Income Property

Asked by Andy, New Orleans, LA Thu Aug 6, 2009

I am considering relocating to New Orleans from San Francisco. Would like to buy a multi-unit (2-3) fixer while I still have a decent-paying job here, make all units habitable, rent them out for 6 months or so, then move out there into one of the units, hoping that the rental income on the others will make up for some lost income. Any properties that fit the bill on the market? Thanks so much for your input.

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ian cockburn, Agent, New Orleans, LA
Fri Aug 6, 2010
This is very possible, for I have done it and helped others from as far away as Canada do the same. This is the approach:
1) We look at where you are now
2) We look at the cash flow you would like to have
3) We look at the inventory and how it best matches your preapproved amount/cash flow you are looking for
4) We run a risk analysis in terms of location, potential for growth vs location and what factors are most important to your lifestyle vs simply the utilitarian approach to real estate.

This process will be repeated until we find you a place that works with your budget and timeframe.

Take a look at my website and drop me a line to see how I can help.
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Eileen Murray, Agent, New Orleans, LA
Fri Aug 6, 2010
This plan is one used by many New Orleanians . There are quite a few areas that are great for this type of use but first , you must figure a budget . Everything else will follow . After the cost of the property , you should consider the size necessary for your comfort and for good rental appeal . Then you can search for likely candidates . An area will emerge as a good fit for you .
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Ange, Home Seller, New Orleans, LA
Sun Aug 9, 2009
Rental incomes in New Orleans can be quite variable. Because the city is so tightly settled, a single block can make a tremendous difference in terms of what you can afford to buy and how much you can get to rent it. You really, really need to know the city. There are a number of doubles Uptown that are ready for renovation, but I would stay within certain boundaries. Stay within the river side of St. Charles Ave. and the lake side of Magazine Street. I'm partial to the Garden District because it is so beautiful, but if you have kids that changes things significantly.
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craig miramb…, Agent, Metairie, LA
Thu Aug 6, 2009
If you are going to live in it, I would think your main conern is making money and living in a good area, email me, I will help,
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ian cockburn, Agent, New Orleans, LA
Thu Aug 6, 2009
There are many! Being a Realtor and licensed Commercial Contractor I can literally show you the ropes...
1) What to buy
2) How to buy
3) How to understand the market and appeal to people who will pay the rent on time
4) How to understand the rental climate - the risks and rewards in managing a property on your own.

Drop me an email or call me on my cell anytime at (504) 615-2333 and we can get started.
Please detail a budget, and what kind of returns you would like on an investment.
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