BiggerPockets! I work at BP and I'm working on building a landing page for the city of New Orleans. Would anyone be willing to share why you choose to invest in the city? What makes it so wonderful?
For me its all about the History and architectural details. When gutting these older Shotgun doubles you start exposing 100yr old Barge wood with burlap insulation still intact. Just look at the paint schemes on the exteriors of the New Orleans homes. Where else can you get away with painting homes like we do down here? From a rental standpoint I feel its fairly easy to find tenants. Most of the tenants I have are tourism industry workers with steady jobs.
Hey @Lauren Hogan . I am both an investor and a licensed realtor in New Orleans. This is truly a unique city and it is hard to put into words, but I think above all else it is the people here. You can meet someone once and the next time you see them it is hugs and kisses as if you've known them forever. People are super friendly here. We make eye contact on the street and in stores. We say hi. We ask how you are. We like to live, laugh and love. We like to celebrate and we do so for everything. We have about 130 festivals a year, and we have parades for everything. New Orleans is a place like no other, and if you visit... the longer you stay the less you want to leave.
It is a vibrant city, diverse city and the people are so friendly. I actually rented an AirBnB for 6 months in New Orleans. I brought my wife and 2 young children here from Australia for an extended vacation to experience living here. My daughter went to a Sacred Heart School in Australia and there is one here so the idea was for her to do a semester and experience something different. 2 years later and I bought that AirBnB and still live in and rent the other 2 units out (It's a 3 Plex). I also invest locally and run a real estate wholesaling business. We are never leaving this city. There is a lot of opportunity for flippers as there are a lot of blighted properties that need to be brought back into commerce. The laws are landlord friendly so its also a good place for buy and holds.
Real Estate aside the food it out of control good. The standards are so high and the Cajun and Creole spices make everything taste great.
The very common style of house here (shotgun double aka duplex) is MADE for househacking. My friends and I were all doing it and having our tenants pay our mortgage way before I discovered Bigger Pockets or the househacking term. Not having a housing expense is awesome for building wealth.
I would love to discuss my NOLA investments with you.
I agree with everyone's comments. New Orleans is in your blood, for both people who were born here (especially south of I-10!) and those who come to visit, experience it's pulse, and are never the same. I've lived in several other states after growing up here and we are uniquely different in so many ways. We have our own everything...from potato chips to coffee to spice blends...and it's hard to live without it. The people ARE different. Just like Braden said, you can meet a New Orleanian and it's as if you're best friends right away. We are welcoming, loyal, and treat everyone like family. I once read a history of Louisiana and it said that the French (I think Napoleon) could not get people to come here. So they offered French prisoners freedom to go to Louisiana. I turned the page and it said, "The prisoners preferred prison in France." So the government ended up forcing people to come here...to a colony that was hot, humid,and filled with swamps and mosquitos. And yet, now, so many have no desire to live anywhere else! That might just be where our unmatched resiliency comes from. We have a culture that is a unique blend, a love for fun, and an appreciation for the tastes, sights, and sounds that you don't find anywhere else.
@Lauren Hogan I fell in love with the city when I moved here for graduate school. Years later I got into real estate investing. New Orleans has a lot of history and most investors can qualify for historical tax credits on their renovations. I have several clients taking advantage of these credits. Most commercial renovations are partially funded with historic tax credits at both the Federal and state level.