We are going to be buying our first home in New Orleans. We love the city and want to buy a gutted home. Are?

Asked by Neworleans, 70126 Sun Aug 2, 2009

there any programs or loans besides 203k rehab. We want to finance the home, and pay for the expenses out of pocket.

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3
ian cockburn, Agent, New Orleans, LA
Mon Aug 3, 2009
Do not do it...there are too many variables and then too many good completely remodeled homes out there.

As a licensed contractor who has rebuilt numerous reisdential and commercial buildings- even for me rebuilding at this stage is a one way battle up Mount Everest.

You will not be able to finance any building that is not completely remodeled, and the insurance will be very high...it will be builder's risk insurance...plus the bank will make you get flood insurance no matter where it is located in Orleans Parish.

If you still find a way to get a gutted home, expect to have all the wire / plumbing / and . or ac stolen at least once after they are installed...and even with insurance, the real thieves are the adjuster's who will not give you back all the money from what was stolen.

All the banks are going to require the equivalent of 30% down...no matter how the numbers are twisted when you intially talk to them.

Your best deal is going to be a remodeled home or condo...email me and I can show you how to leverage your money to get eiher
Web Reference:  http://iansellsnola.com
0 votes
Elizabeth la…, Agent, Hemet, CA
Mon Aug 3, 2009
Try construction loan. New Orleans is ticky so I suggest the old New Orleans banks like Fidelity and Whitney for a construction/take out loan. ..See what NORA.com has. I will warn you though..navigating our building permits can be a nightmare. Not sure if you have done this before but you probably need a good contractor. Email me if you want recommendations..
0 votes
craig miramb…, Agent, Metairie, LA
Sun Aug 2, 2009
Do you have proof of funds for the repairs?
Craig@MBellRealty.com
0 votes
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