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Hello, I am a investor working with a team of investors, new to real estate in Louisiana. Mainly Baton Rouge and NOLA and surrounding areas. Looking to close Quick with cash offers. 30 to 90 days. Most time we look to spend on renovation is 90 days, anything longer would not be able to work for us. Basically wholesaling properties for big quick profits.
Now you know what we are doing, maybe you could help with this. It’s hard to determine which way I should couch’s for leads beacause in Baton Rouge and paces like Denham Springs you can see the money being made, also poverty level is a lot lower with the piopulation high. New Orleans on the other hand has a huge population as well with tons of more listings for older lesser quality properties. Just trying to make it easier and understand how to generate good motivated leads so I can consistently do so.
Also I’m a 28 year old single father, new to real estate, guy. Any advice or info would be awesome. I was born and raised in the tri-parish area so I know we help each other out when a fellow “coon-ass” needs a helping hand. I would greatly appreciate any response.
To your wealth and health,
Daniel Boudreaux
Hello, I am a investor working with a team of investors, new to real estate in Louisiana. Mainly Baton Rouge and NOLA and surrounding areas. Looking to close Quick with cash offers. 30 to 90 days. Most time we look to spend on renovation is 90 days, anything longer would not be able to work for us. Basically wholesaling properties for big quick profits.
Now you know what we are doing, maybe you could help with this. It’s hard to determine which way I should couch’s for leads beacause in Baton Rouge and paces like Denham Springs you can see the money being made, also poverty level is a lot lower with the piopulation high. New Orleans on the other hand has a huge population as well with tons of more listings for older lesser quality properties. Just trying to make it easier and understand how to generate good motivated leads so I can consistently do so.
Also I’m a 28 year old single father, new to real estate, guy. Any advice or info would be awesome. I was born and raised in the tri-parish area so I know we help each other out when a fellow “coon-ass” needs a helping hand. I would greatly appreciate any response.
To your wealth and health,
Daniel Boudreaux
Congratulations on your enthusiasm! Sounds like you are fresh off of an all-day $299 real estate seminar!
Now to answer your question----Louisiana is not the poster-State for home flips. Think of a home here as a place to live.
If and when it's time to sell, you'll be very lucky to break even. Remodeling can be tricky as most neighborhood comps won't support the additional cost of a dream kitchen or swimming pool. Home prices have increased slightly in the last two years and this gives a little breathing room, but in order to make a good living at flipping, YOU must do the work yourself. Are you skilled at this? Have you ever personally gutted a 3-bedroom home? Do you understand the sequencing?
If you buy a modest house in Metairie or Slidell (200K) and do a "clean, paint and landscape", you'll be working for free. The comps just aren't favorable. New Orleans isn't Vienna, Virginia or Seattle, Washington. I wish it were otherwise, but the incomes and population transition isn't here.
Go in eyes wide open, and keep your day job for the time being.
New Orleans is ripe with this and people can make good money if you flip fast and sell fast with minimal financial hiccups. Although it's ruining New Orleans.
I've done this work with my parents and if you don't know how to do all of the work sans maybe electrical or plumbing, forget about it. You're going to lose alot of money.
Hello, I am a investor working with a team of investors, new to real estate in Louisiana. Mainly Baton Rouge and NOLA and surrounding areas. Looking to close Quick with cash offers. 30 to 90 days.
...
To your wealth and health,
Daniel Boudreaux
First and foremost, be advised that this is a liberal forum with negative views towards individuals that run businesses. Gentrification is a common heckling term used here and in many circles to describe what you are doing so be careful with how much information you put out about your business here. Often times government employees will track us real estate investors to down to harass your properties with fines and liens using this information.
Second, PM me and I can attempt to answer any questions you may have about Louisiana real estate.
Third, termites and carpenter bees can cost you thousands. They will come in after just one season of no air conditioning in a home. Survey these properties yourself by opening up wall sockets and inspecting the area behind the drywall to ensure no damage or electrical issues.
Finally, 30-90 days closes are difficult in any real estate market because you must ensure you are dealing with the proper owners of the property. Often in my Louisiana real estate adventures, the person living in the home is the heir of an unopened succession. As a result, you have to ensure that all potential heirs are willing to sign for your buy. Having someone on your investing team familiar with searching court house records is going to save you thousands in attorney fees and speed up the closing process.
Banks will not give your potential buyer a loan if there is no title insurance on the property. You can only get title insurance if there is a clear chain of ownership on the property. A prior title insurance policy is golden but not normal in Louisiana.
I pretty much agree with FinalMove that Louisiana is not a great spot for flipping but I would be happy to be wrong and wish for your success. My brother buys houses that he finds very cheap that he fixes up and rents out and he's made money that way mostly in the Denham area, a few he has sold. He did make out well on a house he bought in Uptown after Katrina that he completely redid for himself and recently sold it at a huge profit.
