Yes, to a point. Unlike earthquakes our hurricanes, tornado threats and floods are possible and forecasted every year. If you are near the coast you are in the greatest danger of hurricanes and floods, but tornados can happens anyplace. I am from California, moved here in 2005, my baton rouge home had little damage from Katrina, Rita or Ike, but Gustav did cause some roof and fence damage, I had another home in Raceland closer to the coast but not close, had significant damage from Gustav but nothing from the others. Gustav came straight into Louisiana from the extreme southern coast to the top of the state, rare. The bad part is the insurance for floods, FEMA had designate areas of Louisiana as flood zone even though it has never flooded there.... more
New terms to any contract must be negotiated and acceptable to all parties. If you do not want to risk loosing the ability to purchase the home you may need to leave all terms as is and pay cash for now as you agreed to. If the home is in good condition and can pass the condition requirements for a mortgage, you can usually mortgage it after you own it. I would recommend talking to a local lender about the home and your financial situation to discuss what are your best options first. To renegotiate a contract I would recommend you hire a Realtor and/or consult with an attorney for legal advice. I can help you if you would like to do that.... more
Hi Katrina, you can start by calling your local police station when you see property that you are interest in. They will be glad to tell you about the crime rate in that neighborhood. For schools you have to call the East Baton Rouge Parish School Board. If you don't have a Realtor, feel free to give me a call at Harris Manor Realty or email me at firstname.lastname@example.org.
Happy New Year!!!... more
The answer Tim is most definitely YES! However, I wouldn't look exclusively downtown or at condos. While the market downtown is quite robust, more so than other areas, most condos downtown are a bit pricey for investing for immediate positive cash flow.
River Place & River View are both conversion developments, and are more affordable, quite frankly because they aren't in as great shape as the pictures indicate. At the same time, most locals don't consider them "downtown" either. I'll explain. All of the recent development and nightlife that people want to be near is downtown between North and 3rd Street, for the most part. So, while they are affordable, they are not as desirable as they would be if they were 8 blocks south. I will take a look at the rental rates there for you if you'd like.
There aren't really a lot of condos downtown, and almost no conversions. Over-supply is not an issue and investors seem to be the only people buying condos.
I think you should consider two other options, as well: LSU Property and single family homes downtown.
LSU influenced property can be profitable because anything close to campus has extremely high occupancy rates. I know of three condos that are available right now that are close enough to campus to rent easily. The developer is wanting to sell them quickly because he has them owner-financed, but they are priced a bit higher.
There are also some SFRs closer to the core of downtown that are still affordable, yet could bring more cash-flow monthly.
One way or another, we'd be glad to be your eyes and ears here to see if we can't identify some opportunities worth considering.