Head First; Eyes Open
Well, after sifting through literally hundreds of handyman properties and reviewing today's proposed rebuilding initiative in the Times Picayune, I have found a respectable initial investment property.
You couldn't find a more typical representation of middle class housing in Orleans Parish...a shotgun double. It is located on First Street uptown, for those familiar with the area, it is bound by Freret, Louisiana, St. Charles, and Jackson. Sorry, but that realtor photo is the only one I have right now, I promise more in the coming days.
I spent a couple of hours this evening over at my mortgage broker's house filling out the paperwork and submitting an offer on the house. It isn't common practice to do business at private residences, but he's a friend of mine. I ought to have this process memorized as I have been through it a few times before, we presently live in one house and rent out another to a couple of nuns (don't ask, they're excellent tenants). Anyway, i'll disclose the amount of the offer and everything once it is accepted (they have until Monday). Suffice it to say that even if we had to bulldoze, we would make money on the deal. If the aforementioned initiative is passed, the area it is in is labeled as an "area to be redeveloped", so that can't hurt the property value.
That's basically it. My broker is still sending me properties because we plan on buying a couple more (especially if this one goes alright) and I am weighing the post-restoration options with this one...sell it, or rent it? Who knows. My brother is coming in from Texas to oversee things when i'm not there and help out long term. And it's amazing how much money is being thrown at this from friends and family. I never thought I would have to actually turn away investors from a project, but it's gotten to the point where profits are going to start getting too diluted if we take on much more of other peoples money. I've got enough capital lined up to handle a few different properties, so we should be able to do this whole thing right for once...and dare I say, come out on top?
You couldn't find a more typical representation of middle class housing in Orleans Parish...a shotgun double. It is located on First Street uptown, for those familiar with the area, it is bound by Freret, Louisiana, St. Charles, and Jackson. Sorry, but that realtor photo is the only one I have right now, I promise more in the coming days.
I spent a couple of hours this evening over at my mortgage broker's house filling out the paperwork and submitting an offer on the house. It isn't common practice to do business at private residences, but he's a friend of mine. I ought to have this process memorized as I have been through it a few times before, we presently live in one house and rent out another to a couple of nuns (don't ask, they're excellent tenants). Anyway, i'll disclose the amount of the offer and everything once it is accepted (they have until Monday). Suffice it to say that even if we had to bulldoze, we would make money on the deal. If the aforementioned initiative is passed, the area it is in is labeled as an "area to be redeveloped", so that can't hurt the property value.
That's basically it. My broker is still sending me properties because we plan on buying a couple more (especially if this one goes alright) and I am weighing the post-restoration options with this one...sell it, or rent it? Who knows. My brother is coming in from Texas to oversee things when i'm not there and help out long term. And it's amazing how much money is being thrown at this from friends and family. I never thought I would have to actually turn away investors from a project, but it's gotten to the point where profits are going to start getting too diluted if we take on much more of other peoples money. I've got enough capital lined up to handle a few different properties, so we should be able to do this whole thing right for once...and dare I say, come out on top?
posted by Thomas at 8:52 PM
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