All Forum Posts by: Braden Smith

@Mike Wood land is at a premium throughout the city right now. It is causing problems for many builders. I just attended a CE class that was titled "2016 Housing Forecast". It was put on by the Home Builders Association of Greater New Orleans. The two speakers were the president of Latter & Blum and Dr Wade Ragas from UNO. They compared 2014 to 2015 and showed that the cost of new construction for buyers went from a 24% premium up to a 58% premium now. This is attributed mainly to the high cost of land in NOLA. 

The only accurate comps I have seen anywhere are found on the MLS. And even then you cannot go by the MLS area or a radius. Things change too much from block to block in our city. You have to go by the specific neighborhood the subject property is in and that requires extensive knowledge of the New Orleans neighborhoods.

Hi @Brandon B.. Welcome to BP and welcome back to NOLA! If I can be of assistance let me know. 

Hi @Amber Walker. Always good to see fellow NOLA members on BP. Let me know if you need to move any deals. I work with several local investors, builders and contractors that are always looking for properties and lots. 

I am also looking for some projects. I'm on the hunt for a double, a fourplex and properties to flip. Let me know what you have!

There are a few different options for loans on a rehab...

The FHA 203k renovation loan is for owner occupants only. 1 to 4 units with 3.5% down.

There's a 203k streamline that is for owner occupants only also. 1- 4 units with 3.5% down.

The Fannie Mae Homestyle renovation loan is available for owner occupants, 2nd home or investors. Single unit only. 5% down for owner occupied. 10% down for 2nd home, 20% down for investment.

There's private money where you would negotiate whatever terms you could.

There's hard money lenders such as Iron Bridge Lending LLC.

See here for hard money lenders:  https://www.biggerpockets.com/hardmoneylenders

For local banks I suggest Iberia Bank, Home Bank or Investar. They are investor friendly.

Rents in our area average about $1 per square foot. That can vary up or down depending on the area, but that's the average. The only thing that matters for rental property is that it cash flows. Every investor has their own way of doing things and there is no hard and fast rule you have to stick to.

Hey guys. Welcome to BP. This is the best site for all kinds of info on real estate investing. You'll find a wealth of knowledge here. If I can assist you in any way or answer any questions for you let me know!

Hi @Brent Starring. There are TONS of investors and wholesalers in NOLA. Have you attended any of the NOREIA meetings? Great place to meet like minded people and network. See here - https://www.neworleansreia.com/

Sure thing. He can call me anytime.

Keith Dugas at Interlinc Mortgage https://branches.interlincmortgage.com/keithdugas/meet-the-team/18