A Little help for A motivated rookie investor

Ok I am so happy to find this web site first and for most and look forward to ur replies. I am a 22 year old engineer and I currently live in the surrounding area of new Orleans (slidell,la). I am starting my own real estate investment company (Crescent City Investors, llc) with my wife, brother, my mother who has been a real estate agent for 15 years, and father who has been a contractor/landscaper for 7 years. I have two basic Questions that I would really appreciate the answers to from you vet out there…first is there any software that I can acquire to determine home values in a particular neighborhood…and second and most important what is the best way to finance flips Is it through a mortgage broker, Hard lenders, a bank or some other form). Thank You guys in advance for your help

There are some websites that you can go to to find neighborhood prices but a lot of them are inaccurate. The best way is to research your local market, look for houses that are for sale, say about 100. Therefore when you see a house on the MLS or anywhere else you will KNOW how much it is worth. It is a waste of money for appraisals.

There are a myriad of ways to find financing, I know some investors that use local banks and some that use a mortgage broker. Just know that real estate is a people business, join your REIA and meet people, they will direct you to important people. Say the vice president of a local bank or a good mortgage broker.

Good luck!

Why are you bringing all those people into your business with you? I have a general rule that I never do business with anybody I can’t sue. That means that if my contractor/landscaper doesn’t do what I need to have done when I need it done, or my real estate agent gives me bad comps and I have to sue them ask yourself how is Thanksgiving going to be that year?

You have a possible golden opportunity in REI with the area that you’re in. However, at this time, it’s in a serious (SERIOUS) jumble of a mess, value-wise.

Frankly, you have no common ‘market value’ in your area at this time because there are no consistent home sales except for flooded, unrepaired houses. Fully rehabbed homes aren’t selling well on the ‘open’ (ie, MLS) market, either simply sitting vacant, or possibly selling FSBO (though I doubt it).

There are several possible (probable) causes for this. Several parts of the area simply aren’t back to what they were (and maybe never will be). There are still major crime problems. People that want the houses can’t get there yet. People that want the houses don’t know about them because they aren’t in the area. Realtors aren’t marketing well. Lot’s of shoddy rehabbed houses on the market. Lot’s of halfway rehabbed houses sitting empty. Gov’t and various depts (like power/water) there still is not working well. Funding is simply not there anymore.

The ‘golden’ opportunity is that if these things get worked out, there will be a major jump in property values in the area. If you chose properly, you could see huge profit margins.


FYI, Recently bought a 4plex in Baton Rouge. Sales price 165k. Cash flows aprox. $800 a month (nice size down payment). Found out a lot of national lenders won’t lend in these areas but there are still some if you look.

Roger, of all the people your including in your venture do any of them have any $ to contribute? Also if your mum is a local RE Agent she should be able to provide comps. Also try zillow.com for some rough estimates on prices.


Roger, of all the people your including in your venture do any of them have any $ to contribute?

Don’t really understand the question, Marti.

“Mum” can only pull comps if there are comparable sells out there. That is one of the problems currently with New Orleans and surrounding areas is that there are precious few comps of fully rehabbed homes. As to using zillow to gauge house values, I’d rather use a magic 8 ball. At least it’ll be more accurate.

$800/month cashflow is good. You’d have to be pulling in at least $3200 to get it, but with what most people are charging for rent down that way, it’s pretty easy to get.