Giving Back During the Holidays and Beyond
I’ve always been committed to the well being of my clients, the New Orleans community, and the world beyond. And for as long as I’ve worked in real estate (almost 20 years!), I’ve given back a portion of every commission earned to charities and non-profits. My favorite organizations are those that make a difference in peoples’ lives, support the arts, empower the LGBTQ+ community, aid the marginalized, care for rescued animals, and hold a special place in my heart – which is why I make charitable donations not just during the holiday season, but all year long. If any of these spark your interest, please join me in supporting them this holiday season. Non-Profits I Support Following are the organizations I made donations to in 2022: Bridge House’s mission has been to provide no-cost substance-use disorder treatment services to those who have lost everything, treating over 800 homeless, indigent, uninsured, and/or unemployed men and women each year. Culture Aid NOLA’s mission is to direct no-barrier, no-stigma aid to underserved members of New Orleans' cultural community with dignity, grace and hospitality. Imagine Water Works helps lead local changes in how we think about living with water, working in an intersection of reducing risk from flooding, pollution, and natural hazards. Human Rights Campaign envisions a world where every member of the LGBTQ+ family has the freedom to live their truth without fear, and with equality under the law. The organization empowers 3 million members and supporters to mobilize against attacks on the most marginalized people in our community. WYES/PBS has been committed to preserving the stories of the Greater New Orleans region and the Mississippi Gulf Coast since 1957, providing free educational television to every home in their viewing area, inspiring a lifetime of learning. Fordham University WFUV 90.7 FM is located on Fordham’s Rose Hill campus in the Bronx and is a nationally acclaimed hub of music discovery, news, and sports journalism. It’s also a multimedia training ground for Fordham students who go on to careers in broadcast journalism, music production, and more. Innocence Project frees innocent people sentenced to life in prison and those serving unjust sentences. They recognize the root causes of wrongful convictions and unjust sentences as systemic racism and inequities, exposing and addressing these root causes. Petstablished helps Animal Welfare Organizations raise money and manage the administrative tasks of caring for rescues and fosters, including adoption applications, medical records, and more. Lambda Legal is a national organization committed to achieving full recognition of the civil rights of lesbians, gay men, bisexuals, transgender people and everyone living with HIV through impact litigation, education and public policy work. Provincetown Commons is a collaborative workspace for artists and small business, serving Cape Cod, MA as a year-round coworking space for creative individuals, artists, entrepreneurs, and start-up businesses. Second Chance Dog Rescue is a non-profit foster-based rescue, established for the purpose of rescuing animals. Belle Reve was the first non-profit, assisted living facility of its kind to be licensed in the State of Louisiana. It provides a home and full support services for low-income and homeless adults and families living with HIV/AIDS.
From Too Small to Too Big: Getting It Just Right
Neil and Suri moved to New Orleans from NYC in 2016, trading an expansive 3-story brick townhouse in Brooklyn for a small rental in the University area. Suri started a new job at Tulane, and they’d leased the place sight unseen, with the intention to buy a home once they’d gotten to know the city. While they fell in love with New Orleans, they were cramped and miserable in their rental space. However, they soon purchased a large Queen Anne Victorian on Octavia St. and outfitted it with a beautifully renovated kitchen, a new covered porch, high end finishes, and a 3rd floor hangout space for their kids. They moved in and frequently entertained, taking advantage of all the amenities the home had to offer. But then the pandemic hit. With Neil spending long stretches of time in NYC for his job and the entertaining of guests suspended, the house started to feel too big, too much to clean and care for, and maybe too much of a good thing. Neil was torn, but Suri felt they needed to move on. The Sweet Spot The third time would be the charm. Neil and Suri bought a manageable double on Arabella Street and embarked on a renovation to convert it to a single family home. Once that was underway, Neil explains, “We had to do a full court press to sell the Octavia Street house.” Our First Meeting I had met Neil and Suri a few years earlier, when I was the listing agent for a Richmond Place home they’d considered. At that time, they were interested in a rent to own agreement, but it didn’t work out. We hit it off, and they stayed in touch, all of us hoping we could work together in the future. Selling the