It happens: an all-but-irresistible New
Orleans real estate investment crops up when you’re least expecting it. You may
have been actively searching for your next family home when you happen across a
particularly good bargain—but it’s not a good fit for your own family. “Holy cow,” you think to yourself, “that’s a ridiculously great property at an
absurdly low price!”
That can start the wheels turning. If you
have the financial resources (or enough experience to know how to corral them),
it can be the genesis of a lucrative real estate investment in New Orleans. There
is, however, one question to be asked before taking the idea to the next level.
It’s a question familiar to experienced investors in all
walks of life. Whenever a phenomenal opportunity presents itself, it’s the
first question that venture capitalists, stock market analysts, even small
business entrepreneurs automatically pose. There are scores of ways this
question might be worded, but they all boil down to pretty much the same kernel
of an idea—which is to question the assumptions that make this new venture so seemingly
irresistible. In short, at its core the question is simply, “What’s wrong with this picture?”
Applied to any real estate investment in
New Orleans, it’s a valuable opening question. Finding a great property at an
unbelievable price—one that unmistakably flashes ‘profit!’ for either renting
or reselling—does happen, of course. But
it’s never wrong to take a step back for a reality check. Remember, there are alert
competitive forces at play in the local market. Other real estate investors are
constantly on the lookout for the next promising New Orleans real estate
investment opportunity.
You may well be among the first to notice a
prime offering, but even so, you’ll be well served to look hard for a reason
why it hasn’t already been snapped up. The fact is, there is a well-developed, reliable
mechanism at play that should lead a
seller to have a good idea of what his property is worth—and therefore, what to
ask for it. The comparable property value numbers—the ‘comps’—make the market fairly
well ‘regularized.’ They make greatly underpriced offerings rare.
Asking yourself what’s wrong here? is a shorthand way of reminding yourself to curb
your enthusiasm as you exercise all the due diligence steps: verifying the
condition of the property inside and out and spelling out title and lien issues
and location, neighbor, neighborhood and historical matters. The curbed enthusiasm
should last until those inquiries come up with the right answers…at which
point, even the most jaded real estate investors tend to put the pedal to the
metal. When everything begins to check out, they know a crowd will soon be
forming!
It’s my job to help facilitate every phase
of a good New Orleans real estate investment—from discovery and investigation
through offer, negotiation and all the documentation steps. It’s what happens when
the answer to, “What’s wrong with this
picture?” turns out to be, “Absolutely
nothing!” If you’re looking to buy an investment property in New Orleans this
winter, call me today!
Questions about buying or selling a home?
Call Terez B. Harris
504.297.2619
View Homes For Sale in Metairie
View Homes For Sale in New Orleans
Terez B. Harris
Terez Harris NOLA Realtor Group
Terez Harris NOLA Realtor Group
(504)297-2619
www.TerezHarris.com
TerezHarris@kw.com
Search the MLS!
(multiple listing service)
Search Terez's Active Listings!
TerezHarris@kw.com
Search the MLS!
(multiple listing service)
Search Terez's Active Listings!
Terez B. Harris Terez Harris NOLA Realtor Group 504-297-2619 www.TerezHarris.com
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Keller Williams Realty New Orleans 8601 Leake Ave. New Orleans, LA 70118 504-862-0100
Each office independently owned and operated. All brokers and agents licensed in the state of Louisiana.
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