Need fellow locals for some moral support...

3 Replies

Hi all,

Haven't been on-line consistently or too frequently. Have been busy working and wrapping up a few projects for clients in preparation for a period I knew I'd be out of work...which is now....

I had to have surgery a little over a week ago and I won't be able to work for a couple of months (I'm a contractor). I decided that I could use this time off to work on my business (so I don't go back to working in it again) and I am hoping to also use some time to start studying the market here in New Orleans so that I can finally get into investing for myself.

I have a list of almost 200 properties that I gathered earlier this year, when I thought I would be getting started with a partner. He got distracted and decided that he didn't want to work on it so, because of my own time constraints and (perceived) need to have someone to motivate me, I also dropped everything. Now that I have nothing but time on my hands, I am starting to look up the owners of these properties and I want to start canvassing a couple of neighborhoods that I'd like to invest in. 

What I'd like is a little moral support from some others out there. I tend to over analyze things and am EXTREMELY slow at pulling the trigger on my own deals. It's funny, when I was an agent, I would be extremely assertive and creative in putting together deals for my clients - but when it is a deal for myself, I freeze up and come up with every reason under the sun why it might not work. I tell myself it's because I don't have liquid money right now, and I don't have an income because I can't work, but I have other resources - I'm good at finding deals, and I'm a licensed contractor. 

I think it would also make me feel better if I had other people that could chime in on the deals I'm looking at - to give me their opinion. I tend to questions myself sometimes - because I'm scared I might miss something. And also, even though I know if I find a good deal, that it should pretty much sell itself, it would be great to know that I already know people, or people that might know people, that I could present deals to that I definitely can't negotiate terms that would work for me.

Anyway, if anyone out there is interested in offering some moral support and/or input and/or advice then please drop me a line.

Oh, a little background - I was a real estate agent and appraiser previously. My license isn't active right now, but I'm about to go back to school to get my Broker's license. I am currently a licensed commercial builder and aspire to be a developer. I have flipped houses with a partner just before things went south around 2006/07 and when I was an agent I targeted investors, so I'm not a total novice to things. I just have never done anything for myself on my own.

I got you girl. Let's hook up one day this week.

@Kimberly Jones - that would be great. Since I have nothing going on just let me know when and where is good for you. I am going to try to start getting back to my morning Starbucks routine a few days this week. I usually do the one on Magazine or the one on Harrison, but I'm flexible and can meet you anywhere.

@H. Duplechain , I am fairly new to REI myself so, as such, I am also very conservative in the deals I pursue. If you ever need a sounding board, feel free to PM me or I'd also be happy to meet and bounce off ideas.

I bought a shotgun double about four years ago and rented out the other side.  That has gone so fantastically it wet my appetite to buy more rental properties.  But discovering BP was the push I needed to put dreams into reality.

I started my search for my first non-owner occupied property in January.  I used the BP Rental Calculator to analyze dozens of properties.  I was super, super selective...but finally found a great deal that worked out in June.  I closed on the property earlier this month and am now in the middle of rehabbing to get it rent ready!

Good luck!  It is always a bit scary to take those first few new steps, but that is how we grow.  And, heck, with your contracting, flipping, appraising and real estate experience...you are already WAY ahead of the learning curve.

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