Metairie, LA · Member since 2016 · 74 posts · 16 votes
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???
Investor · New York City, NY · Member since 2012 · 332 posts · 385 votes
6y
Go for the multifamily unit, the economies of scale will pay off in the end and it's also less likely that you will receive zero rent in any month. With a SFH you can expect a month of vacancy every year or so and a broker/management company to charge you another month to find a new tenant.
@Courtney Fricke nice to meet you! Thanks for commenting. When does the REIA group meet over there?
Hi Michael, research Northshore REIA online. We have been knocking out some great free webinars online and will start meeting back up in person on July 14th in Covington. Say hi if you get a chance to attend one.
Rental Property Investor · Crestview, FL · Member since 2019 · 56 posts · 21 votes
5y
@Alecia Seastrunk
How has been your rental properties been doing in Gulfport with covid? I been looking for something in Slidell for rental because I know the area better and rents are still very reasonable. I’m always searching for good deal but maybe I need to find an off market one. Let me know you have any connections.
Rental Property Investor · Crestview, FL · Member since 2019 · 56 posts · 21 votes
5y
@Courtney Fricke
Hi Courtney, would love to know when next meet up or webinar is happening. I've had really good success with cash flow on my 2 SFH in central Florida, so I been mostly checking there. But I been now living in Nola area for almost 4 years so I would like to tap into this market.
Hi Courtney, would love to know when next meet up or webinar is happening. I've had really good success with cash flow on my 2 SFH in central Florida, so I been mostly checking there. But I been now living in Nola area for almost 4 years so I would like to tap into this market.
Hi Guillermo, I am sorry that I am just now seeing this. We just had a meeting last night. Our next one is 12/8/2020. If possible, I would follow Northshore REIA on F B or meetup app to be updated on new meetings. We meet the second Tuesday of every month in Covington and are now back to being in person.