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.
Rêve Realtors: Celebrating Our 4th Anniversary
Since I founded Rêve Realtors in October 2018 alongside Joey Walker, Clint LaCour, and Ryan Wentworth, the company has quickly and steadily grown beyond our wildest dreams. To our delight, Rêve Realtors hit #1 in market share in Orleans Parish in 2020 – and that’s a spot we still hold today, on our 4th anniversary. With 128 agents on board to date, we work together tirelessly to help clients realize their dreams, develop deep relationships in the community we’re so fortunate to serve, and foster a culture of real collaboration and respect. My Role as a Partner As one of the four founders, I’m the sponsoring broker, help manage the company, and recruit new agents. In addition, I work with all of my own clients to help them make smart decisions when it comes to buying, selling and investing in real estate. My schedule is hectic, but I wouldn’t have it any other way – and I thrive on the fast pace of it all. I’m grateful to have three amazing partners who’ve helped the company flourish, and I’m looking forward to many more celebratory anniversaries to come. Building Our Community A huge part of our commitment to New Orleans and our local community involves giving back, and we’re always looking for ways to support the people and non-profits that make a difference in this city. Whether it’s through donations, volunteering, or taking leadership roles, our agents are showing up -- and several have either founded or play a significant role in organizations that do tremendous good in the Greater New Orleans area. The Amazing Non-Profits We Support Here are a just a few of the worthy organizations that we’ve supported so far in 2022 – through donations, volunteering, events, and leadership: Coalition To Restore Coastal Louisiana (CRCL) has a mission that’s near and dear to our hearts, and that’s to preserve and restore our Louisiana wetlands. Through innovation and community, CRCL has reduced shoreline erosion by 50%. YEP (Youth Empowerment Project) engages young people through community-based education, mentoring, employment readiness, and enrichment programming to help them develop skills and strengthen ties to family and community. Annually, they serve 800 youth participants, pair 2300 youth with adult mentors, offer high school equivalency test preparation, and offer after-school programs. Launching in 2006, SBP was able to help St. Bernard Parish successfully rebuild after Hurricane Katrina. Since then, the organization has grown from a small three-person volunteer team into a nationwide disaster recovery corporation with over 130,000 volunteers. A leader in the industry, they’ve been able to help over 2000 families across the world. Belle Reve New Orleans is an affordable housing development for seniors 62 years old and older. Their mission is to provide affordable housing that’s consistent with the principles of diversity, respect, and dignity. The Belle Reve Center offers various multifunctional indoor and outdoor spaces for seniors and ensures the senior community has a place to call their own. The First 72+ organization assists formerly incarcerated persons in re-establishing themselves in society by helping to secure housing, employment, and community acceptance. Their mission is to stop the cycle of incarceration by fostering independence and self-sustainability through education, stable and secure housing & employment, health care, and community engagement. Culture Aid NOLA provides fresh foods twice per week to the New Orleans community. Their goal is to ensure that no one within the City of New Orleans experiences food insecurity. SOUL (Sustaining Our Urban Landscape) NOLA is an environmentally equitable organization focused on the reforestation of the city’s urban landscape. SOUL NOLA works to plant trees throughout the community of New Orleans and provides tree guards to protect against weed-eater damage.
Who’s Relentless and Scrappy? A Devoted Saints Fan and a Good Realtor
It’s sacrilege to say so, but I was a Cowboys fan when I was a kid. In the 70s, the Saints weren’t good enough to be televised. Desperate to see someone play (and win), I’d watch the Cowboys on TV with the sound off, while listening to the Saints game on the radio. Always On, Always Looking for the Next Opportunity As a high school athlete, I was the setter on our State Championship-winning volleyball team. Similar to a point guard in basketball or a quarterback in football, the setter always touches the ball and is always on -- thinking on their toes, looking for the next opportunity, collaborating, and being creative. Even then, people called me relentless and scrappy – the same qualities that make a good Saints fan and a good realtor ;-) Continuing to Show Dedication By the 1990s, while living in New York City, I’d show up at the Park Avenue Country Club sports bar and sweet talk my way into watching the Saints game on a tiny 13” black and white TV in the waitress station. Finally, in October 2000, I was able to sit at a real table in front of a real TV screen at Drougnen’s – a new bar on 3rd Avenue between 23rd and 24th Streets – to watch the Saints play the Cardinals. Two strangers and fellow Saints fans named Rankin and Christina joined me at that table, and we became lifelong friends. Here they are with me and our friend Brian Bain, at the 2009 NFC Championship game against the Vikings. Never Giving Up For years, I’ve been a proud season ticket holder of multiple seats high up in the 638 section of the Dome, where the crowd is rowdy and very much my speed. When the defense is on the field, I’ve even been known to yell at those around me if they’re not being as loud or as boisterous as I’d like ;-) For years, I’ve made sure that I’m wearing the same color as the team, along with my gold boots and my trusty Saints jacket. And I never miss a kick off. If you know me, you know I bring this same perseverance and tenacity to what I do for my clients. And if you don’t know me, why not join me at a Saints game and see for yourself. Looking to buy, sell or invest? Let’s talk.
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