All Forum Posts by: Austin Sherman
Austin Sherman has started 2 posts and replied 4 times.
Austin Sherman New Orleans Louisiana Tampa Florida
I would if the price is right, but would rather stick with 2-4 units buildings. I'm trying to designate a part of the city in which I'd focus most of my investing efforts into. Recently, a Whole Foods was announced in a low income area - very interesting! So I'm doing some homework to find out if buying a few properties surrounding that project would have some upside.
Hello! My name is Austin Sherman, and although I joined quite some time ago, I've never posted. I've read quite a bit, and since recently listened to the pod casts (Excellent!), so felt compelled to get more involved. I worked in real estate from 2004-2009 as a project manager for a medium sized real estate developer, and had a few rentals. I jumped ship and dumped my properties in 2009 and went back to the bar business. I'm getting the real estate itch again, and made my first offer last night since 2009! The plan is to start very small, and parlay into mixed use long term rentals in the near future. I'm from Tampa, FL - but currently live in New Orleans.
Cheers!
Austin Sherman
Post: New Whole Foods coming, time to buy?
- New Orleans, LA
- Posts 4
- Votes 2
A new Whole Foods was recently announced in a neighborhood surrounded by blighted and vacant properties. Two unit houses can be had for 40-60k which can be rent ready or need some type of repair. What's more interesting is an article was released today giving more specifics for the project, stating WF will only occupy 25k sf in space, and the remaining 40k dedicated to community involvement, training in cooking healthy with test kitchens, and so on. Thoughts? I've never heard of WF coming to a low income area.
http://www.nola.com/business/index.ssf/2013/02/developer_reveals_more_details.html
These properties cash flow already, but keep in mind with a headache awaiting given the current economic fabric of the neighborhood. Is it possible gentrification is on its way? Or by Whole Foods recieveing 1M in grants saying the complex will be a new version of WF going after a different demographic? It's also necessary to say, a 2 Billion dollar hospital is under construction just a few blocks from here, so that should bolster the community as well. Certain parts of New Orleans are experiencing a boom, it could be this one next. Thoughts?