Home Buying in New Orleans>Question Details

Mik, Home Buyer in New Orleans, LA

Is there any nice affordable houses in the uptown area for under $50,000?

Asked by Mik, New Orleans, LA Mon Dec 7, 2009

the houses can be gutted or partialy remodled with at least 3 berooms and 2 bathsw

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Your best bet are partially renovated homes in the $75K to $150K category. Unless you are trained in have crews in place to get in and get out when it comes to renovating expect to pay a 30% premium to protect and/or replace lost and stolen materials while building.

$50K will not get you much..but a $100 to $150K gets you a house you can actually get a loan on..in other words the same $50K in cash to buy something falling down you can leverage that money to buy a finished or almost finished property.

Take a look at my website for details on actual construction costs, then click on the first link of the first page to identify and quantify the best values available in the metro area.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Wed Dec 9, 2009
Mike - Normally that's a tough price range. However, we are having a multi-parcel real estate auction at the end of January. You might be interested in attending. I think buyer's will be able to get deals they wouldn't normally get on the conventional market. We are planning to have around 70 single family homes as well as 20 or so multi-family properties, all in the New Orleans area. If you'd like more information on the auction, just let me know. You can email me at tiphanie@elite-realty-group.com. My cell is 225-278-5155.
0 votes Thank Flag Link Tue Dec 8, 2009
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