Starting out in New Orleans/ Baton Rouge
Hey y'all! My name is Kenyatta. I'm a recent law school graduate in the beginning stages of my real estate investing journey. The plan is to purchase a residential multifamily in the New Orleans or Baton Rouge area using a FHA loan.
I'm currently in the research phase, listening to hours of Bigger Pockets podcasts and reading Real Estate Investing by Brandon Turner. I've also signed up for New Orleans REI meet ups in the upcoming weeks in hopes of making valuable connections in the local market.
Just wanted to make what is the first of many posts and say hello to everyone :)
If anyone has knowledge of multifamily investing in the New Orleans or Baton Rouge area (or is on a similar path), feel free to connect!
Hi there, welcome to RE! My advice before buying is get all your finances in order and credit score too. If you have a good steady income and credit score already, it's time to start seriously looking. Don't get me wrong, it's not super easy to manage a property and tenants etc, but you could at least know which neighborhood you'd like to be in. From there, you can research through zillow/redfin whatever but your best bet would be to find an investor/agent (I a one but based in Fort Lauderdale) who can guide you through the process.
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@Kenyatta Barthelemy it sounds like you are doing the right things to get educated and meet knowledgable people.
House Hacking is amazing. Here are some resources I found really helpful on my journey.
1. For podcasts I really like the Huse Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=743bb403548f47fb
2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/08/Ultimate_Beginners_Guide_BiggerPockets.pdf
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Real Estate Agent Colorado (#100092341)
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Quote from @Ray Hage:
Hi there, welcome to RE! My advice before buying is get all your finances in order and credit score too. If you have a good steady income and credit score already, it's time to start seriously looking. Don't get me wrong, it's not super easy to manage a property and tenants etc, but you could at least know which neighborhood you'd like to be in. From there, you can research through zillow/redfin whatever but your best bet would be to find an investor/agent (I a one but based in Fort Lauderdale) who can guide you through the process.
Hi Ray! Credit is in order and I have a steady income. Entry-level salary but certainly nothing to frown upon. I appreciate your response and will definitely follow through with your advice. Any tips on finding an agent?
Quote from @Ryan Thomson:
@Kenyatta Barthelemy it sounds like you are doing the right things to get educated and meet knowledgable people.
House Hacking is amazing. Here are some resources I found really helpful on my journey.
1. For podcasts I really like the Huse Hacking episodes on Bigger Pockets Podcast and other channels. Here is a playlist with the best House Hacking Podcasts I’ve found: https://open.spotify.com/playlist/4A6uLsPfdWEMmJhG4TSjyb?si=743bb403548f47fb
2. Great beginners guide: https://www.biggerpockets.com/blog/wp-content/uploads/2022/08/Ultimate_Beginners_Guide_BiggerPockets.pdf
Hi Ryan! Thanks for your response. I'm always open to new resources so I'll check out those links for sure.
Quote from @Kenyatta Barthelemy:Hi Ray! Credit is in order and I have a steady income. Entry-level salary but certainly nothing to frown upon. I appreciate your response and will definitely follow through with your advice. Any tips on finding an agent?
Awesome! One tough thing is finding an agent that really cares and knows what they are doing. In my experience, most agents are lazy and don't put in a lot of effort (maybe they just do RE part time). I would advise to look on here and try to connect with a seasoned investor in your area and maybe they can refer you to one. In south Florida, there are a ton of free RE networking events where contractors, agents, mortgage brokers, etc all meet for drinks etc and I have found this to be a great way to find good people in the business. I would see if there is something similar in NOLA.
Hi @Kenyatta Barthelemy good for you on your start! I got into RE investing utilizing the same strategy as you're exploring. Research, study, learn all you can for now. There will be a point, unique to every investor, where you need to take action and jump in. Get comfortable with a certain degree of uncertainty but still take action. You won't know everything you'll need to up front, but if you surround yourself with resources and tools, you'll find the answers you need when you need them.
You're doing the right thing by building your network now, attending meetups and posting here!
I actually have family in both NOLA, the Northshore area and Baton Rouge so I'm pretty familiar with those areas. I'd love to own a small multi in NOLA, so if you find some good pockets and info, you'll have to let me know!
Best of luck to you.
HI Kenyatta, I'm in the new orleans area and am active in Real estate. Good luck starting out and if I can help please do reach out. I haven't been active hear but am trying to change that, expand my network, and share where possible. I have rentals in 70119, 70115 and 70127. Cheers!
