Hi I am thinking of buying a condo in the French Quarter. I'd like to use it personally a few weeks a year and rent it out to visitors the remaining

Asked by Ktcove2, New Orleans, LA Sun Jan 6, 2013

time.Ideally looking for a 1 bedroom...what are best areas to consider and are there any special assesements or taxes that are unique to the area? Are there any local restrictions on rentals regarding # days can be rented, registry etc. Thanks!

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
ian cockburn’s answer
ian cockburn, Agent, New Orleans, LA
Sun Jan 13, 2013
If you live out of town, the last thing you want is managing people in and out...it is not worth the possible drama or additional cleaning and troubles associated with short timers. This is not a forum to discuss law..unless lawyers start answering questions and disclose as such.

The secret to condo ownership in the French Quarter is to invest in slow, steady equity. This means buying at the right price...you are making your money when you buy, not when you sell...or try to rent short term..alot of risk for out of towners.

If you are trying to use a FQ condo as an investment property you will never make money...the numbers never have and never will work like what you can do with a 4 plex or even a double / duplex Uptown or in Midcity.

Need to know more about these areas? Visit my website at the link below and see real video of other New Orleans neighbourhoods
0 votes
Gala, , 70116
Sun Jan 13, 2013
Most of these answers do not address the fact that it is AGAINST THE LAW to rent our your unit on a per week or weekend basis. you MUST have at least a 6 month lease in place. Many associations will prevent you from doing this, as it sets up the whole association for punishment under the law.
1 vote
ian cockburn, Agent, New Orleans, LA
Sun Jan 6, 2013
The French quarter as a whole is a good solid investment. There are specific areas and places within these areas that would be the best investment opportunities right now.

Most places require if you rent, the tenants have a six month lease in place. As a property manager in the quarter, renting your place for at least 6 months reduces / removes the drama of drunken stupor associated with shorter term rentals and at the end of the day will be your best option.

Email me at ian70119@yahoo.com and I can show you how I have helped clients/friends build a solid fun investment in the quarter.
Web Reference:  http://Iansellsnola.com
1 vote
Info, Home Buyer, New Orleans, LA
Wed Jan 9, 2013
The French Quarter is a one-of-a-kind area - there is nothing like it anywhere else. You are very lucky if you can buy something there - prices are high, as they should be considering how unique this area is. You will never be bored, in fact, you will be enchanted by the charm and the "Big Easy".
The areas closest to the Mississippi are best, such as Chartres, Governor Nichols, Ursuline, Dumaine, and of course Royal Streets, look for "the lower quarter" verbiage.
Enjoy!
0 votes
thanks for the info..much appreciated
Flag Thu Jan 10, 2013
craig miramb…, Agent, Metairie, LA
Mon Jan 7, 2013
I would be glad to help if you are still looking for assistance, craig@mbellrealty.com
Web Reference:  http://www.mbellrealty.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more