All Forum Posts by: Stephen Roche

Jim Brewer, I understand the outskirts will be my best bet. Within the belt line is highly saturated so I'm willing to traveling 45 minutes.

Good question Erik. House hacking was my next step and seemed to be a no brainer but if the completion is that fierce then you would recommend me sticking with single families?

What's up BP? So I have been a member for a while but really hesitant to take the leap and I am finally there. I will be relocating to the Raleigh Durham NC area this summer and am searching for a multifamily(duplex to fourplex) to house hack. Here is my question..... I currently own 2 single family homes in New Orleans La. I have 100% equity/ zero mortgage on both. House 1: 3 bdrm 2 bath 1500 sqft- appraised at $120000. House 2: 3 bdrm 2 bath 1900 sqft- appraised at $160000. Total equity: 280k. My overall goal is to buy and hold with aggressive 10-15 year mortgages. Cash flow is not priority initially but when the properties are paid off(target age :50) then I will retire. That wasn't a question. So I am stuck between pulling out a line of credit on both properties and buying a multifamily or selling both and putting the capital into a larger complex. Thanks for your help. Ps. I cannot wait to get back to North Carolina. Thanks BP -Stephen

My price range opens at 40K to 120K for SFR and 160 for multifamily with I am comfortable with rehabbing 30% of the property.

Kimberly,

   Thank you for such an in depth and personal response. As  a New Orleans(Actually Metairie) native, I am familiar and agree with just how accurate you are. As far as the "fringe" areas go, I am also looking in Bucktown and the outskirts of Old Metairie. Chances are I will not find any property meeting my price point....so the north shore it is. Again...thanks for reaching out

Gentrification:  the buying and renovation of houses and stores in deteriorated urban neighborhoods by upper- or middle-income families or individuals, thus improving property values but often displacing low-income families and small businesses.

A large percentage of the city of New Orleans LA is currently undergoing the above process. Houses, store fronts, even warehouses are being aggressively purchased, renovated then sold to a younger, higher income producing demographic. Neighborhoods that were once crime ridden and subsidized are now buzzing with beach cruisers, trendy restaurants and beautiful new properties. One by one these markets are gaining value. 

So here is the question- I know a business model/investment should not be primarily focused on appreciation but when all the factors point to a booming market, would it not be smart to attack? Your thoughts would be greatly appreciated. 

Thanks,

Stephen