All Forum Posts by: Stephen Keighery

Interesting, I wouldn't have picked those Markets. I have an STR in New Orleans and we were heavily impacted by regulation. Luckily mine was zoned commercial and so the regulation didn't effect me and actually helped as it greatly reduced the supply in the market.

Quote from @Dave Richard:

Quote from @Jenna Schulze:

Hi! I am starting to become involved in real estate investing and I am looking between two cities in Ohio to purchase my first property (hopefully a duplex). Through my research, it says that Cleveland and Toledo are both good options for real estate investing. Which one is better? Is there a city that's better than both of these in Ohio? I do need a property that is not very expensive, which is why I have been looking into Clevland due to their low selling prices and high appreciation rates. 

I don't like States that people- in general- are moving away from. I prefer new Orleans, for example. 

New Orleans is my market too. I wouldn't recommend it to out of state investors unless they have a strong connection here. The only reason I like it is that I live here and have systems to buy deals under market value. 

There are plenty of flippers making good money here. The market is slow currently and you need to check flood zones and assess insurance costs when underwriting a deal. If you are assessing all markers you will probably find better but if you have some connections or a reason to be here you can definitely flip here. 

Couldn't agree more. My goal used to be to get to 100 properties but I realized that was the wrong goal. I am now focused on ROI, Cash Flow and Equity.

Quote from @David St. Pé:

Hi Courtney, it seem you are bullish on the greater NOLA market?  Just wondering how you feel about the unique challenges NOLA has relative to economy & climate change (insurance), population decline.  

I'm considering a major reno owner/occupied triplex in the Irish Channel, great walkability.  The deal seems to pencil, but the bigger picture stuff makes me nervous. 

Thoughts?

Thanks, David

The Irish channel is a great area. As long as you underwrote it conservatively you should be fine there. 

I am sorry about your situation. I am not sure the best action but I am an investor and wholesaler in New Orleans and would be happy to chat more and see if I can help. I also encourage you not to give up on a real estate. It sounds like this may be a loss but I am sure you have learnt from it. Going forward those lessons will pay you back if you use them to get better. If you just stop investing it will be a double loss. 

It's really not that hard. I have 3 DCSR lenders that I have used for 30 year fixed loans in LLCs over the last year. It's a pretty standard product these days. They will normally have some pre-payment penalties in the first couple of years but if you are keeping long terms that's not an issue. 

You generally need to refinance a portfolio when you deal with these low priced properties. 

I allow pets. It makes your house more attractive and reduces vacancy. It does come with some wear and tear so there is a trade off. I don't think there is a right or wrong answer, 

I don't because of the cost of maintaining them.