2930 Banks Street
New Orleans, LA 70119
504-250-7115
brian.opert@gmail.com
Setting Out to Be a House Prospector/Investor
“If the way you do your real estate business works for you, it’s the ‘right way’ to do business, for you”
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We prefer properties that are located “below the radar” to eliminate all competition, wherever
possible.
We discourage participating in public auctions, tax sales, foreclosure sales, short sales, etc.,
again to eliminate the competition, where possible.
We prefer to locate a potential property by spotting a great house, in a good location, that
appears vacant/abandoned, because it has no electrical meter!
We begin at the end – figure out what the property will be worth/sell for, when it’s all done.
Determine early-on if the values are sufficient to work the deal further.
We want to see a 30% pure investor profit, all-in, on any property you acquire to be sold to
others. If it’s a property for yourself, then a 20% factor will ensure it will work even if there are
overruns.
Don’t fall in love with a property – fall in love with the numbers!
Step 1 – Locate a Potential Property.
Using friends, drive-by, craigslist.org, real estate listings (realtor.com), brokers/agents, newspaper, etc.
When a prospective property is located, use the following steps:
The Property Legal Details
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Find a house with no meters
Take 3-4 photos – front, side, rear and possibly inside
Get precise address – note “North” or West, etc.
Go to Orleans Parish assessor’s website - http://www.qpublic.net/la/orleans/search1.html
Same applies for Jeff Parish. http://www.jpassessor.com/search.php but you also have to go
to the sheriff’s website for actual property tax data.
a. Click on Search Records
b. Click on Search by Location Address
i. Enter house number (if it’s a double it could be listed by either number)
ii. Enter street name – watch spelling – every street comes up automatically
iii. Enter direction – N or S etc.
c. Results page comes up and the correct address should show, or “zero” meaning you
have entered something wrong
d. Click on address which opens main info page
i. Address of property
Address of owner of record (no matter who says they own it – THIS is the legal
owner’s name and mailing address)
ii. Value information, by year, at 100% of value today – you can rely on this as-is
value.
iii. Sale information:
1. Grantee is the current owner, whose address is in item d(i) above
2. Grantor is the person who sold the house to the grantee
3. Price is the official price listed in the closing documents with the most
recent transaction listed first – you can assume that IS the most recent
“arms-length” sale price
e. Click on “Show Parcel Map
i. This allows you to confirm that the property you are researching is indeed the
property you looked at, as well as the approximate size of the lot and the
building(s) on the lot.
f. Back up one step
g. Click on “Tax Information”
i. This lists all real estate taxes and any municipal liens that are owed, by year that
they were due, plus accruing interest, as of the date of the printing.
ii. NOTE – at the time any property changes ownership, any taxes etc. that are
owed are due at closing, OR, the new buyer accepts these obligations and
must pay them. The buyer is 100% liable for all of these costs.
Step 2 Locate the Owner
Contact the listed “Owner” by (1) doing an internet search, (2) visit the property and talk to neighbors,
and/or (3) send them a first class stamped letter telling them you are interested, and include some of
the following language in your letter:
We are interested in talking to you about buying your property at 1234 Abc Street
in New Orleans. Our proposal will be as-is, all-cash, no contingencies, and close in
30 days. We also need access to inspect the property. Please contact me at 504123-4567 at your earliest opportunity so we can get this process underway.
Sit back for a week or two and see what the response is, if any.
Step 3 Site Visit
Given access or not, make a date with Brian to make a site visit, “kick the bricks”, and take
exterior measurements. Together, we will evaluate the condition of the structurefoundation-roof-etc., anticipate the cost of rehab, examine the neighborhood, and figure out
what the property will sell for when rehabilitated. There is no cost for this consultation.
Step 4 Developing Comps.
The following websites will provide comparable information on the property you are learning
about
Zillow.com – figure about a 10-20% too high error factor in “Zillow estimates”. Actual
sale numbers are what they are.
Craigslist.org – see what’s listed for sale in the neighborhood and/or zip code
Realtor.com - see what’s listed for sale in the neighborhood and/or zip code, and
learn about the resources of this website to maximize its usefulness. Or, locate a licensed
agent who will manage the site for you at no cost and obtain neighborhood comps – called a
“CMA”.
Step 5 Financial Analysis
With Brian, run a financial analysis bringing together everything you have learned
and collected about the prospect you are interested in. See if the deal will yield the 30%
profit we are seeking before moving on to next step.