New BP Utah Investors Looking to BRRRR in Utah and New Orleans

16 Replies

Hello All!

My wife, Yvette, and I are new BP members located in Alpine, Utah. I am a real estate/business attorney in Utah and my wife owns a Gift, Décor and Antique Shop. While we currently rent out a legal accessory apartment in our basement, we are looking to grow our portfolio of SFH and small multiplexes through the BRRRR method. We love the thought of renovating run-down homes and bringing them back to life!

While we are located in Utah and would love to invest in Utah, Salt Lake, and Washington Counties, we recently took a trip to New Orleans, Louisiana for our anniversary and fell in love with the area. Given the current Utah real estate market we are planning on concentrating our efforts in New Orleans for our next investment.

We would love to network with BP members in both the Utah and New Orleans real estate markets, but also enjoy connecting with anyone who would like to connect. We are always willing to answer any questions and add value where we can and look forward to being part of the BP community!

Sincerely,

Matthew and Yvette

Hi Matthew! Welcome to the community. Originally from Utah and would be interested in investing there too, but have heard the real estate market has really gone up recently. Look forward to connecting with you. I am also interested in multifamily homes. I am still trying to narrow down areas to focus on.

Have a great day!

@Matthew Jones

New Orleans is great. My wife’s family is spread between New Orleans and Baton Rouge. I know the area fairly well but have yet to invest there. We have wanted to try Airbnb so when we visit we don’t have to overrun our families home. One thing to considers in New Orleans is to make sure you find someone you really trust to work with and make sure you are 100% familiar with the area you are investing in. One can be in a A/B class neighborhood on one block of New Orleans and in a D class neighborhood on the next block. I know this is typical in many cities however figured it was worth a mention. Such a cool city!! Good luck 

@Matthew Jones

You’re correct. We really love the magazine street area and because home prices are fairly expensive in that area the only thing that made sense was to Airbnb. Unfortunately, it has become difficult and I didn’t want to take the time to dig into it. 

The New Orleans City Council recently voted on STRs and passed new legislation for them. The new rules limit short-term rentals in residential areas to owner-occupied properties only (must have a homestead exemption in place), places caps on rentals in commercial and mixed-use buildings, and bans them outright in most of the French Quarter and the entire Garden District.

See these links:  

https://www.nola.com/news/article_c390da62-ba00-11e9-b876-237e289ed3ef.html

https://www.wdsu.com/article/new-orleans-city-council-approves-new-rules-for-short-term-rentals/28639928

https://www.nola.gov/short-term-rentals/

@Matthew Jones I've just started looking in this space, and I'm looking to close on my first deal. I cold call a list of existing storage facility owners to see who is interested in selling. There are fewer people in this space, but there are also fewer potential deals (unlike houses which are everywhere). Also, the laws are a lot more in favor of the property owner than in residential since you don't have to worry about evicting someone from the place they actually live.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you