Selling a Rental Property With Bad Tenants in Mid-City, New Orleans

Owning a rental property can become exhausting when tenants stop paying, maintenance is deferred, and the property becomes difficult to sell. In this video, Aussie Steve from Home Buyer Louisiana walks through a rental property in Mid-City, New Orleans that the company purchased in 2021 from a tired landlord.

The property had deferred maintenance and later required an eviction after the tenant stopped paying. Steve also explains why he believes he overpaid for the property, how its flood-zone location and surrounding comps have affected its value, and why he may continue renting it rather than selling.

The video also gives insight into why Home Buyer Louisiana continues to purchase rental properties with tenants, vacant rentals, deferred maintenance, and other challenges that can make a traditional sale more difficult. If you are considering whether to sell a rental property that has become difficult to manage, this situation provides a real example of some of the challenges landlords can face.

You can watch the video to see the property and hear more about the situation, or read the video transcript below.

Video Transcript

Hey guys, Aussie Steve here from Home Buyer Louisiana. We buy houses in any condition in Louisiana. I’m here in Orleans Parish in Mid-City. This is actually a property we bought back in 2021 from a tired landlord. The landlord was just sick of the property and the deferred maintenance and was ready to let it go.

So we bought it for cash. A funny thing is, I just came over and, I don’t know if you can see this, but yes, we just had an eviction. You can see the lock. The tenant wasn’t paying, and we had to evict them. To be honest with you, it wasn’t too bad, so we can get this turned around.
At least the place has some things that are roughly intact. Some of the cabinets need work, but overall, it’s not too bad.

But I just want to say, this property, I must admit, if I could undo it, I wouldn’t buy it. I think I overpaid for it. I think I stepped into a position for that landlord because he was sick of it.

Now, it’s just in a flood zone. To be honest, it’s in a good part of Mid-City, but the actual block itself makes it not as good as others. So I think I probably overvalued it when I bought it.

I’m a tired landlord, too. Actually, I am trying to sell it, but I’m not really getting many buyers, so I’ll probably just keep it as a rental. Look, it’s okay. I mean, I’m in property. I do property. I take on these risks. I’m not stressed. I know how to handle it. It’s fine.

I’m probably young enough and dumb enough to roll with the punches, but it is funny if you’re a tired landlord. I get it. I understand. I’m not ready to give up. I’m still buying more.

And I’m aggressive. I know I’ve got some great ones, and I’ve got some dogs as well, so I’m okay with it all. But I get it. If you’re particularly tired, especially if you’ve only got one or two properties, it can really be exhausting.

We buy from a lot of older people who are done with it, or people who only have one or two properties. I have a portfolio, so having a couple of bad ones isn’t a big deal. But if you’ve just got one or two and they’re both not great properties, it can really be exhausting.

So if you’re a tired landlord, I get it. I totally understand. I’ll still be happy to buy your property. You might get lucky. I’ll make a mistake like this one and pay you way too much, so reach out.

I’m still buying, but I just wanted to say I’m not immune to this as a property person. We buy a lot of houses from property investors, and I’m not silly enough to recognize that I can be on the flip side of that, too. Sometimes I do sell properties that aren’t doing too well. It comes with the territory. No one’s infallible. These things happen.

Personally, I’m going to keep going and keep buying properties. I’ll sell this one if I can. Probably not. I’ll probably keep renting it and let the loan pay down.

So I bought it cash, I refinanced it, and the appraisal was good. But the truth is, it’s not worth what it appraised for. It’s just not. Given the comps on the street, it’s just a pull from the other streets, and it’s different.

So I did good on the appraisal, but it means I can’t really sell out at that appraised value. So I’m going to sit on it for a while, and I’m good with that.

But if you’ve got a property you don’t want to sit on, if you’re ready to get off a rental property, we buy rental properties all the time. We buy them in bad condition, and we buy them with good tenants. We love good tenants, so if you have good tenants, that’s a plus.

That can be a negative for somebody, but for us, it’s actually positive, so we like that. We’ll buy properties with bad tenants, too. Not that there’s a positive in that, but we do know how to deal with it. If we have to evict someone, we can just do it. We did it in this scenario here.

So we would buy properties with bad tenants, and we would buy vacant rentals that have deferred maintenance, etc.

Reach out to HomeBuyerLouisiana.com. We’re buying all over Louisiana, including New Orleans, Baton Rouge, Lafayette, and the North Shore. We’re buying all over, so reach out. Thanks so much, guys. Bye.

Selling a Rental Property in Mid-City, New Orleans?

If you own a rental property in Mid-City or elsewhere in Orleans Parish and are tired of dealing with tenants, deferred maintenance, vacancies, or a property that has become difficult to sell, you may have options besides continuing to manage it. If you are selling a house in Mid-City, Home Buyer Louisiana buys rental properties as-is in New Orleans and throughout nearby Orleans Parish communities. You can also explore local coverage in Gentilly, Lakeview, Bywater, and New Orleans East. Home Buyer Louisiana also buys houses as-is throughout Greater New Orleans and across Louisiana.