Home Buying in New Orleans>Question Details

Av, Home Owner in Fairbanks, AK

What is the best area to flip a house?

Asked by Av, Fairbanks, AK Wed May 22, 2013

I will be moving to NOLA this summer. My plan is to pay cash for a livable fixer-upper, preferably a foreclosure, do the work myself, and sell it when the work is done. I don't want a gutted house, and I'm hoping to buy something in the 50-90k range. What areas would have a large difference in price between a fixer-upper and the same house fully remodeled and move-in ready? Close to the French Quarter would be better, but I'm willing to consider anything as far away as Kenner or Slidell.
Thank you for your advice.

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As I said above, in response to someone else's comment, mid city is where I'd go. The VA hospital corridor is rapidly changing this neighborhood. We even have a Whole Foods coming in. You can still get houses between Jeff Davis and Broad for cheap, and that area is rapidly increasing in value, as the other side of Jeff D did in the last few years. Bayou St. John is another good choice. Parts of Central City, too, though that is a bit sketchier, but hey... look at Feret.

Watch your financing, some come with restrictions about having to live in the building, especially if it's federal money. Also pay attention to what kind of permit you will need. I am currently working on a renewed Katrina Rebuild, which eases some restrictions, but is limited to non-structural work. I can certainly shore up walls, but not move or remove them.

I think New Orleans is the most underrated and under reported RE market in the country. Especially in the price range this person is talking about.

Go for it.... The worst that can happen is you end up living in an amazing city for a while.
0 votes Thank Flag Link Sun Jun 9, 2013
You can absolutely flip a house in the Uptown portion of New Orleans. This area has 50k house a few blocks from million dollar homes. Your best quadrant to look would be south of s Claiborne north of magazine and lousiana all the way up to Audubon park and beyond. Good luck.
0 votes Thank Flag Link Wed May 22, 2013
It certainly is possible for someone willing to do the work. The reason everyone isn't doing it is that the people who have the cash don't have the construction experience, and the people with construction experience don't have the cash. I've got both. I've already done this with a house in Alaska, another flat real estate market. I bought it a year ago for 80k, and after eight months of very hard work renovating and 15k in expenses, it's under contract and I'm selling for 165k. I know I can't expect that kind of profit margin in New Orleans, but I'm sure I can buy a foreclosure that can't be conventionally financed, work on it, and sell it to make some money. I'm not trying to make millions here; just a few thousand to help with college tuition. If Kenner, Slidell and New Orleans are completely different marketplaces, which one would be the best for what I'm planning on doing?
0 votes Thank Flag Link Wed May 22, 2013
What you want to do and where is not possible...if it was, everyone would be doing it...especially in New Orleans.

Flipping is restricted to Pancake houses, unless you have $100k-$200k to play with the serious renovators.

Kenner and Slidell are completely different marketplaces from New Orleans.
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Wed May 22, 2013
Totally disagree. I'm doing it, and so are quite a few people I know. The best option right now is in mid-city, in the VA hosp. corridor. You have to be pretty specific about what you deem "livable", but if your'e willing to rough it a bit, you can do OK. It also depends on your permit. I'm working on a renewed Katrina re-build, which changes certain restrictions. But, it's only for non-structural work, but it covers all of what I'm doing.
Flag Sun Jun 9, 2013
What's a Pancake House?
Flag Sat Jun 8, 2013
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