First and foremost, be advised that this is a liberal forum with negative views towards individuals that run businesses. Gentrification is a common heckling term used here and in many circles to describe what you are doing so be careful with how much information you put out about your business here. Often times government employees will track us real estate investors to down to harass your properties with fines and liens using this information.
Second, PM me and I can attempt to answer any questions you may have about Louisiana real estate.
Third, termites and carpenter bees can cost you thousands. They will come in after just one season of no air conditioning in a home. Survey these properties yourself by opening up wall sockets and inspecting the area behind the drywall to ensure no damage or electrical issues.
Finally, 30-90 days closes are difficult in any real estate market because you must ensure you are dealing with the proper owners of the property. Often in my Louisiana real estate adventures, the person living in the home is the heir of an unopened succession. As a result, you have to ensure that all potential heirs are willing to sign for your buy. Having someone on your investing team familiar with searching court house records is going to save you thousands in attorney fees and speed up the closing process.
Banks will not give your potential buyer a loan if there is no title insurance on the property. You can only get title insurance if there is a clear chain of ownership on the property. A prior title insurance policy is golden but not normal in Louisiana.
Negative views towards individuals that run businesses? I ran a business.
I pretty much agree with FinalMove that Louisiana is not a great spot for flipping but I would be happy to be wrong and wish for your success. My brother buys houses that he finds very cheap that he fixes up and rents out and he's made money that way mostly in the Denham area, a few he has sold. He did make out well on a house he bought in Uptown after Katrina that he completely redid for himself and recently sold it at a huge profit.
Again, good luck. It's only math. If I could only flip 3-houses a year, I would have to derive my required income from those three flips.
I need to net at least $85-90K for me to bother with it. That's about $30K/property. That simply can't be done in St. Tammany Parish with $170-180K homes unless you can steal them. The areas you are concentrating on are similar.
I've been in the Slidell market for 12-years and can tell you exactly what a home is worth-----and they sell for that.
Also, houses often take a very long time to sell here, putting your money and credit in the danger zone.
However, I see old homes in the Quarter and Garden District asking crazy $$$$, making a potential flip extremely skinny. Doesn't make sense to me to buy a home for $2.2M, put $100K and a year's labor into it and sell it for $2.3M.
If I had the money, I could buy a 60's teardown near Tysons Corner Virginia for say $580K, spend $30k to demolish and haul it away and refresh the utilities in preparation for rebuilding. Then build a new large home for about $450K in about 6-months.
That adds-up up to $1.1M, but the house would sell for $1.7M. That would be a decent living.
Many "hot" regions allow for this. Louisiana not so much, but there are always exceptions.
I'm simply not going to work that hard and risk that much money to only net $85K. But that's just me.
The place for "flipping" right now is probably Lake Charles as there are a lot of people moving into the area and they need housing. Since a lot of the people are simply here for a bit, they want to either rent or buy a home and don't care about school districts. They are just here for the construction work.
So, what you do is buy property in North Lake Charles for very cheap, you could probably buy a home for $75K up there, gut and finish it off and you can probably get $120-$150K after you put in about $30-40K. Not spectacular, but if you buy 2 or 3 of those derelict properties at a time, you could make some money. You'd probably make more money doing VRBO or AirBnB on it, but you could do flipping as well or rent it.
North Lake Charles is defined as north of Broad Street in Lake Charles. You only have around 5 years before the people start leaving as the build out of the industries is nearly completed. But you can flip a lot of homes in that time.
The place for "flipping" right now is probably Lake Charles as there are a lot of people moving into the area and they need housing. Since a lot of the people are simply here for a bit, they want to either rent or buy a home and don't care about school districts. They are just here for the construction work.
So, what you do is buy property in North Lake Charles for very cheap, you could probably buy a home for $75K up there, gut and finish it off and you can probably get $120-$150K after you put in about $30-40K. Not spectacular, but if you buy 2 or 3 of those derelict properties at a time, you could make some money. You'd probably make more money doing VRBO or AirBnB on it, but you could do flipping as well or rent it.
North Lake Charles is defined as north of Broad Street in Lake Charles. You only have around 5 years before the people start leaving as the build out of the industries is nearly completed. But you can flip a lot of homes in that time.
The sweet spot in our Lake Charles market is $150K or lower homes / trailers since the people using them are temporary workers.
North Lake Charles is very tough to buy properties because banks will not offer loans on property that has no title insurance capability. Most lots and homes in North Lake Charles (North of I-10 but South of Calcasieu River / English Bayou) are chain of title nightmares.
Still working hard to find any evidence that another announced mega-project ($1,000,000) has actually broken ground. SWLA Economic Alliance keeps telling everyone more construction and jobs are occurring in Lake Charles but the same group offers no responsibility for their claims.
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