You Want to be a Landlord, Huh?
As an active broker and realtor, I always have an eye open for a New Orleans investment property. I specifically see a lot of rental properties because I help a lot of people move to and within New Orleans. With that being said, I see it all. If you’re going to buy investment property in New Orleans, I fully support this. The fun doesn’t stop there, though. After you buy it, you are going to fix it up or rent it out as it is, and you want to make sure it meets some standards. When I go into properties that are run by a slumlord, there is nothing more embarrassing. If you become a landlord, you need to know a few things, especially if it’s your first investment property.
New Orleans Investment Property 101
During the process of buying a New Orleans investment property, you would typically get an inspector out there to help you determine things that are in need of repair. When these issues come to light, it’s important to make sure your new property is fixed to code and the systems are running as they should. Yes, collecting rent as quickly as possible is a high priority, but to get top dollar, treat the property with dignity and pride. Have it working the way you live in your own home. The effort will go a long way.
Don’t Know the Laws of Being a Landlord? That’s Your Problem
You MUST learn the laws of being a landlord. When you own a New Orleans investment property, there are several factors and a slight learning curve to doing it well and right. Besides the obvious, like a formal lease between lessor and lessee, there are a few things you need to know. A few easy tips and tricks are: if a tenant reports a repair issue, make sure you fix it in a timely manner. It will benefit both of you - your property will not fall into disrepair and the tenant will be satisfied and develop loyalty to you. Providing lawn care is an easy way to make tenants happy. Even if you charge them a small fee each month for it, it is one less thing for them to worry about. Same goes for pest control. NO ONE wants to open a drawer and find a roach the size of your chihuahua staring up at you, or taking flight (which is truly a traumatic experience). The bottom line is: maintain the property.
Who’s Managing Whom?
Some folks like the benefits of a New Orleans investment property, but it may be too much to manage themselves, and that’s ok. If you have a property manager/management company, make sure they are following the laws such as the fair housing act. A good way to determine if you want to hire someone or not is outlined by Zillow in this article. The manager can also help with keeping your property details organized, such as move in and out dates, deposits, pet fees. There is a lot to think about, but your realtor can also help with that in some capacities as well. Just ask me - I do it!
Ready to Jump In to a New Orleans Investment Property?
My fervor for real estate is so great that if you have the slightest interest in discovering more about New Orleans investment property, I am here to answer your questions. I have clients that would chime in as well from their own experiences. Building your future nest egg with real estate is a smart move, friends. Real estate has historically gone up, up, up in value. And everyone, everywhere, needs a place to call “home” so you are investing in the right place. With the right guidance and education, you’ll be sitting pretty and having the rents come in, and not to mention happy tenants. Welcome to investing - I can’t wait to help you with your next New Orleans investment property!