Grande Dame A few years later, Neil and Suri asked me to sell 1328 Octavia Street, and as it turned out, it proved to be quite a challenge. At first, there were a few nibbles, but the listing sat for a bit, as there are only so many people interested in a house that big. Then we found the right buyer, but it was a difficult situation that required ongoing negotiations. Neil and Suri wanted to sell the home and then rent it back from the new owner while renovating their place on Arabella. At first, the buyer agreed, but then that part of the contract fell through. To save the deal, I went into overdrive to find a suitable rental for Neil, Suri, their two children, and one VERY large dog. And this was right after Hurricane Ida, when any and all rentals were incredibly hard to come by. It was stressful, but I never gave up, and thankfully, it all worked out! I’m incredibly appreciative that Neil had this to say about me: “Suri and I have worked with a lot of real estate folks, have a lot of real estate friends, and knew a lot of people in NYC, but I really feel Tracey is in a class by herself. It’s this remarkable combination of being aggressive, and focused, and organized, but also pitch-perfect. If the situation calls for being firm and sharp, that’s what she brings. If it calls for being diplomatic or inquisitive, that’s what she brings. Or if it calls for getting information that’s difficult to get out of someone, she’s able to finesse the situation – and do whatever is called for. “She has this blend of approaches and affects that work incredibly well. And sometimes it also translates to having a real presence – you know she’s in the room – she just has a really sharp, sophisticated look. “You knew Tracey was always working for you. We had supreme confidence that whatever the situation, she was on top of it, and that more than anyone else, she could handle anything. She is such a great communicator, and she’s so great at reading a situation. She’s also good at managing people and has really good political acumen and instincts about how best to use the Réve Realtors resources she has at her disposal.”
Real Estate Investing: My Personal Experience & Top Tips
When it comes to real estate investing, I put my money where my mouth is. In addition to owning my own home, I’ve made it a priority over the years to buy and sell investment property. Why? Because investing in real estate allows you to collect monthly rental income, build equity, diversify your portfolio, and receive tax breaks. Long-Term: An Increase in Value Over Time The usual goal is to invest in properties that increase in value over time. I’ve had personal success doing this and have worked with many clients who’ve been successful, as well. Short-Term: House-Flipping I’ve also worked with several clients who enjoy the short-term real estate investment process of house-flipping -- renovating an old home that needs some love, transforming it into a wonderful new space, often adding more square feet to add value, and selling it to a lucky new owner. Check out some of the beautiful house-flips I’ve sold at 1448 N. Miro St, 5508 Annunciation St, 5354 Laurel St, and 919 General Taylor St. How to Avoid Capital Gains Taxes A third type of real estate investment involves renovation, owner occupying, and then flipping the property after two years' time, which allows the owner to avoid paying capital gains taxes. Some of my designer clients do this, and here’s an example of a home I sold for friend and designer Jamie Meeks. Want my top tips for real estate investing? Read on. If you’re hesitant to invest by yourself, get a partner! That’s what I did back in 2003, when I bought my first investment property (just seven months after I got my real estate license). My friend and mortgage lender Debbie Campo was my investment partner, and we flipped that property six months later for 20K more (without making property improvements). We also bought an Irish Channel double in 2004 that I still own. After the experience of buying a third property with Debbie, I felt confident enough to invest on my own. Get a good lender. (See Debbie Campo, above. I’m happy to recommend others, as well.) If you buy in up and coming neighborhoods, you’ll likely get a better return on investment. Want recommendations on neighborhoods? Let’s talk. Holding a property long term can be key. As a neighborhood grows and changes, the value of a property will continue to increase over time. Your rental income should cover your note. You’ll want to look at what the current income is and what it has the potential to be. Check out the New Orleans’ weekly Sheriff’s sale and real estate auction. Sometimes all that’s needed is painting and other small cosmetic improvements in order to flip a property for a profit. Consider 1031 exchanges. A 1031 exchange is a swap of one real estate investment property for another that allows capital gains taxes to be deferred. Interested in buying, selling, or investing? When you’re ready, I’m happy to talk about all of this and more.
Categories
Recent Posts
