1st BRRRR in New Orleans
Been wanting to invest in real estate for years and just purchased my first property. The property has two houses on the lot (a big house and a carriage house). My plan is to either renovate and flip or do a short-term rental. I'll live in the carriage house in order to get the homestead exception (already checked out the STR permit and zoning). It's a great location for tourists and on the parade route.
Purchase price: $730k
Appraised value: $770k
Renovation costs: $350k
Est. post-renovation value: $1.4m
Annual STR AirDNA estimate: $106k/year
I'm currently exploring options for help financing some of the renovations. I have cash to cover some but not all. Any suggestions for financing a renovation like this?