All Forum Posts by: Braden Smith
Braden Smith has started 22 posts and replied 910 times.
Post: New Orleans STR changes could lead to opportunities or headaches
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Quote from @Logan Macrae:
New Orleans City Counsel is currently proposing banning short-term rentals in all residential areas of the city. This move comes after a federal judge placed a restraining order on the city's previous change to short-term rentals. The previous change restricted short-term rentals to one per city block via a lottery system with the possibility of two additional exemptions. There are also rumors that the city counsel is looking to increase fines of violators starting at $10k for first violations.
So what would these changes do to the real estate market here in New Orleans? I believe this will affect the current housing supply in a positive way for buyers. If City Counsel's proposed ban were to go into affect, I think we will see both short and medium term changes. In the short term, the market will see more long term rentals available which will drive down overall rents. In the medium term, depending on how much the increased supply of rentals is able to drive down rents, we might start to see more investors selling their properties.
Overall, the market is always trying to seek an equilibrium of buyers and sellers both being able to freely find their ideal homes and this move would probably bring down record home prices.
What do you think?
I agree with your sentiment and the market is already showing signs of this. There are many more active and available rentals in the market right now, especially in Orleans Parish. This increased supply may lead to reduced rental rates if the demand stays flat. I have also noticed many properties being listed for sale that were bought within the last couple of years, so I think many STR owners are being forced to sell as they overpaid for properties banking on the higher STR revenue.
Post: Wholesale real estate Louisiana
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Search the forums for "wholesaling". There are many posts about the topic.
Also, check these out:
https://realestatebees.com/wholesaling-houses-in-louisiana/
https://resimpli.com/wholesale-real-estate-deals/
https://callporter.com/blog/reverse-wholesaling-guide/
https://www.youtube.com/playlist?list=PLuSn8rgQxLqZ1pTN3qlYd...
Post: Need Help With New Orleans Property Insurance
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
I am a real estate broker. There are 8 carriers now approved to write policies in Louisiana but none of them are currently writing because we are in the middle of hurricane season. If we make it through hurricane season with no storms we will have other options available at the end of this year or the beginning of next year. If we get hit with any sort of storm this season we will be in an even worse spot. There is just not much to choose from at this time.
Check this out: https://www.wdsu.com/.../southeast-louisiana.../44042503
Post: Investor friendly Escrow in New Orleans?
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Quote from @Jeff Strowbridge:
Thank you so much! If you are buying, e have a couple of deals under contract.
I may be interested depending on the location. I will PM you.
Post: Insurance for Rental Properties
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Insurance is an absolute disaster in Louisiana right now. Sky high premiums across the board with many people forced to go to LA Citizens. I use Pat LeBoeuf Insurance for all my properties.
Post: Investor friendly Escrow in New Orleans?
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
If you are looking for a wholesaler-friendly title company in the New Orleans area there are plenty to choose from... Fleur De Lis Title, Title Stream, and Title Management Group are a few I can think of.
Post: Property Management/Manager Recommendations ?
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Quote from @Kevin Pinkard:
Any suggestions for property managers in the new orleans area?
Many local investors use @Stephen Leonard with Pelican Realty.
Post: Rental location comparison
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
Either area will work for a rental. I have a waterfront listing in Eden Isles in Slidell now if that is something you might be interested in. The property is located at 117 Windward Passage.
Post: Introducing myself_Starting out in Real Estate Investing
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
@Patrick J Tanglao Glad you found it helpful!
Post: Are there any Real Estate meetup groups & networking events? (Lafayette, Louisiana)
- Investor
- New Orleans, LA
- Posts 962
- Votes 743
@Robert Leonard is in the area and may know of some