All Forum Posts by: Mason Mccullough

Hello BP community, 

I have been searching for a house hack opportunity in the New Orleans/Metairie area for around 7 months now and have come up empty. Nothing that has come on the market seems to meet my criteria, and I would ultimately end up paying around the same per month as I am paying in rent right now if I bought something,which defeats the purpose. 

My landlord, whom I have a good relationship with, offered to sell me the duplex I live in now with owner financing. It is 3 br on one side and 2 br on the other. I would live in the 3 bedroom with my wife and daughter, and rent out the 2 bedroom for $1300-1400. The landlord just put a new roof on and installed new AC units in both units. She payed $350k for it a couple months ago, but said she would probably want $375k for the owner financing deal. With a 4% down payment of $15k, 3.25% interest rate, at a $375k purchase price, my monthly note to her would be $1560. Taxes run around $300/month and insurance is around $260/month. No PMI since owner financed.

Basically If i rented out the 2 bedroom unit for $1400, I would be coming out of pocket every month around $720. This is better than my $1300/month I am paying in rent now, but should I wait and see if something else comes on the market where I only have to come out of pocket $200-300/month?

Please let me know your thoughts. 

@Stephen Keighery great advice thanks Stephen! How do I pull the list of absentee owners?

Hi,

I am an inspiring real estate investor looking to get started by house hacking in the in the Metairie area near New Orleans, LA. Right now, inventory is very low. Any ideas on how to get some off-market leads or anybody know any investors looking to liquidate some of their portfolio?

I’m 25 and 3 years out of college and gotta say its one of the best things I ever did.

I met life long friends, business associates, and professors who taught me to always want to learn more and be curious about everything.

Graduated with a finance degree in 4 years. Didn’t even think about real estate investing until a year into my job after college.

Looking back now, college was the path that got me to where I am now, and if I didn’t go, I would be missing a huge chunk of my life and do not think I would be anywhere close to where I am today.

My advice, the college experience as a whole (not just education) will further yourself as a person. You don’t have to go to the most expensive school and try hard to get any type of scholarships.

@Brandon Roof thanks Brandon! That’s a great idea, adding a few thousand onto the purchase price and asking the seller to pay the closing costs so I can wrap them into the loan. Smart.

Looking to purchase a duplex next year to house hack. I’m a real estate agent so I am going to use my commission as part of my down payment. I also want to wrap some of my closing costs into my mortgage. How much of my closing costs can I wrap into my loan?

Hi Guys!

I am a Commercial real estate agent new to the New Orleans, LA area and am trying to find new commercial properties to list within the area. I usually drive around looking for vacant or worn-down buildings and write down the info so I can contact the owners of the building and try to help them sell or lease it. 

Are there any other ways besides just driving around where I can find distressed commercial properties to contact their owners and help them sell or lease? 

 What is the best way to find the contact information of these distressed property owners?

Would love to hear your thoughts!

Thanks @Braden Smith & @Arden Ballard! I am going to look into those this week! Cant wait to meet some new faces in the real estate game in New Orleans and the Northshore

Hi Guys, 

I am a Licensed Commercial Real Estate Agent new to the New Orleans area. I am trying to grow my network and was wondering what Real Estate meet-ups were available in the area? 

I also am interested in Multi-Family investing and syndication. I am open to any advice or suggestions!

Thanks, 

Mason

Hi Guys,

I am looking to get started in Multifamily investing but I'm having trouble finding where to start. I have a 2 partners, 1 that will fund the deal, and 1 with a construction company that can do all of my contracting work. My job is to find the deal and oversee the project. Since it is my first deal, I want to start small, maybe a 4-12 unit apartment building.

My question is, where do I begin looking for deals like this? A 4-12 unit apartment building with some cosmetic work where we could add value and raise the rents.

I would love to hear your take!