question of Amber : I want to be in New Orleans Property to rent 3 + units of less than 0,000 good idea to think or do not invest ?
I am only interested in how difficult is it to rent a unit there and when to repair it to my advantage, a property and I could earn rent. Or if the land prices and taxes too high, it would not be a real bargin. Thank you! Best Answer:
response from Shelley
I’m not in that region, but in my opinion, not to ask someone, you should find out for yourself. First, you know how much you qualify for this type of loan, and you know what kind of interest rate you get, and what the payment is? This should buy a major factor in deciding whether or not you because it decide whether or not you make positive rental income or. If you pay cash, then there is nothing to fear. If you have questions about taxes, call a trusted third book New Orleans and ask them how much would taxes. There are also the search for local newspapers is a good idea, how much are apartments to be rented. If you do have a positive cash flow, you should definitely go ahead, there’s nothing like the tenants to pay a fine for you! They can also be seen on www.realtor.com to see other comparable properties if it is a fair price. Scroll through the “answers” of the area, I was amazed at how bad / wrong advice is given. Be careful!
know more? Leave your answer in the comments!
I live in the New Orleans area. Housing is SCARCE right now. Many people are looking to rent, possibly short-term (12 mos. or so). Property taxes are not that high, at least they weren’t before Katrina, but then again, our streets, public service, and schools suck.
IF you find any units, chances are you’ll have to do some fixing up. Need a contractor? Get on a list and wait 3 or 4 months before they come out. Doing it yourself? Stand in line at Home Depot or Lowe’s for an hour or so for each trip – IF they have what you want.
I am not trying to discourage you – contrary to what you may think – I just want to paint a realistic picture for you. My children’s school just had their roof replaced from hurricane Katrina – in MARCH. Times are tough… but we need people to help rebuild with us… and have lots of patience. Good luck.