New to real estate investing and looking for advice
Hi!
I am new here and new to investing in real estate. I am interested in New Orleans for short term rentals but am out of state - we live in California - Curious if anyone has any insight into this market. Looking to possibly purchase in cash but also unsure if that is the best move. Any advice helps!
Ashley
#3 Short-Term & Vacation Rental Discussions Contributor
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#3 Short-Term & Vacation Rental Discussions Contributor
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Quote from @Ashley Tocco:
Hi!
I am new here and new to investing in real estate. I am interested in New Orleans for short term rentals but am out of state - we live in California - Curious if anyone has any insight into this market. Looking to possibly purchase in cash but also unsure if that is the best move. Any advice helps!
Ashley
Good for you! A good deal can be had most anywhere, New Orleans included. Your main concern in a major city is going to be whether a vacation rental is allowed by code or HOA in the area you are looking.
Nothing wrong with paying cash. You are essentially buying income. I’ve done it many times myself. Good luck !
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Hi Ashley! We are in FL but many of our clients are in CA so it is very doable (we are a property management company). What makes you want to invest in New Orleans specifically? I feel as thought if you are in CA and are willing to go that far you should go wherever the best return is?
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This might be helpful - in regards to investing out of state
What to Consider When Buying Income Properties Out of State (biggerpockets.com)
Good evening. I own both a real estate investment company and a real estate brokerage in New Orleans. Currently, the city of New Orleans has implemented a moratorium on all STR registrations and licenses for the time being.
See the following news articles for more info:
New Orleans City Council passes total ban on new residential short-term rental permits
New Orleans City Council extends temporary ban on new residential short-term permits
See here for info from the city: Current State of Residential Short Term Rentals (RSTRs)
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You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:
https://www.biggerpockets.com/...
(BP search feature can be problematic, so we’ve also added links @ our website under View Cities & Neighborhoods We Service)
Quote from @Braden Smith:
Good evening. I own both a real estate investment company and a real estate brokerage in New Orleans. Currently, the city of New Orleans has implemented a moratorium on all STR registrations and licenses for the time being.
See the following news articles for more info:
New Orleans City Council passes total ban on new residential short-term rental permits
New Orleans City Council extends temporary ban on new residential short-term permits
See here for info from the city: Current State of Residential Short Term Rentals (RSTRs)
This is true but not that is for properties zoned Residential. You can still do STR's in New Orleans for commercially zoned properties (I have 3-plex zoned HU-MU and I do STR for 1 unit and long term for the other 2)
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Narrow down what you want out of real estate, any life you can imagine for yourself can be created through real estate. Just have to be specific in what you want financially and you can tweak your strategy from there
Quote from @Braden Smith:
Good evening. I own both a real estate investment company and a real estate brokerage in New Orleans. Currently, the city of New Orleans has implemented a moratorium on all STR registrations and licenses for the time being.
See the following news articles for more info:
New Orleans City Council passes total ban on new residential short-term rental permits
New Orleans City Council extends temporary ban on new residential short-term permits
See here for info from the city: Current State of Residential Short Term Rentals (RSTRs)
Hi @Ashley Tocco,
I've completed two gut BRSTRRRS that I continue to hold and am a local realtor with McEnery Residential. The short term rental rules in New Orleans are a complete mess.
Braden is partly correct, however, interested parties are still able to purchase commercially zoned STRs (airbnbs).
The current STR Handbook which lists the zones where commercial airbnbs are legal is on page 35 here: https://www.nola.gov/nola/medi...
The city is in the process of completely rewriting the STR rules which they say will be completed by March. I'm not holding my breath.
Why are you looking for an STR in New Orleans?
Please let me know if I can be of further help.
Gratefully,
Oliver