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What are the laws regarding buying a double/duplex in New Orleans for out of state buyers?

I was told that we would not be able to purchase anything other than a single family home due to out of state buyers taking advantage after Katrina. Something about people buying the duplexes/doubles and renting them out, but then the renters would leave and when the owners could not rent the properties out they would just leave them there unoccupied.
Thanks in advance!
Thu May 15 2008, 22:43 - New Orleans - Home Buying - 5 answers
 
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Cynthia
Home Buyer
in Cincinnati
Cynthia, Home Buyer in Cincinnati in Cincinnati
Answers (5)
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Craig Miramb… was FIRST TO ANSWER
Actually I've closed two loans in the last couple of months in New Orleans and both properties were not in a flood zone - both borrowers did purchase flood insurance but it was for significantly less than if flood insurance was required.

But your probably correct that most properties do require flood insurance. I just suggested they keep that in mind while home shopping since they obviously had not committed to a property yet to help keep their out of pocket expenses down.

And to let everyone know - there are different levels of flood insurance based on the elevation of the property and where in the flood zone the property is located.

Tue May 20 2008, 10:08
Web Reference: http://www.LALending.net
 
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Sorry to disagree with the person from out of town,(Ms Mars) but NEVER assume that any property in New Orleans does not require flood insurance.

By default, ALL properties post Katrina will require Flood insurance, and it is the rare, (and I have never heard of it) in the post Katrina world that any property in Orleans parish will not require flood.

Tue May 20 2008, 05:36
Web Reference: http://iansellsnola.com
 
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Hi Cynthia -
Your only restrictions will be on the mortgage you decide to finance the property with. Many lenders who work with multiple unit properties limit the amount they are willing to lend to the borrower based on a percentage of a sales price. Other factors would be considered, such as credit score and ability to prove income.

Also, to dispell another common rumor - not all properties in New Orleans (French Quarter) require flood insurance. Keep that in mind while shopping for your new investment property. Flood insurance, when not required, is still a smart buy - but it's only a fraction of the cost!

If you need help with your upcoming purchase - we would love to assist you!

Mon May 19 2008, 10:47
Web Reference: http://www.lalending.net
 
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That is not true at all. Those would be illegal practices. People want to sell, and some want to buy....singles, doubles, fourplexes or the whole block if it would be for sale.

This is a very hot market for rentals..and it still makes sense to buy a double to have someone help pay part of that mortgage, insurance, etc. Just remember, being a landlord is like another job...no to rephrase, it is another job.

Buying a duplex that already has a renter on one side will be advantageous when you go to get a loan.
Send me some details and I can help you narrow your focus on finding your place in New Orleans.

Fri May 16 2008, 06:43
Web Reference: http://iansellsnola.com
 
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FIRST ANSWER
Not true at all. At one time it was harder to obtain financing for multi family loans, but by no means are there laws. There will be plenty of mortgage people and Realtors like myself that will do whatever it takes to earn your business. We can set you up with a double in less tghan a month. Drop me a line and let m eknow your plans. realtorcraig@cox.net

Thu May 15 2008, 23:15
Web Reference: http://www.mirambellrealty.com
 
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