Hey, I live in New Orleans Louisiana and I was trying to get some information on investing in multi unit apartments in the kenner or Metairie area, how do you guys feel about the market out here? any ideas on what the insurance rates look like on a 3 unit building?
It is very hard to get good deals in Metairie and Kenner AND the competition is fierce. I got tired of working out there and came on in to the city a couple of years ago. Definitely more money to be made here. That said, Metairie and Kenner are good places to buy and hold for income and multi units are the way to go. If the numbers are right, it's the income that can make up for the lack of discount on the acquisition.
We are all being raped here when it comes to insurance. Your flood probably won't be so bad out there but the Hazard is going to make you want to cry. Nothing we can do about it though, just got to work it in and still try to make some money.
I second what @Kimberly Jones said above!
Thanks for that piece of info. I've been looking for MF 2-4 and the prices at least to me seem to be at a premium. Even in some of the more questionable areas. Has there been a lot of appreciation in the Metairie/Kenner MF's?
I know y'all say it's tough, but there are some properties in the Kenner/Metairie/River Ridge area that make sense to me. I'm working with an investor right now with two triplexes that I found for him. Some of them you need to look past the current price and rent to see the potential rent that it could get to easily, others you have to know the situation of the seller to see how much lower than asking they will probably accept. It seems everyone is wanting to overprice and hope someone bites, but are willing to accept well below asking. Also, some of the public schools are picking up, so the families want to move into the district to avoid the private school prices we all love. I little more expensive rent is still cheaper than tuition. This is the same reason I hold on to my SFR rentals in Zachary, which has the #1 school district in the state.
Thanks for the info guys well appreciated.
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