All Forum Posts by: Nicholas R.

what neighborhood? $1600/mo rent across 3 units and "zulu parade route" means that it's very likely central city. $100k PLUS repairs to make $1600/mo is not especially competitive in this market. 

the city is in the process of legalizing/regulating short-term rentals but currently AirBnB is still illegal.

I can point you towards a [decent] wholesaler in the area who might be able to find connections for you. or you could just contact hard money lenders.

also this seems like more of a solicitation than a "success story", might want to post it on a different sub-forum.

honestly, your questions indicate you are NOT ready yet. you gotta read more. there are some really basic things you are not getting. also, it sounds like you don't have much money.

flipping is...hard. even when property values aren't so massively appreciated like they are now. so much has to go right. you need to know your market very intimately, know your costs to a tee, and have plenty of time to coordinate trades.

when people like yourself show interest in flipping in this area, it makes me worried that we are in a bubble....only difference from last time is that you very likely can't GET financing now.

going to be a "flood" of new foreclosures in BR in the coming months.

i wouldnt. just let it dry. I had ****** old pressboard (even more absorbent than your stuff i think) behind the siding in my house in Covington (flooded back in March, and again this time!)...i didn't think it would, but it dried fine and even the swelling went down.

welcome! what is your goal? just sharing ideas, or some actual business collaboration, or...?

 how do you define a "good market"?

you people are greedy, and essentially a scourge. you know you can make perfectly fine returns doing conventional LTRs....but apparently that isn't enough and you want to run an illegal BnB out of your house without any permits.

rent your units LAWFULLY and don't screw over your neighbors, your neighborhood and your city. I am not completely against STR's, but you need to wait until they regulate it. i suspect they are not gonna make it TOO hard for STR landlords...if you are so greedy that you can't wait a little while, then you need to reevaluate your value system.

depending on how much "large amounts" is, i would probably just focus on getting a good job in your field and leave the money alone until you get settled....in nola or wherever you end up going for work.

as for "needing a decent rehab" - this is new orleans. people will rent anything. i had a buddy buy a 4-plex in central city for 35k that was rough as hell but complete. we're both rehab-minded but he got busy so he just got permits to get power on and rented the thing. makes a killing on it. i bought a double last year for 40k in the [upper] 9th ward...needed some work but not much. i had plans to rehab it, but just didnt feel like it. so i rented it out and it makes a ton. you'd be surprised what people will rent, especially if it's cheap. i'm no slumlord - i am very responsive and keep up my places, but these units would certainly qualify as "shabby".

"issues with tenants"? i've been pretty lucky i guess. worst that has happened to me is a late- (or non-) payer that i have to push out and then go in and paint etc. had one eviction and that was in Covington! :-P no real horror stories in 10 years. knock on wood.

eh...not really. plenty of stuff over 1% in new orleans....unless you demand new builds or 100% turn-key. put a few bucks into cleaning up places and you can get 1.25% pretty easy.

but granted - it ain't 2011 anymore. I have stuff i bought back then that gets over 5% and that's without major rehab :-O