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Paid cash for a triplex in Nola last week. I& #39;m still processing it all, but here& #39;s some thoughts about the experience in case real estate investing is one of your future goals.
A thread.
A thread.
1. Know your why. Here& #39;s some of mine.
I enjoy restoring historic homes. I wanted a multi-fam property for Moms that would pay for itself. We also saw my childhood neighborhood being gentrified & wasn& #39;t finna let that happen without us benefitting.
I enjoy restoring historic homes. I wanted a multi-fam property for Moms that would pay for itself. We also saw my childhood neighborhood being gentrified & wasn& #39;t finna let that happen without us benefitting.
2. What& #39;s your target? Ours:
Historic homes because building generational wealth requires finding homes built by ancestors to withstand the likes of hurricane Katrina, Betsy, Camille, etc.
Homes that survived 100s/years through all that have high survival rate & appreciation.
Historic homes because building generational wealth requires finding homes built by ancestors to withstand the likes of hurricane Katrina, Betsy, Camille, etc.
Homes that survived 100s/years through all that have high survival rate & appreciation.
3. Do not rely on Zillow estimates of value.
Zillow is not a good source for values. Look at city tax assessor roles and recent sales. Depending on condition of the property, the truth may be somewhere in the middle.
Zillow is not a good source for values. Look at city tax assessor roles and recent sales. Depending on condition of the property, the truth may be somewhere in the middle.
4. Do not rely on an agent& #39;s knowledge of your target area.
Do your own research. Learn about homebuying assistance programs, historic tax credits, contract language, disclosures, and negotiable items.
Do your own research. Learn about homebuying assistance programs, historic tax credits, contract language, disclosures, and negotiable items.
5. Speaking of negotiable items, ALWAYS NEGOGIATE.
Your initial offer is just that: initial. No matter how great the deal is, you should always find ways to make it better before you get to the closing table. This includes items found during inspections & pain points for owner.
Your initial offer is just that: initial. No matter how great the deal is, you should always find ways to make it better before you get to the closing table. This includes items found during inspections & pain points for owner.
6. Understand gentrification patterns.
That word gets a bad wrap, but there& #39;s nothing stopping you from using your tech money to keep property in our families.
That word gets a bad wrap, but there& #39;s nothing stopping you from using your tech money to keep property in our families.
7. Read the book The Whiteness of Wealth: How the Tax System Impoverishes Black Americans and How We Can Fix It.
It is a great companion to The Color of Money: Black Banks and the Racial Wealth Gap.
It is a great companion to The Color of Money: Black Banks and the Racial Wealth Gap.
8. If you& #39;re buying in a historic district (Treme, Irish Channel, Holy Cross, Bywater, etc.), invest time in contacts at the HDLC & Safety/Permit offices.
You need HDLC permit for building permit.
We had to use OSINT skills to find people.
You need HDLC permit for building permit.
We had to use OSINT skills to find people.
9. Historic homes require all specific materials for renovations. There& #39;s also a rabbit hole of details that you must understand. Here& #39;s the HDLC design guidelines. https://www.nola.gov/hdlc/design-guidelines/">https://www.nola.gov/hdlc/desi...
10. Unrelated, but hello new followers! Note that I take frequent (sometimes extended) social media breaks & my tweets are set to auto-delete. Therefore, do not expect to come back to this thread a few days from now. If you need the info, get it while it& #39;s here!
11. So much emphasis is put on tourist traps, but New Orleans neighborhood bars are undefeated. The food, drinks, sense of community, wisdom imparted from the elders, history being discussed.
Every time we go home, I& #39;m reminded of why my heart will always be there.
Every time we go home, I& #39;m reminded of why my heart will always be there.
In summary: secure the bag then use it to buy the hood & own some shit.
Lest you come back & miss all the wealth creation that you could have participated in.
Oh & today is always a good day to enable 2FA on your accounts.
Fin.
Lest you come back & miss all the wealth creation that you could have participated in.
Oh & today is always a good day to enable 2FA on your accounts.
Fin.
