Profit by Buying Near Emerging Development in New Orleans, LA
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $145,000
Cash invested: $3,000
I build plans for my clients the same way I build them for my own investment portfolio. I found this gem right on the edge of development in New Orleans. It doubled in value in 5 years and is a steady cash flow. It remained 100% occupied for all 8 years that I have owned it as of today.
What made you interested in investing in this type of deal?
Low barrier to entry. Easy to keep renters in this area. And the timing was ideal. I love buying right before an area is newly upgraded with development to capture that rapid equity gain.
How did you find this deal and how did you negotiate it?
I focused my search on a few small pockets around New Orleans that I knew were scheduled for development. I offered on one other property in this same area but lost in a bidding war. I grabbed this one when it was only on the market for 3 days. I knew it would not last long at that price and in that area. I am not the only savvy investor/ agent paying attention to the market.
How did you finance this deal?
Traditional mortgage