All Forum Posts by: Michael Breedlove

@Daniel Purcell nice to meet ya. Thanks for commenting. Have you found good success with tenants for your SFH in Metairie? Have you considered other surrounding areas like the Westbank, Slidell, or NorthShore?

@Courtney Fricke nice to meet you! Thanks for commenting. When does the REIA group meet over there?

@James Martin that’s good insight. Thanks for sharing. Yes our 4plex is on the southshore near causeway and Jeff hwy and we’ve been very blessed tenants. I’ve slowly increased rents to get them closer to the market value as well. Have you invested or considered other surrounding areas like the West Bank or Slidell?

@Joseph Cacciapaglia thanks for the input. I’ve done a little small bit of research in BR but, from what I’ve read the rental market in BR is not too good bc there’s an oversupply of rentals and not enough demand for renters. Definitely considering our surrounding areas.

@Alecia Seastrunk thanks for sharing. Are you using a property manager on the MS property? Was that a Multifamily or SFH?

@Sean Morrison great insight. Are there any flood X zones in Slidell?

@Braden Smith nice to meet you bro! I’ve considered venturing out to Slidell or the Covington Mandeville areas but I don’t know much about the Slidell area and NS is in high demand as well.

In your portfolio do you prefer Multifamily or SF?

@Corby Goade

I’m looking for properties that can cashflow either before or after renovating them some. I’d like to do the BURRRR strategy, but haven’t been able to pay cash for a property just yet to start. I guess that’s why I’m considering SF. After refinancing my SF that we live in currently, I’ll have about 75k cash. It’s not a ton, but it’s the most cash we’ve had before buying our other 2 properties. Long term goal is to have enough properties cash flowing to cover our expenses.

Kinda new to investing. In the Greater New Orleans area. A couple years ago my wife and I bought a 4plex. We took out a heloc after renovating and living in it for a year. Then found out we were having twins and already had 2 kids under 4. So we bought a SFR sight unseen bc it was a steal. We renovated it and will be closing on our refinance on Monday.

I’d like to buy another Multifamily property (2-4 units) but I’m in an area where many people are competing for the same properties and the numbers just aren’t working.

My question is, what are some insights for Multifamily vs SF and what are some insights for maybe things like auction.com and sherif sales???

Thanks for any input!

@Mike Wood - thanks for taking the time to post. Yes, when my inlaws got a Heloc a couple years ago, they experienced the drive by appraisal that wasn't too beneficial for their home value. I was considering paying the extra money to have a full appraisal done bc I know it would be worth the expense. The DTI is a good point as well. I just recently have gotten preapproved for a second loan to potentially purchases a SFR and they are allowing me to use some of my current rents as income. But I'm not sure what my situation would look like if I did acquire more debt.

@Anthony R.- you’re right...kids are certainly messy! Ha ha The 4plex cashflows very well for us and once we move out we’ll profit an additional $1,300-$1,400. So, we should be able to continue to put money aside for capex, vacancies, and repairs. But, being a landlord does have its risks as well like you mentioned.