Rental Property Investor 路 New Orleans, LA 路 Member since 2018 路 87 posts 路 45 votes
Hello everyone! My name is Dominique, I'm from New Orleans, La. I'm somewhat of a newbie to RE investing. I own a duplex that I have rented out for about 5yrs. The market in the area has gone in that time and it has appreciated about 90k in that time. During that time a close friend and I operated a successful short term rental for about a year.
I have a few family members that own rwntal properties but they only know or understand the conventional routes to acquire those rental priperties. When I mention creative financing or direct mail campigns they look at me like I'm crazy or that I'm just looking for a get rich quick scheme.
I joined the site to network, learn as much as I can to help assist me on my RE investing journey and to use the deal evaluation tools.
Investor 路 New Orleans, LA 路 Member since 2012 路 968 posts 路 747 votes
6y
Welcome to BP @Dominique Palmer! 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.
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.
Investor 路 New Orleans, LA 路 Member since 2012 路 968 posts 路 747 votes
6y
Welcome to BP @Dominique Palmer! 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.
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.
Accountant 路 Slidell, LA 路 Member since 2019 路 382 posts 路 272 votes
6y
@Dominique Palmer Welcome to BP! I recommend that you check out some of the real estate investors associations in the area. I attend several and they are a great place to meet other investors and learn about creative financing and marketing for properties.
Lender 路 Prairieville, LA 路 Member since 2014 路 146 posts 路 114 votes
6y
@Dominique Palmer, if I can be of assistance, you're welcome to reach out. We have tons of support in EBR, Ascension & surrounding parishes. Check out Meetup.com for the meeting out this way. Come visit when a topic speaks to you.
Accountant 路 Slidell, LA 路 Member since 2019 路 382 posts 路 272 votes
6y
@Dominique Palmer The next meeting for the Northshore REIA is Nov 12th at 6:30p in Slidell at the Comfort Inn at 126 Taos St. I attended a new REIA this evening in Mandeville focusing on multi-family investing. The next meeting for that group will be Nov 20th. We met a La Carreta's in Mandeville this evening, but they are looking for another venue for the next meeting that is quieter. Both REIAs have a listing on Meetup.com.
Specialist 路 Member since 2019 路 494 posts 路 220 votes
6y
@Dominique Palmer - Glad to hear that you are trying to expand beyond what your friends and family know. You are right - mail campaigns can be effective. The list however is key. You don't want to put all your eggs in one basket - especially if it's one of the common lists that everyone is mailing to.
Absentee Owners have been popular for a long time, and are apparently still somewhat effective (people are still mailing to them) but they are getting multiple offers to buy their home. It's hard to stand out.
There are some owner-occupied segments with people who share motivating factors for selling their home.
Seniors with Long-time Ownership: often ready to downsize or transition to assistance.
Homeowners with Low Financial Stability Scores (FSS): Struggling financially and likely ready to cash in on their asset.
Both these categories have additional advantages in that they probably don鈥檛 haven鈥檛 been updated and may have deferred maintenance. They won鈥檛 be expecting the same money as their neighbors with the shiny new kitchen and fresh paint.
A good list broker should be able to help you to sort things out.
Investor 路 New Orleans, LA 路 Member since 2014 路 1k+ posts 路 944 votes
6y
Google the New Orleans REIA chapter. They have a main meeting on usually the third Thurs. of the month at the Wyndham Garden New Orleans Airport hotel at 6401 Veterans (just past Best Buy). I think you can pay per meeting/event you attend or pay the annual membership fee, which is only $175/year/individual or $200/year/family. It's a great place to network and learn more about a wide variety of real estate topics.
I'm not affiliated with them at all, other than being a member. So I hope it's okay with the BP powers-that-be to give NOREIA a shout-out and recommendation.
Rental Property Investor 路 New Orleans, LA 路 Member since 2018 路 66 posts 路 41 votes
6y
@Dominique Palmer welcome to BP! I also own and manage multiple STR's in NOLA! Happy to chat anytime and throw ideas off the wall and see if they stick!