All Forum Posts by: Michael Watson

How did it go? Is another one being planned? I would def like to attend and know a few others who would join in as well. Maybe we could schedule a roof top or outdoor meet up if there's not too many of us.

Good news is that lenders can lend long distance. But the best deals come from locals. I’m looking into LD as well but from my experience, a good agent has a team including lenders and often PMs as well. I’d recommend finding an agent on here and going from there. Contractors you’re always going to want to vet in person. 

Why New Orleans? I live here and could def hook you up with an agent.

I'm finding a lot of opportunities in my market (new orleans). Conveniently, a lot of investors here are out of state short term rental investors. At this stage many of them are being required to make those payments again and looking to offload liabilities.  I've come across 2 good deals in the past month that I'm under contract on. I mostly do MF units. Single families here are and have been crazy overpriced if you don't want to be in an iffy neighborhood, which is 75% of New Orleans neighborhoods. The good news, for me, is that this leads to a lot of people renting to get into neighborhoods they could not afford.

I just closed on a SF unit that I'm living in. I would be extremely hesitant to invest in a SF for profit right now, esp in NOLA. 

@Lynnette E. You can find an inspection checklist with your housing authority.

Also, definitely do a house visit to their current address. That is how they will treat your property.

@Paul DeSilva I feel like the workers who lost jobs early on were in a particular class. I'm concerned about the ripple into other classes that we are seeing. My properties rent for a rate where it may end up a recovery situation for someone downsizing but I'm pretty confident I can get them rented wcs.

My concern is ever having the ownership of my property management decision rights returned from the feds. If I can't get em out I can't turn em over.

@Aaron K. It's not hate but what appraisers do is def not math. It's opinion of what is comparable. Only math is in commercial earnings based appraisal and then comp is still relative.

Mine generally appraised for the sale price at sale and higher when I get a blind appraisal.

Evicting everyone who is not paying rent now would lead to a crash.

The answer is to support landlords and not tenants. Solves all problems. Not to mention you're proping up the real estate market and not there Amazon prime marketplace...

@Paul Shannon CDC and Trump Administration? Yup...

Keep the new builds and rent with a property manager. 

As far as structuring, your best bet is talking to a lender or investor. You're going to want to have a sound relationship with your financer when it comes to paying contractors. It would have to be two deals unless they are willing to combine the lots.

New construction loans are pretty dificil to come by during covid but for the right deal, everybody will want a piece.

@Lynnette E. if you go through the inspection, the housing authority can approve an increase to cover the difference. Probably not for an additional 150, depending on max standards for your zip. If the person is on a partial payment from the HA they are required to pay any difference. If they are maxed out it's because they should not have the money to make up the difference. How you tread is your cross.

No reason to do rent to own. They can't make the money to buy it, claim that money, and keep your "guaranteed" payment.

You can likely pass inspection. If you can rent it, realistically, it will probably pass. 

I would recommend going for the inspection on the 950. It should be free and you'll have to do the rest of the pre-work if you choose to go either way.