My partner and I are looking to move to New Orleans in two years.
We are flippers and buy and hold investors. We want to work with superstar real estate agents who "get" investors or who are investors themselves, an investor-friendly title company and good contractors.
We have hard money and private money contacts and are willing to help you fund your deals if you scratch our backs.
Well Hello & Welcome to New Orleans! The city welcomes you with open arms and a plethora of opportunities for Real Estate investing. The city is currently seeing the most construction in over 50 years. We hope you find great opportunities and create mutual relationships and business opportunities. I am keen to some great investors who have done over 10 flips this year so far, i would be more than happy to connect you with them.
Thank you @Isaac Antoine !
Wow, you're planning well ahead with your move in 2 years! I have some contacts I can share when you are ready, just ask.
Ha ha. Yes @Craig Brouillette . What areas of New Orleans do you like for flipping? How about buy and holds?
My partner and I drove around the Ninth Ward when we visited recently... has that area come back yet?
Hi @Ruth Bayang
I'm a local investor savvy Realtor and investor. I can answer any questions you may have about our market, but I have to tell you... you may have already missed the boat and two years from now may be way too late . Our market has become completely saturated with investors. It has become pretty much impossible to find good deals on the MLS at this point. The off market deals are hard to come by and even they have small margins these days. @Kimberly Jones can fill you in also...
hmmm.. thanks for the info @Braden Smith . Perhaps I'll need to change my strategy then... there's always a way to make money in real estate, in any market or economy :)
@Braden Smith I saw this earlier and my first thought was "God only knows what things might be like in this city two years from now!" I didn't say it "out loud" though because there is no way to explain it to folks who are looking this way from afar. At the time I chose to say nothing at all, but here you are dragging me back in ;)
I often feel like a broken record but I am going to say it again anyway...if you do not really know New Orleans you are in for more than a few surprises, whether we are talking real estate or not. This city is like no other and until you spend time with her (real time, not just a vacation visit here and there) there is nothing I can say to prepare you. I realize that sounds a little dramatic but I promise you, beyond a shadow of a doubt, it is true.
When I came here I had decades of Investment Real Estate experience behind me. I came out strong and quite literally almost got my whole *** chewed off. Pretty much everything I thought I knew had to be put in a box and stored on a shelf. Maybe that is one of the reasons I love New Orleans so much, she certainly taught an old dog many new tricks!
All that said, let me address the concept of trying to pre-plan two years into the future in this city.....(I swear I am not being an *** when I say this) I can't even answer for laughing!! We live here and we truly have no clue. Ten years ago New Orleans was considered to be the next best thing to Sodom and Gomorrah. Multitudes of people said katrina was an act of God and the city was destroyed because it was full of evils. Today we are like the freaking Golden Child and we live in an International spotlight. When it comes to Real Estate guru after guru flows through, spouting their crap, with no real knowledge of where they are. People are moving here from everywhere, Investors are pouring in, on the surface it all looks good....until you actually live here OR own property here.
Do the gurus tell folks that our police force is almost non-existent? Do they tell you what the crime rate is here???? Do they let you know that at any given time there is a backlog of 911 calls that number well over 50 in any given district? Do they tell you that you can wait for days for cops to show up to take a report that probably won't make it back to the station? Do they have a clue that you really do have to love this city to live here?
I didn't just spit that little rant to sound crazy, it REALLY does play a big part in what may be going on two years from now. The now infamous Bywater is a prime example. It went from "down river blue collar" to seriously high dollar, highly sought after Real Estate. The thing is, folks are increasingly talking about moving back out, just that quick. They are figuring out that paying $300k+ actually sucks when you can't even walk down your own block without getting robbed. Don't even get me started on the folks that paid $250k+ just across St Claude Ave., only to find themselves witness to regular murders on their block.
Don't get me wrong, I am not saying there is not money to be made here. I am just saying do not venture here with stardust in your eyes. If you are looking for easy street without bleeding on a lot of pavement, this is not the place for you.
Ruth, please do not take this as a direct answer to YOUR post. My answer is directed to all who are thinking about investing here just because they have heard things. There is a lot more to this City than meets the eye. Even when you think you have it figured out, I swear she will change right before your eyes.
Braden, this little moment of truth is all your fault!! Did I come off too harsh? I probably shouldn't answer these kinds of questions when I have one eye on the Saints, even if it is only a practice game....
@Kimberly Jones that's what I'm looking for! Information from someone who truly knows the market. My partner and I want to make New Orleans our home. So I thought doing research ahead of time would be a good idea. Maybe we don't invest there. But we still want to live there. Thank you very much for your honest answer.
Believe me Ruth, if you live here and love it, you will do very well investing here. We have a saying, "If you love New Orleans she will love you back." I like to add, "if you try to use her, she will get you back!" ;)
@kimberly Jones I work in the Lower Nine and every day on my commute I consider how much the area needs investment. Even if it were a buy and hold strategy targeted at section 8 renters I believe it would eventually pay off. We both know that property is the one thing that New Orleans isn't gaining any more of. I would consider it a better option than taking a risk in New Orleans East. What are your thoughts on the rental situation. And is New Orleans a tennant friendly environment or a landlord friendly one?
Based on my recent experience, if you are moving to this market I would recommend that you become very knowledgeable about flood insurance. This can significantly impact your buyers and complicate financings.