All Forum Posts by: John Lewis

There really isn't a way to answer this question without knowing more about you but for me real estate has been a better investment.  The only reason it works though is I enjoy it and have a passion for building wealth through real estate.  If you are looking for a steady return and the most passive way of doing it I'd suggest the stock market but if you are looking for a more hands on investment you can control and create your own wealth then real estate is the way to go!

Welcome to BP!  Check out the podcasts if you haven't already.  I'm a buy and hold investor specializing in short to mid-term rentals for traveling construction and refinery workers.  If I can help you in any way feel free to reach out.

@Bob Mueller Jr. I'm in the same boat as Paul. I rent to blue collar traveling workers getting per diem. My area is refineries but any construction project will require the contractors to be in town for greater than 30 days.

You can try First National Bank. I used the Laplace branch on a $50k loan. I was having trouble finding a bank to do it and they had no issues. Robert Laiche was my banker there.

@Paul Sandhu I'm charging $500 weekly for a 3 bedroom but going up to $600. The hotels are about the same around here and aren't nearly as nice.

I've had good luck with craigslist. I get about $2k per month renting to blue collar refinery workers. For tour area I'd suggest nurses or out of town contract workers. I believe entergy will be building a power plant in n.o. east and the airport terminal is still being built. These jobs last months and the workers get per diem.

I've only seen a few others on this site who are doing this but my STR's are in a more rural area outside of New Orleans where there are a lot of refinery workers. There aren't any regulations and housing is an issue since there aren't as many hotels as a larger city. You can buy cheaper and charge a premium. The people who rent from me are also getting paid per diem so it works out well for everyone.

@Paul Sandhu I've had the same idea for a website for a while now but don't have the tech skills. That's a great idea though. Have you had any luck with it?

Are any of the homes in an industrial type area where people travel for work?  I have some furnished rentals that I rent out entirely to traveling blue collar workers and they're standards are much different than people going on a vacation.

@Andrew Vaught Welcome to BP. I live in Laplace and had the same issue here. I was able to find a 3/2 with a mother in law suite built behind it which is a small 1 bedroom. I was able to fix it up and rent it out. It covered my mortgage and all of the utilities. House hacking is a great way to start but if you can't find something you can find a SFR under market value that may need a little work.