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Anyone flipping flooded homes?
Posted on 1/17/17 at 5:18 pm
Posted on 1/17/17 at 5:18 pm
Who's doing/done this? Worth the hassle? Have a house in my neighborhood that has been gutted and ready to put back together. Price is about 100,000 less than what houses were going for before the flooding.
6
Posted on 1/17/17 at 5:20 pm to Rossberg02
Prepare to put close to $70,000-$80,000 of work into it, minimum. Add that to the cost of other miscellaneous things and your return on investment is not really that great. Not when you include the headaches that come with trying to find contractors to do the work right now.
Posted on 1/17/17 at 5:22 pm to poops_at_parties
My home is similar size, I gutted and sprayed myself and was able to come significantly lower than 80,000 plus upgrades made to the home.
Posted on 1/17/17 at 5:24 pm to Rossberg02
We have done 4 since November
Good side money
Good side money
Posted on 1/17/17 at 5:28 pm to Rossberg02
Have a buddy doing it to his own house. Doesn't want to live there anymore and was about to upgrade anyhow. Got a bunch of insurance money, did most of the work himself and rolling the rest in to his next house.
Posted on 1/17/17 at 5:29 pm to djangochained
quote:
We have done 4 since November
Good side money
Any major road blocks?
Posted on 1/17/17 at 5:30 pm to Rossberg02
What parish?
Posted on 1/17/17 at 5:31 pm to djangochained
quote:
We have done 4 since November
Good side money
Posted on 1/17/17 at 5:37 pm to Rossberg02
quote:
Any major road blocks?
Everything has to be cash, including purchase of house. Insurance, appraisal, lack of quality contractors, and many other factors make it very difficult. Need minimum 90-100% of ARV in expendable cash just to begin.
Posted on 1/17/17 at 5:44 pm to Rossberg02
Will potential buyers be able to afford flood insurance on the property when you are finished?
Posted on 1/17/17 at 5:45 pm to Rossberg02
Livingston was requiring more permitting
Posted on 1/17/17 at 5:47 pm to Rossberg02
We have a few we're doing to turn into section 8 rentals. So far we have 6 leases. Top dollar $$$. Right there in Denham.
Posted on 1/17/17 at 5:49 pm to poops_at_parties
quote:
Prepare to put close to $70,000-$80,000 of work into it, minimum. Add that to the cost of other miscellaneous things and your return on investment is not really that great. Not when you include the headaches that come with trying to find contractors to do the work right now.
quote:poops_on_parties
poops_at_parties
Posted on 1/17/17 at 5:49 pm to MBclass83
quote:
Will potential buyers be able to afford flood insurance on the property when you are finished?
Did the flood maps change?
Posted on 1/17/17 at 6:07 pm to stout
quote:
Did the flood maps change?
No, and even if FEMA planned to revise them after the floods it would take a few years for new maps to be done. Only way theres any significant change to a house's flood insurance rate is if the home had flooded previously and was deemed a "repetitive loss property"
Posted on 1/17/17 at 6:08 pm to stout
quote:
quote:
Will potential buyers be able to afford flood insurance on the property when you are finished?
Did the flood maps change?
My area is 400 a year and no the map didn't change. No worries about elevating the home.
Posted on 1/17/17 at 6:28 pm to Rossberg02
I need a rather large roof that need to be replaced in Covington . Any leads would be nice. The appraisal for another company was high.
Posted on 1/17/17 at 6:47 pm to stout
Hey baby
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