Thinking of buying a house in NO East and flipping it (1 Viewer)

[UGASaintsFan]

It is a pain in the rear, a friend of mine and I did this in Lakeview, sold one and made a little money and holding on to the other as a rental as it is a double. Agree with making sure you can trust people as we got ripped off by one contractor who we had been working with for a year without issue. One day he just walked out. If you do a lot of the work yourself you can make more money obviously.

 

[The Mongoose]

Dude, just run. Fast. Run away.

Until they straighten out the insurance market and get some people writing policies down here, the market will continue to be sluggish.

 

[barto]

Thanks to everyone who responded. My girlfriend and I already know about the Builders Risk and "some of" the other hurdles along the way. Fortunately, the plumbing and electrical are in good shape, so the biggest expense should be sheet rock, flooring, paint, appliances and the like. A new roof may be necessary, but we are checking into that before we commit ourselves to this undertaking.

I really do appreciate all the advice, tips and feedback. I'll be sure to come back and let you guys know what we decided and more importantly, if we made lots of money.

Go Saints!!!

 

[Legion of Dome]

Good insurance advice from efil4.

I'm currently making improvements on my house with the idea of selling within a year or two. I would say to leave plenty of 'wiggle room.' Overestimate on everything to give yourself that room in case you find unseen costs, it takes longer to sell than you expected, and/or you have to compromise on your asking price. And if things go according to plan and you don't need the wiggle room (highly unlikely), you have more profit.

 

[porculator]

Make sure the house doesn't have to be raised to the new flood levels. My guess is it would be. That would be a huge pain with a slab house.