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Love this post, thanks for sharing.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
You will find lots of vetted architects on http://www.hipages.com.au. That is a quality site for connecting with home professionals and tradies.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
Just to extend on your option B, once you up the house and rent it out you should have created some equity. You could then refinance out that equity to buy another similar house to do up and keep repeating. This is the benefit of buying cheap houses with cash and creating value. Get with a wholesaler in that area who could probably show you great offmarket cash deals that you wouldn’t see on the MLS.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
I haven’t had the same experience so not sure if you have just have had bad luck. Perhaps get them talking by asking some questions about a listing and then shift the conversation to the general area and market.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
Hey Steven, I have properties in Geelong and Melton but bought them a few years ago and am out of touch with the market. I like you strategy, it is really common in the States, they call it BRRRR. This stands for Buy, Renovate, Rent, Refinance, Repeat.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
It sounds like you are in a good position to invest and your plan sounds reasonable. If you feel comfortable with that I would start on the path. As you progress you might start to see more options but don’t spend all your time looking at that now. You could be more aggressive and use the equity you are building. When you pay off the property and then but a new one with a new loan and cash you are leaving all that equity in your old house. You could actually refinance that out as a deposit on a new home much earlier and build a bigger portfolio. There is more risk in this but more upside. Like I said don’t stress about that now, just start with the conservative plan and as you start going down that path you can always get more aggressive.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
I think the biggest technology disruption right now is remote working with Zoom etc. This is going to change the commercial property space significantly and to a lesser extent the residential maker as people don’t need to live where they work. Obviously online shopping is already impacting the retail sector. I also think block chain will disrupt title companies.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
I believe that Stamp Duty is the same but you won’t get any concessions on land tax you pay. As an individual most to the states have thresholds for when you start paying land tax but as a trust you don’t get that. Probably best to chat with your accountant about your structuring before entering the transaction.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
Personally I think you should look all over Australia for the best market. I grew up in the Eastern Suburbs of Sydney and always rented where I lived and bought in the best markets. I have 6 single family houses in 3 different states in Australia (all in different local council areas). I recently wrote an article for hipages about buying and managing properties out of state. You can check it out here if you are interested https://hipages.com.au/article/buying_managing_properties_out_of_state
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
I think it is always a good time to invest, the question just is where is the best place to invest now. If you think prices in the market you are interested in are going to drop then make offers based on your predicted prices. If they accept you offer and your prediction comes true you are covered and if the price drop doesn’t come then you bought really well.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
This is a positive effect of Corona. I own 3 rentals around Brisbane and am interested to hear what is happening the market. I live in New Orleans, Louisiana whoever and miss all these meetups. At least this one I can attend.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
Great resource, thanks for sharing Steve!
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
Where is your property located Dean?
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
Moving is one of the worst things to do. We moved from Australia to New Orleans a couple of years. The good thing was I always rented where I lived and bought investment properties in other areas (I lived in the Eastern Suburbs of Sydney so this was a much better strategy for me). This made it easy as I just sold 95% of my stuff and shipped 2 pallets to New Orleans. I ended up buying the AirBnB I was staying with so had a ready made house filled with furniture. Good luck on your move hopefully it is not to painful.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
I own 6 properties in Australia. They weren’t hard to find, once I researched and identified the area I used Realestate.com and a local property manager to check out the properties for me. That being said the returns aren’t great in Australia so it is hard to find great investments. I know live and invest in the USA as the cost of living is lower and the returns from property are higher. I focus on the New Orleans market, not that this is the best market, its just where I choose to live and have the easiest time finding deals. I now go direct to the sellers and buy off market houses from distressed home owners. This is where you can get good deals but you need to invest in marketing to find these deals.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
I think it depends on the impact on unemployment. If a lot of theses job losses don’t bounce back then this can cause defaults and fire sales or properties and foreclosures. This will have a negative impact on property prices. If the jobs come back fast and the economy is intact then it won’t have much impact.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
If you are buying this house to live in then I think only you can answer the question. It is obviously a personal choice of where you want to live and not an investment decision.
Sydney is super expensive to buy in but the rent relative to the price is low (yield). Another option is to rent where you want to live and buy an investment property. This will open up your options to other areas and other states. You will be able to make a rational investment decision, whereas a personal resedence is an emotional one.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
It seems like you have a good mentor. It sounds like your strategy is flipping, so I will add that you make your money when you buy. If you can buy under market value and have a good strategy to add value then you are reducing your risk. I think to many people buy at or above market value and count on appreciation to help them when they sell.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
I believe it is Derek Gehl
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
It’s a red flag that they are not allowing a building inspection. I wouldn’t go ahead with a deal if the seller did that.
HomeBuyerLouisiana | Home Buyer Louisiana
https://homebuyerlouisiana.comAussie entrepreneur investing in New Orleans houses
