New Orleans, LA · Member since 2019 · 4 posts · 0 votes
Hello BiggerPockets,
I've been doing research on here and other places and decided this is definitely something I would love to do. I've talked it over with my wife and she is on board as well. We haven't completely ruled any niches out but are leaning heavily towards buy and hold multifamily properties. Looking forward to networking with some experienced (that's anyone that knows more than me, and I dont know much, lol) people and learning from them.
Hi @Herman Clark. Welcome to BP and the wonderful world of real estate investing! I am both an investor and a licensed realtor here in New Orleans. If you have any questions I can answer, or would just like to chat about our local market feel free to reach out.
Multifamily rental properties are a great niche, and one that I really like. There are lots of benefits to it, such as having some income still coming in when you have turnover in one unit, and many more. But just like everything else, there are some cons along with the pros.
See the following links for a few good reads on the subject:
As far as our local market goes, we have an extreme amount of competition in our area for all types of investment properties. There are a ton of people out there looking for fixer uppers, value add properties, rental properties, etc. Our area has truly become saturated with investors of all types. I don't say this to discourage you, but to prepare you for what you will face in our market. Many of these properties that investors are seeking will have multiple offers and bidding wars, even the off market deals. It is a rare thing these days to find a deal on the MLS, so you definitely want to seek out off market deals one way or another.
I am an investor and Real Estate Broker in NOLa. If there is anything that I can help you with on your journey, please do not hesitate to reach out. @Braden Smith is correct. There is a lot of competition in the area right now. Do your due diligence and run the numbers. Good luck out there.
@Braden Smith, sorry for the late response. Thanks for all the reference material you've provided, I'll definitely read them. I would also like to discuss with you more about our market