Quote from @Aaron Francl:
Hi @Kenyatta Barthelemy good for you on your start! I got into RE investing utilizing the same strategy as you're exploring. Research, study, learn all you can for now. There will be a point, unique to every investor, where you need to take action and jump in. Get comfortable with a certain degree of uncertainty but still take action. You won't know everything you'll need to up front, but if you surround yourself with resources and tools, you'll find the answers you need when you need them.
You're doing the right thing by building your network now, attending meetups and posting here!
I actually have family in both NOLA, the Northshore area and Baton Rouge so I'm pretty familiar with those areas. I'd love to own a small multi in NOLA, so if you find some good pockets and info, you'll have to let me know!
Best of luck to you.
Hi Aaron! I appreciate your comment that the point where I will need to take action and jump in is unique to every investor. I went to undergrad in Hammond so I'm familiar with the Northshore as well. I'll make sure to pass on good info! Thanks.
Quote from @John Cardinale:
HI Kenyatta, I'm in the new orleans area and am active in Real estate. Good luck starting out and if I can help please do reach out. I haven't been active hear but am trying to change that, expand my network, and share where possible. I have rentals in 70119, 70115 and 70127. Cheers!
Hi John, thanks for you response. Just shot you a connection request! Would love to keep in touch.
Hello Kenyatta,
I'm also new to New Orleans and actively getting involved in REI. I see a lot of potential and I'm looking to purchase my first multifamily duplex in the uptown area. Would love to connect and share the progress on both our journeys!
@Kenyatta Barthelemy let me know if I can help. I am active BRRRR investor in New Orleans and wholesale in NOLA and BR. Going to the meetups is essential to build your network. In BR the Red Stick REIA and The Ring are great and in NOLA their is the Westbank Real Estate Investors, Northshore REIA and NOREIA. I attend most of those so hope to see you soon.
Quote from @Stephen Keighery:
@Kenyatta Barthelemy let me know if I can help. I am active BRRRR investor in New Orleans and wholesale in NOLA and BR. Going to the meetups is essential to build your network. In BR the Red Stick REIA and The Ring are great and in NOLA their is the Westbank Real Estate Investors, Northshore REIA and NOREIA. I attend most of those so hope to see you soon.
Hi Stephen! I recognized your name from the list of people attending the Westbank REI meet up tomorrow. See you there! :)
Quote from @Harrison Smith:
Hello Kenyatta,
I'm also new to New Orleans and actively getting involved in REI. I see a lot of potential and I'm looking to purchase my first multifamily duplex in the uptown area. Would love to connect and share the progress on both our journeys!
Hi Harrison! I'm actually native to the area, but I was away for school for quite a while. I would love to connect as well. Shooting you a message in a sec.
Quote from @Kenyatta Barthelemy:
Quote from @Stephen Keighery:
@Kenyatta Barthelemy let me know if I can help. I am active BRRRR investor in New Orleans and wholesale in NOLA and BR. Going to the meetups is essential to build your network. In BR the Red Stick REIA and The Ring are great and in NOLA their is the Westbank Real Estate Investors, Northshore REIA and NOREIA. I attend most of those so hope to see you soon.
Hi Stephen! I recognized your name from the list of people attending the Westbank REI meet up tomorrow. See you there! :)
It was good to see you at the event. Don't be a stranger!
Quote from @Kenyatta Barthelemy:
Hey y'all! My name is Kenyatta. I'm a recent law school graduate in the beginning stages of my real estate investing journey. The plan is to purchase a residential multifamily in the New Orleans or Baton Rouge area using a FHA loan.
I'm currently in the research phase, listening to hours of Bigger Pockets podcasts and reading Real Estate Investing by Brandon Turner. I've also signed up for New Orleans REI meet ups in the upcoming weeks in hopes of making valuable connections in the local market.
Just wanted to make what is the first of many posts and say hello to everyone :)
If anyone has knowledge of multifamily investing in the New Orleans or Baton Rouge area (or is on a similar path), feel free to connect!
Hi Kenyatta,
I am active in New Orleans and Baton Rouge and have rentals in both. If you have any specific questions, I am here to assist.
Broker Louisiana (#995702397)
Quote from @Kenyatta Barthelemy:There is a local loan program, I believe it is called the MCT loan. It gives terms identical to a VA loan and is specifically for multifamily purchases.
