Newbie needs help - Posted by A.J.
Posted by A.J. on February 21, 2002 at 15:33:08:
First off, great site!!! I found it 4 days ago while researching properties in New Orleans(I live in New York). I need a little help.
I am interested in purchasing a rehab project in New Orleans. My question is this: has anyone ever done something like this without living in the state or city? If so what were some of the the pitfalls or upsides of the the deal. Any experiences that you would like to share would be appreciated.
now as far as me, I have construction workers in my family that work in N.O. I also have a friend that does some investment in N.O. This property would be a buy and hold. I would use it as a rental property. My family would accept the rent payments and do any required fixes with the minimum of costs.
What are your thoughts on something like this?
Thanks in advance.