All Forum Posts by: Kimberly Jones

That is Central City. Central City is pretty much one of the scariest parts of New Orleans. Are you thinking of buying sight unseen? Am I seeing correctly that you are going to be in the deal almost $10k over the ARV? @Blair F. is correct, do your insurance shopping before you spend too much time crunching numbers. The rates are most likely going to blow your mind.

Yep, I have used NREIG for multitudes of clients. They are awesome!  NREIG stands for National Real Estate Insurance Group. 

I made the move from Atlanta back in 2006 and the difference between now and then is like night and day. The market here is beyond tight these days, painfully so. If money is the motivating factor I strongly suggest you do plenty of homework before you actually make the move. That said, @Braden Smith is the Realtor you want to hook up with. 

You are most welcome Myles. By the way, I came to New Orleans by way of Atlanta, lived there 23 years. My Daughter was raised there as well. If you do make it down to Daytona let me know, she LOVES showing people around ;)

The next thing you want to do is check on the rules for str's in Daytona. I have heard they are trying to outlaw them. Here is what I know from experience....you absolutely have to make sure you can make the property work as a long term rental because short term is not guaranteed. It has been a rocky road here in New Orleans. We were all flying high for a good number of years, then the number of str's grew so large that the locals lost their minds and started fighting tooth and nail against us. The City decided to regulate us and that seemed to work for the first year BUT the haters didn't let up. A few months ago the City came back and slapped a moratorium on all whole home str's. Those of us who did not live on site and have a homestead exemption were not allowed to renew our licenses. Now we are waiting to see where things go from here as the City has given a time period of 9 months while they work on new rules. So, even if str's are allowed today, they might not be tomorrow.

As for Daytona specifically, I know a little bit because my Daughter lives there and she owns a business on Main Street, right off the boardwalk. Even though it is on the beach it is still a pretty rough area. They are trying to revitalize but it isn't an easy task, and the homeless population is EXTREME. You would be wise to do your homework on the area, take a couple of days to scope it out personally.

As far as running str's from afar, you will need someone local to help you. There are many things that can happen that will require a physical presence. Could be as small as a dead battery in a smoke detector in the middle of the night (no guest wants to hear beeping while they are trying to sleep), guests can get rowdy and disturb neighbors, I have even had guests that insisted upon having someone meet them face to face when they arrive. Some guests can be real live ******** and you are at their mercy because it is all about the reviews. It also helps to have someone local that knows people that can handle the cleaning and maintenance/repairs. I used a Realtor myself, even though I was local. It was well worth the 20% I paid him to handle everything.

Have you checked to make sure the HOA allows short term rentals?

I see it has been on the market over a year, and the numbers are pretty tight. Is the seller willing to come down on the asking price?

What kind of property is it?

@Braden Smith @Shane Jeanfreau I am glad you guys spoke up, because I was surely going to. 

Yea, we had big issues with chinese drywall after katrina. This definitely sounds like a tight deal. Are you planning to sell it or hold it for rental?