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Old 04-11-2011, 05:52 AM
 
399 posts, read 389,971 times
Reputation: 59

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Didn't make any sense. Why buy when you wouldn't even rent? I'd think renting first to see how the area is like would be a smart choice? But if the price is right (10-15K house), why not buy? That price range is about 2 year's worth of rent so why not buy? I haven't really looked into how much the houses are going for in that area.

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Originally Posted by thepointykitty View Post
I would buy there (for the long term investment), but I wouldn't rent there right now, if that makes any sense.
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Old 04-11-2011, 05:57 AM
 
399 posts, read 389,971 times
Reputation: 59
I haven't looked much for prices in that area but from what I've seen is the prices are a bit high for what some people would call a "dump". I haven't seen what a dump looks like cause I'm in Maryland not New Orleans. Baltimore has some "dump" too with prices under 10K (see craigslist). Not sure if those ads are ran by scammers. But a lot of those "dump" are shells and require massive repairs. I even saw one for under 2K! Not sure what the catch is. LOL.

Quote:
Originally Posted by thepointykitty View Post
I'm still learning about real estate here. I wouldn't advise anyone to buy (anywhere) until they got relatively familiar with a city. There are great deals to be had here, but you need to learn about neighborhoods, higher/lower flood risk areas (and the corresponding flood insurance rates).

My husband and I have "flipped" houses before by doing light to moderate structural and cosmetic repairs (installing drywall, tile, interior and exterior paint, etc.) There are plenty of properties here that would work for us, and many that need more extensive work. We're saving up for a substantial down payment to make up for the fact that we're self-employed, so we're doing a lot of research in the meantime. Even if we could pay cash right now, I'd still be doing the research.

Look on Craigslist and nola.com for a general idea of real estate prices.
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Old 04-11-2011, 09:30 AM
 
194 posts, read 310,690 times
Reputation: 160
Quote:
Originally Posted by thealfa View Post
Didn't make any sense. Why buy when you wouldn't even rent? I'd think renting first to see how the area is like would be a smart choice? But if the price is right (10-15K house), why not buy? That price range is about 2 year's worth of rent so why not buy? I haven't really looked into how much the houses are going for in that area.
There are areas where it's smart to buy for the long-term investment because the area is improving steadily, but it might not be the safest place to actually live in yet. I totally agree that there are some great deals to be had here! My husband and I have even talked about buying and redoing a house in a transition neighborhood, but continuing to live in our small-but-very-affordable apartment for awhile.
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