All Forum Posts by: Kimberly Jones

@Adam K. I hate to say this but I was not aware that there is such a thing as a nice block in Hollygrove. I have had the opportunity to take on properties free of charge over there and it isn't worth it to me. Years ago I was called to do field services on a couple of properties in there and the things I saw made me question my sanity for being there. Quite literally a drug boys flea market. Robbings and shootings are extremely common there. I guess you could get lucky and find quieter areas along the fringes....maybe. Are you familiar with the rapper Lil Wayne? That is Hollygrove. Born and bred. 

I do not personally play with tax sales here just because they are way too messy. Beyond the fact that the City has done a seriously crappy job of keeping any records on the sales, the entire process is so complicated that it almost requires a college course to understand. Chalk it up to Napoleonic laws and an archaic system. Personally, I prefer NPN's to tax deals in this City.

 I do know that it isn't necessary to contact the owners but if I were holding the tax note I would most assuredly contact the owner to find out if they would like to sell the property. You might get lucky and pick up a good deal today instead of waiting 3 years to see what happens.

2015 Taxes came due Feb. 1 and I am positive they are not included in the sale you participated in. You should pay them. If you don't pay them you risk someone coming behind you and that only makes an already complicated situation even more so. Any taxes you pay from here on you just add to the bill. If the owner ever comes to redeem, they will have to pay all.

If you ever need feet in the street to check on anything down here just give me a shout. 

I can absolutely vouch for NREIG!!! A couple of years ago I was having major problems obtaining insurance for clients that we were closing with hard money. Every other company had issues with properties being vacant, being rehabbed, etc. I was literally on the verge of pulling all my hair out when I found my way to NREIG. Not only do they insure properties nobody else seems to want to, they also beat everyone else on cost. The icing on the cake is the speed in which they work and the customer service is awesome.

AMEN Braden!!! 

Individual so far. I am planning on doing some shopping soon though. There HAS to be a better way!!!

Ah Ha! I knew there had to be some reason behind a L.I.C. investor looking way down here in New Orleans. Of course your partner wants to get back. We have a saying around here...You can live in any city in America but New Orleans is the only city that lives inside of you. She is very hard to leave and even harder to stay away from!!

On a serious note, we are in full swing at this point. I read something a few days ago about the fact that "wholesale deals" have gone up in price by almost 50% in the past year. Retail prices are going up just as quickly so there is some pretty fierce competition. Your partner might want to start keeping a close eye on things, maybe pick up at least an investment property or two, before the sticker prices go even higher.

 Feel free to contact me any time. Be glad to help.

And one more, about the title insurance...

http://www.nola.com/politics/index.ssf/2015/03/new_orleans_property_auction_f.html#incart_related_stories

For an investor, unless you are planning on building on these lots, I see no reason to buy them. That said, as an out of towner there are a few things you really need to pay close attention to. 

First and foremost, you really need to have legal counsel to make sure you don't get into trouble. Orleans Parish tax sales are extremely tricky. Multitudes of people have bought into our tax sales only to find they can never gain ownership of the property. Granted this adjudication sale is supposed to offer full possession and Title Insurance, but it is questionable as to whether that will actually happen on all of them.

If you think you might consider building here, keep in mind, most of the city is Historical and you will quite possibly have some pretty strict guidelines to adhere to. 

New Orleans has some serious war zones AND you can literally cross one street and be in a whole different kind of neighborhood. Do NOT buy without conferring with someone who knows where to buy and where you just shouldn't. 

Some of these properties still have structures standing on them. It is true that some of them have been sitting for 20 years with tax issues. 20 years and a number of hurricanes makes for some very crappy condition. You will most likely need to call for the bulldozers fairly quickly, before the city does it. Also understand that this is SE Louisiana, be prepared to have the grass cut OFTEN.

Here are a couple of articles that may help. If you have any questions or need some help around here, feel free to hit me up.

http://www.nola.com/politics/index.ssf/2015/03/3000_properties_online_auction.html#incart_riverhttp://www.nola.com/politics/index.ssf/2015/03/new_orleans_property_auction_f.html#incart_related_stories

http://www.nola.com/politics/index.ssf/2015/03/new_orleans_online_property_au.html#incart_related_stories