Posted by sheldon on October 05, 2002 at 07:06:29:
hey Will
I live in Tenn and am originaly from Baton Rouge. There are many opportunities here in Chattanooga. I am new to the business and would like to know how you got started with small multi families. Eventually I would like to buy in the Baton Rouge market. Do you have a feel for the real estate market in Louisiana? I left in 1995 because of the economy. I have been back to visit a few times and it seems that the economy has rebounded. I can’t figure out what is fuelng the recovery. Even my friend in the Baton Rouge mortgage business can’t tell me why. He speculates it is because of the fiber optics hub being considered.Any thoughts? I would hate to get into a down real estate market for rentals and get stuck.
Any thoughts and/or comments would be appreciated.
Real estate is my PASSION. I love to look at listings and visualize what I would do with the properties I see. Unfortunately I work full time (sometimes up to 11 - 14 hours a day) and where, and how would I find business on the weekend? I also live in a very expensive state - Massachussets , where the prices are astronomical. I’d love to buy a 3 family but the ones in the more favorable neighborhoods are worth $500,000 PLUS. I’m afraid that investing in a lower income neighborhood (no offense to anyone) could mean non-paying tenants, housefires, and less profit. Help!
Posted by alfraida on October 05, 2002 at 07:53:15:
I too am feeling the fear, I’m not working,but I do have income. Renting, is a business like any other. When you rent, you have to set up your rules and stick to them.Renters, who have the best of intentions will fail on their rent if you become lax with them. As an incentive for renters to pay up,give them a 50.00 rent reduction if they pay by a certain date. You always inflate your rent amount by the same amt by the way and always tell the renters you give a discount for early payers
I live in MA as well, Western MA. Your A.P. is due to the unknown, I had the same thing. You need to get out there and see properties and make offers, any offer. When you do this, you learn more, you’ll find an area that is both not too expensive and not a dump, and the fear goes away. It’s a learning process. This is a game of detemination and persistance, nothing more.
Posted by Will Gandy on October 01, 2002 at 14:26:30:
I live in New Orleans where property is more affordable. However, I would rather own and manage multi-families in lower income neighborhoods. This is conditional on subsidized rent programs (section 8, Volunteers of America). I rent to Vol. of America participants and have no problems whatsoever. The check is in my PO Box on the second of every month like clockwork. My goal is cash flow, yours may be different. Good luck.