New Orleans Condos as Rental Investments. Easy Choice!

     In today’s investment market, rental properties are a no-brain-er for most of us; but condos in New Orleans are a well kept secret and a perfect solution for a part-time landlord like me.

    I thought I’d share some of my reasons for purchasing a New Orleans condo as a rental property, and not all of them are “just business.” Cotton Mill Condos FrontCotton Mill Condos Front

Cotton Mill Condos Front

      As a single woman and business owner, I have owned rental properties before.  Over the past few years, this situation has become less and less attractive to me as an income stream, mostly because of my lack of knowledge about building and repairing these properties. Cotton Mill Condos FrontCotton Mill Condos Front I seem to spend more than I take in, simply because property upkeep is somewhat a mystery to me.  Cotton Mill Condos FrontCotton Mill Condos FrontRepair jobs that might be done inexpensively sometimes end up way over budget, and I had recently decided that my rental properties would be sold, and I would turn my attention elsewhere for investments in the coming years.Cotton Mill Condos FrontCotton Mill Condos Front

Cotton Mill Condos

    I changed my mind about that over New Year’s this year.  I still have no desire to add more houses to my rental property list, but a trip to New Orleans, and a revival of my devotion to that unique area prompted me to look into buying a condo for myself and my daughter to use so that we could visit the city more often.  Simply put, after a twenty year exile, I returned to New Orleans and fell in love with it all over again.

     Our condo is a perfect situation for me.  We purchased a unit at the Cotton Mills – a fun, one-bedroom fixer-upper at a great price.  We are currently in the middle of a renovation, and when the unit is updated and redecorated, we will then have a rental that solves many of the problems I experienced as a landlord. 

Cotton Mills Condo, New Orleans Warehouse District

     First, the upkeep on the building itself is not my problem.  My condo dues (under $200 per month), take care of insurance and any structural problems with my condo.  I am responsible for the little things that might go wrong inside the unit, but any wiring, roof trouble, building structure problems, or property damage to the building are taken care of by the association.  I no longer have to concern myself with lawn care or worrying about the security of my property, since all these things are included in the services provided by the condo association. 

     The second bonus for me is that the low interest rate I have secured on the mortgage this year will enable me to enjoy a very low payment, allowing me to rent the property and make a profit immediately.  My unit will pay for itself, and should be easy to rent to the many out-of-towners who come to New Orleans for work and play.  I also understand that medical students at Tulane enjoy the convenience and privacy of a condo off-campus, so the rental market is active and profitable.

Cotton Mill Condos

     It’s not all business, though.  One of my favorite things about this arrangement is the fact that the condo, when not rented, is going to be a great getaway from northeast Louisiana.  I’ll get to spend days on end walking the French Quarter, loving the random-ness of life on the streets of New Orleans, and volunteering wherever there is need, in the Hurricane Katrina rebuilding efforts.

     Over the last month, I’ve been delighted by the welcome we’ve received as “new neighbors” in the building.  Everyone in New Orleans is so friendly, and it reminds me that this city is not just a municipality, it’s a neighborhood.  It’s one of the few places I know of that still enjoys the old arrangement of shop proprietors living above their stores, and I am loving the fact that I can walk almost anywhere I want to go from my Cotton Mills location.  Excellent shopping, as always, is a real plus in the city, and there are so many attractions near the Warehouse District, I can hardly decide what to do every day.

     We’re enjoying the “spruce up” process so much that I’ve decided to begin looking for more units next year.  If “location, location, location” is the real secret to success in real estate, we’ve definitely got the best of all worlds in this rental property, and the more we visit the city, the more I remember why I am addicted. 

   The next condo we buy may be to live in!

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA