Posted by Charlsie on March 10, 2003 at 07:00:34:
Dave, I sent you an email. Thank you (and others) for your input. Charlsie
Charlsie in Louisiana writes(long) - Posted by Shawn J. Dostie
Posted by Shawn J. Dostie on March 06, 2003 at 10:45:05:
Hi Shawn,
As I read various posts throughout both www.creonline.com and DELETEDI wonder what size city, town, communities folks are residing. I currently reside approximately 35 - 40 miles North of New Orleans Metro Area. . . across Lake Ponchartrain in the small town of Covington, La. Covington is surrounded by 3 or so other small towns, communities. The area is growing quite rapidly due to others leaving the Big Easy and moving to this side of the Lake Ponchartrain for more nature and more elbow room, etc. . . hundreds of folks commute daily to their jobs. There are some VERY expensive neighborhoods here, and there is the other extreme, as well. However, it is still considered rural and does not have anywhere near the ugly, vacant homes that the New Orleans area has, and surely not nearly the availability of buyers (investors) either.
I’ve recently joined the N.O. investment association which is in Metairie. (Metairie is suburb of the N.O. Metro area) Am thinking that NOREIA will be a good source of future ‘team’ members.
I need to find another place of residence either here in Covington area OR in the New Orleans area by mid April at the latest. . . and I’ve been vacillating as to where to move. Trying to figure out a way to get going in ‘wholesaling’ property, and am wondering if I can work the N.O. area and live in Covington area without it totally draining me in EVERY way. Also, am wondering if Covington and surrounding area might actually have enough ugly, vacant properties and buyers of them for me to earn decent income wholesaling property here. Any contacts, potential buyers I currently know of would be in the N. O. area. . . NOREIA members. Until I make the decision as to where to reside and then actually make the move, I am in a space of no accomplishing anything!
Based on your own experience I was wondering if you have and will share any insights/input with me. What size area do you reside? Currently I don’t have a job and no cash. Amazingly my credit is good. . . at least for now! However, since I have no job and no cash, I need to wholesale first.
Thanks, Shawn, for any information you can and will send my way. I know the decision as to where to live and work RE wholesaling is ultimately mine to make. . . sometimes, though, it helps to get the opinion of those ‘who have actually done the deals’. . . there is always MORE than what is stated in the manuals! I have Vena Jones Cox’s ‘Buy Low, Sell Low’ manual, and have been reading this and that and TRYING to come up with a plan that will work for me re: my current circumstances, etc.
Wishing You Continued Success,
Charlsie
P.S. Are you familiar with Steve Cook. (DELETED) Am wondering if he lived in Baltimore when he first started or if he resided outside Baltimore. . . Do you know? I’ve got to nip this ‘where to reside’ thing in the bud soon. . . so I can move on! (literally!!!)
I don’t have all the answers, so I thought I’d post it for different perspectives. I live in a town of 12,000, county population is approx 30,000. 3 small towns of approx 3-5k within 10 miles. I cannot give any information on wholesaling, for that is not an area in which I practice. I am a retailer, and buy and hold. The Bread and butter props are approx. 50-90k, the upper middle class are in 125k to 300k new builds. Anything over that and you are wealthy in this area. At one time (not sure if still true) there were more millionaires per capita in our town than anywhere in the state of Ohio. I buy and hold props in the 0-50k range. My suggestion to anyone in a similar situation is to find sellers of RE that will owner carry. Your good credit will help you to allay the fears of these types of sellers. You need to look specifically for properties that give a positive cashflow after all expenses. I do recommend you find a job to pay your day to day expenses until you build your net equity and cashflow to a point where it is not a struggle to live. A seller (or buyer) can smell the fear and desperation of someone who NEEDS money. This is a slow method, but it will definitely build a net worth and take care of you in your old age.
Any of you out there with different ways and specifics methods to get there?
Good Luck,
Shawn(OH)
NOREIA member in Metairie working in Mandeville - Posted by Dave in NOLA
Posted by Dave in NOLA on March 06, 2003 at 11:57:06:
Charlsie,
I live in Metairie and work in Mandeville. The drive isn’t really that bad. The bridge is fast and there’s no cross traffic.
I’m also a NOREIA member, and I happen to have a condo for sale in Metairie. Well, not quite for sale yet as I’m still finishing up renovations, but I’d be willing to give you a crack at it before its listed if you want. Its a two-story, 2 bedroom 1 1/2 bath with all appliances, 1100 sq. ft., completely renovated, and the condo fee of $305/month covers ALL utilities. I’m going to ask $44,000. Let me know if you want to see it, or if you just want to discuss the opportunities in our area.
Dave
Re: Charlsie in Louisiana writes(long) - Posted by GL - ON
Posted by GL - ON on March 06, 2003 at 11:38:27:
This is just a suggestion. Why not run an identical “We Buy Houses” ad in both areas and see what the response is? If you get 20 from one area and 2 from the other that tells a tale.
You might also try a “House For Sale” ad to see which area has more demand.