All Forum Posts by: Braden Smith

Welcome to BP @Jennifer Landeche! This is a great place to learn and network. Also check out the NOREIA meetings. If there is anything I can do to help let me know!

No. Have not seen it done like that. I have 14 fourplexes on the Westbank I am trying to sell now and they are priced per building value.

One thing to keep in mind:  203k loans are for owner occupants only and there are condition requirements for the property. The current property condition must be a C4 or better as is. 

An investor can use the Fannie Mae Homestyle renovation loan. It requires a higher credit score and more down.

I have a good lender and contractor for 203k's. Lender is good with them and quick. Contractor has been doing them for 15 years. Contact me directly for contact info.

Hi @Jerod Vinnett. Welcome to BP! You're in the right place to learn and grow. I recommend you look into and attend the NOREIA meetings as well in order to grow your network and meet some like minded people. If I can be of help, let me know! Good luck!!

Hi @Jerome Jackson. Welcome to BP! You're in the right place to learn. I would also suggest looking into the NOREIA meetings to expand your network and meet like minded people. If I can be of service to you, feel free to reach out anytime!

I have a client with an off market deal here in the New Orleans area that is 14 fourplexes for a total of 56 units. All in good condition and all units rented except for two at this time. He self manages and is retiring. Each building has a revenue of about $3800 per month. $3800 per month per building is $53,200 per month. This is $638,400 per year. This is an off market deal. Being sold as a package only. 2.5 million for all 14 buildings. Proof of funds required for any and all showings. PM me if interested.

It is almost impossible to find a good deal on the MLS in our market these days, and if you do find one you can bet it will have many offers and be under contract lightning fast, typically for above asking price. Our market has become saturated with investors in the last few years and the competition for deals is fierce. Your best bet for finding a deal is to drive the areas you are interested in, locate the potential property or properties, and then find a way to contact the owner.

Hi @Jonathan Warren. Welcome to BP! Always good to see another member from the NOLA area. Let me know if I can be of assistance.

Values on the Westbank have actually been declining. This is the only area in all of the GNO area where I have seen values decreasing.