Hey y'all! My name is Kenyatta. I'm a recent law school graduate in the beginning stages of my real estate investing journey. The plan is to purchase a residential multifamily in the New Orleans or Baton Rouge area using a FHA loan.
I'm currently in the research phase, listening to hours of Bigger Pockets podcasts and reading Real Estate Investing by Brandon Turner. I've also signed up for New Orleans REI meet ups in the upcoming weeks in hopes of making valuable connections in the local market.
Just wanted to make what is the first of many posts and say hello to everyone :)
If anyone has knowledge of multifamily investing in the New Orleans or Baton Rouge area (or is on a similar path), feel free to connect!
It is a deal by deal basis. But your returns will likely be stronger in New Orleans over Baton Rouge. It may be a little scary but if you go higher on your purchase price, 400k and up. Closer to 500k the better. The property will be in more desirable locations that command better rents. In February I purchased a brand new 3 bed 3 bath duplex for 479k at 6.18%. My PITI is $3779. I was able to land a tenant within the first month at $2200. I furnished the other unit and am sitting on it until July when the STR lottery opens. If I get a permit cool. If not I can rent the other unit for around $2500. So either way I am clearing 1k or more.
I'd be curious how you could use your law background in real estate. How they could be more intertwined and supplement each other. At the very least you'll always know where you stand in any given situation, something few investors are secure about.
Quote from @Damon Aniton:
Quote from @Kenyatta Barthelemy:There is a local loan program, I believe it is called the MCT loan. It gives terms identical to a VA loan and is specifically for multifamily purchases.
Hey y'all! My name is Kenyatta. I'm a recent law school graduate in the beginning stages of my real estate investing journey. The plan is to purchase a residential multifamily in the New Orleans or Baton Rouge area using a FHA loan.
I'm currently in the research phase, listening to hours of Bigger Pockets podcasts and reading Real Estate Investing by Brandon Turner. I've also signed up for New Orleans REI meet ups in the upcoming weeks in hopes of making valuable connections in the local market.
Just wanted to make what is the first of many posts and say hello to everyone :)
If anyone has knowledge of multifamily investing in the New Orleans or Baton Rouge area (or is on a similar path), feel free to connect!
It is a deal by deal basis. But your returns will likely be stronger in New Orleans over Baton Rouge. It may be a little scary but if you go higher on your purchase price, 400k and up. Closer to 500k the better. The property will be in more desirable locations that command better rents. In February I purchased a brand new 3 bed 3 bath duplex for 479k at 6.18%. My PITI is $3779. I was able to land a tenant within the first month at $2200. I furnished the other unit and am sitting on it until July when the STR lottery opens. If I get a permit cool. If not I can rent the other unit for around $2500. So either way I am clearing 1k or more.
Hi Damon, I appreciate you taking the time to respond. Congrats on your new purchase! I hope the STR lottery works out in your favor. I'd love for you to update me on how it goes. I've been hearing about a number of solid programs. I'll check out the MCT loan. Shooting you a private message in a few.
Quote from @Roger Simons:
As a lawyer surely you find your work well paid and also exhausting. I'm curious why you are doing this. Or are you going to go the safer route for minimal time expenditure like buying a multiplex and renting out 2 out of 3 units? (Not even close to maximizing your revenue but that's what most people do. Your situation is very different from most. Others don't have ample income. I realize you're starting out so it may be a while before the lucrative legal projects appear but if you enjoy your field they will because you will get very good at it. I ask you why you want to get into this because most people get into real estate for the wrong reasons, just the financial angle. That's a terrible reason to do anything. Real estate is not something you can do "lightly" and do it well. If its managed for you they won't care because its not their money. Not to mention their ludicrous fees. Most people that have been in school as long a you have develop high standards for themselves and others. It can be aggravating dealing with complacency! Another aspect of this is parasitical family members who are suddenly "close to you" and need accommodation because of some unexpected and horrible and unfair emergency. Good luck trying to evict family. Never ever rent to family or friends! Be a good landlord though and you will meet many quality friends.
I'd be curious how you could use your law background in real estate. How they could be more intertwined and supplement each other. At the very least you'll always know where you stand in any given situation, something few investors are secure about.
Hi Roger, yes, the plan is to house hack. I wish I could say that I'm venturing into real estate investing for some benevolent purpose like providing low-income housing for the needy... but financial gain is certainly my angle lol. I view real estate investing as another wealth building tool in my tool kit. I'm not underestimating the work and unique set of challenges that come with it by any means. I appreciate your advice and thoughtful response!