote from @Jon Lester:

Thanks for the update @Braden Smith.  I've been watching Google alerts myself but wasn't sure if this was finalized.  There are still plenty of residential homes zoned in commercial spaces but I bet they will start getting snatched up fast now.  Still a very hot market for medium-term too!

They are coming after Commercial now. There is a public hearing next Tuesday about it but they are looking to bring similar restrictions against the commercially zoned properties in Orleans Parish. I am going to be at the hearing to voice my concern. I have a commercially zoned Triplex and have one of the units as an STR. I am literally next door to a Daquiri store on one side a tailor on the next and the block is full of commercial premises. It would be ridiculous to put a restriction on my ability to STR in this area.

I wanted to make it to that hearing on Tuesday but have multiple conflicts around that time.  I'll be watching for the recaps.  Like most things in this city, it was all underregulated, now will be overregulated, and in a few months to a year will be either be loosely enforced and/or revisited and amended.