Newbie interested in REI in New Orleans, LA

Newbie interested in REI in New Orleans, LA

New Orleans, LA · Member since 2019 · 12 posts · 6 votes

Hi all,

I recently joined BP after hearing it mentioned numerous times on the "Mad Fientist" podcast and after reading @Scott Trench's "Set for Life." I'm a complete novice when it comes to REI but from what I've seen so far, BP is the place to be to get started. I've spent a little time exploring the forums, blog, etc. and figured if I'm going to make any progress, I need to introduce myself and start networking.

I'm in the New Orleans, LA area and know I will be here for at least the next 2-3 years minimum. At present, my goal is to get my financial house in order and build up sufficient capital to invest in my first house hack (likely a 2-4-plex). While my training is as an academic research scientist, my dad was a "jack of all trades, master of none" so I've got a very small background in some DIY areas and the "why pay someone else if I can do it myself" attitude so I'm definitely up for learning to fix-up a property myself. I know my limits though and am not one to get too far out of my depth.

Beyond my initial goal, my interest is primarily in small MF properties and perhaps the occasional SF, all purchased as either a house hack or straight rental.

I'm looking forward to getting to know everyone in the weeks/months/years to come and I'm always open to advice. I'm always happy to offer my own advice too, though as it stands, unless you need advice on experimental design or assay optimization I don't know how useful my advice will be. lol

Best,

Matt

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Investor · New Orleans, LA · Member since 2012 · 969 posts · 747 votes
6y

@Matt Godwin Welcome to BP! I'm a local real estate investor and licensed realtor here in New Orleans. Been in the REI game for about 10 years and licensed since 2013. You've come to the right place to learn anything and everything about real estate investing. Be sure to check out the "education" tab at the top. Lots of great resources there. A good place to start is with the free guides, such as "The Ultimate Beginner's Guide To Real Estate Investing". The bookstore has some great books and the podcast is full of valuable information.

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Check out BP Podcasts: https://www.biggerpockets.com/podcast

If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

House hacking can be a great way to get started in real estate investing. Check out these posts:

An Intro to House Hacking: Here’s How I Get Paid to Live for Free

House Hacking Basics: Where to Find Properties & How to Analyze Deals (Tips From an Expert)

House Hacking: A Beginners Guide to Hack Your Housing and Live for Free

House Hacking? Consider These Factors First

BiggerPockets Podcast 252: House Hacking (Your First Deal) & Life Hacking with Craig Curelop

Bonus Audiobook Excerpt: The House Hacking Strategy

The Tax Implications You MUST Understand Before House Hacking

The 7 Drawbacks of House Hacking (& How to Overcome Them!)

3 House Hacking Mistakes I Made (& How I Could’ve Prevented Them)

A New Way to Look at the Concept of “House Hacking”

3 Levels of House Hacking: How to Reduce—or Eliminate—Your Housing Expense

The Problem with Traditional House Hacking (& Why I Had to Find a Better Way)

Why I’m Not House Hacking (& the Strategy That Will Cover More of My Rent)

Best of luck to you, and happy investing! Feel free to reach out anytime if I can answer any questions for you or you just want to chat about our market. I follow the market here very closely and can fill you in on anything you would like to know.

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  • Kansas City, MO · Member since 2018 · 42 posts · 11 votes
    6y

    Welcome to the BP community!  What a great opportunity you get to have being in a cool town like New Orleans!  House-hacking with DIY skills will help you out greatly!  Best of Luck to you!

    Cheers!

  • New Orleans, LA · Member since 2019 · 12 posts · 6 votes
    6y

    @Brad Jenkins thanks! Idk how solid my DIY skills are. But, I’m always open to improving them!

  • Kansas City, MO · Member since 2018 · 42 posts · 11 votes
    6y

    Hey at least you are willing to try your skills out, Kudos!  Confidence is gained through stretching yourself, and figuring out how you are going to do even better the next time so you don't get stagnant.

  • Member since 2019 · 6 posts · 1 vote
    6y

    I'm in the Baton Rouge and New Orleans's area markets. Also new, and working on funding. My advantage is working as a Paramedic in the New Orleans area is obviously knowing the area. Feel free to contact me anytime.

  • Investor · New Orleans, LA · Member since 2012 · 969 posts · 747 votes
    6y

    @Matt Godwin Welcome to BP! I'm a local real estate investor and licensed realtor here in New Orleans. Been in the REI game for about 10 years and licensed since 2013. You've come to the right place to learn anything and everything about real estate investing. Be sure to check out the "education" tab at the top. Lots of great resources there. A good place to start is with the free guides, such as "The Ultimate Beginner's Guide To Real Estate Investing". The bookstore has some great books and the podcast is full of valuable information.

    Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

    Check out BP Podcasts: https://www.biggerpockets.com/podcast

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    House hacking can be a great way to get started in real estate investing. Check out these posts:

    An Intro to House Hacking: Here’s How I Get Paid to Live for Free

    House Hacking Basics: Where to Find Properties & How to Analyze Deals (Tips From an Expert)

    House Hacking: A Beginners Guide to Hack Your Housing and Live for Free

    House Hacking? Consider These Factors First

    BiggerPockets Podcast 252: House Hacking (Your First Deal) & Life Hacking with Craig Curelop

    Bonus Audiobook Excerpt: The House Hacking Strategy

    The Tax Implications You MUST Understand Before House Hacking

    The 7 Drawbacks of House Hacking (& How to Overcome Them!)

    3 House Hacking Mistakes I Made (& How I Could’ve Prevented Them)

    A New Way to Look at the Concept of “House Hacking”

    3 Levels of House Hacking: How to Reduce—or Eliminate—Your Housing Expense

    The Problem with Traditional House Hacking (& Why I Had to Find a Better Way)

    Why I’m Not House Hacking (& the Strategy That Will Cover More of My Rent)

    Best of luck to you, and happy investing! Feel free to reach out anytime if I can answer any questions for you or you just want to chat about our market. I follow the market here very closely and can fill you in on anything you would like to know.

  • New Orleans, LA · Member since 2019 · 12 posts · 6 votes
    6y

    @Walter Beach thanks for reaching out. As a former EMT (not in NOLA) I can appreciate the knowledge you have regarding the city. I'm sure that will be very useful to you as you begin your REI journey. Of course, if I can be of any assistance to you please don't hesitate to ask!

    @Braden Smith thanks for all the insight and links! I'm currently working my way through the beginner's guide and staying tuned to the forums. I would definitely be interested in chatting sometime about the market. I initially started looking at listed properties (e.g., Zillow, Redfin, etc.) but it seems that's not likely to be a productive strategy in this market (perhaps any market for that matter) as it's pretty saturated with investors. If you don't mind me asking, what's your strategy for finding properties? Are there any local investor meetups you would recommend? I know there's the one on the Northshore but wonder if there's anything a little more NOLA specific. 

  • Investor · New Orleans, LA · Member since 2012 · 969 posts · 747 votes
    6y

    @Matt Godwin I don't use the MLS to find investment deals. I used to have a few different searches set up for myself, but I discontinued those quite some time back. Once a property hits the MLS it is typically priced too high for investment purposes, and even if you do find one that is priced well it will have half a dozen or more offers on it within hours of it hitting the MLS.

    You are correct in stating that our market is saturated with investors, and wholesalers, and realtors as well as investor/realtors such as myself. We have an extreme amount of competition in our market for both on market and off market deals. In order to find deals where the numbers work and make sense, you really have to go direct to seller. There are many ways to do this, but they all involve some form of marketing/advertising. I do a variety of things... direct mail, adwords, PPC, networking, social media marketing, cold calling, etc. To begin with, pick one marketing channel and master that. Then add on other things as you grow.

    There are two ways to go about marketing/advertising your business...

    You can go a mile wide and an inch deep, which would be large scale marketing such as blanketing an entire neighborhood with direct mail, door hangers, using billboards, radio ads, TV, etc. This can get very expensive, very quickly and is the type of marketing that big brands like Coca Cola or Budweiser do. They have the huge budgets for it and it is more about brand recognition than generating leads.

    Or you can go a mile deep and an inch wide. This would be very targeted niche marketing, focusing on one or two particular niches. This is typically the best route to go for small companies with limited marketing budgets. I suggest creating your own unique lists and mail pieces in order to stand out from the crowd. The REI world is very crowded these days and most people are all marketing to the same lists using the same templated marketing materials.

    Remember, in marketing for REI you need to find sellers that have a true NEED to sell and not just a WANT. You need to find sellers with some real motivation to sell, i.e. a distressed seller. Also, keep this in mind... if it is easy to do or the list is easy to get... then you can bet there is a ton of other people doing it!

  • Specialist · Carlsbad, CA · Member since 2018 · 1k+ posts · 638 votes
    6y

    @Matt Godwin Welcome to BiggerPockets! Try to attend your local REIA meetups sometimes and network with other local investors.

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