Real Estate Investment In New Orleans
New Orleans is a place that was damaged by hurricane Katrina. The prospects of it have gone up and down in regards to rebuilding as funding is an issue. New Orleans is in need of investors and if you're an investor willing to do some homework.
Real estate in New Orleans has been somewhat topsy-turvy. With many of the homes ruined and many residents leaving in favor of hurricane-free areas, a lot of the recovery hasn't even begun. However, it is important to note that many elderly residents have left and younger residents are now moving in.
The younger generation has a lot of environmental awareness and the educational and physical means of rebuilding a wonderful place that is more aware and strong. Also, despite the recent economic downturn that has been plaguing the country, job rates in that part of the country are actually on an upward trend. With all the new construction and recovery needs, younger people are moving to the jobs.
Investing in real estate right now will not cost too much money. Buying land or buildings and being a part of the recovery process is almost guaranteed to have a good turn-over with profit, as it will be literally coming from nothing. Anything that comes from nothing will be worth more than it was at the time of purchase.
The best thing to invest in right now is multi-family homes and apartment-style ones. New Orleans is definitely a renters market. There is a surplus of single-family homes that are not being touched because of all the renters. Therefore, buying a single-family home and flipping it does not have as good of a return at the moment. Buying something where many people can live though will definitely have its benefits.
Another important thing to do is to research neighborhoods. You will want to invest in neighborhoods that are up and coming, not in ones that were primarily occupied by the older generations. There were some beautiful homes in those old neighborhoods, but they are not likely to have a good return. One final thing to think about is the recovery projects.
There are programs that are rebuilding areas and rental homes that want to provide low-rent housing to victims and workers. These will be sold to investors at a large discount as long as the investor promises to keep the building in the rental program for a few years. This would be a great opportunity.
Investing in New Orleans is needed right now in order to bring the communities back to life. Because Katrina hit so long ago, this region tends to be forgotten. Helping the recovery process will infuse an area of the country with some much-needed hope and will bring you a profit as well.
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