Hello All!! My husband and I are getting started and are looking to possibly purchase a flooded property to flip. We are looking for lenders (private or hard ) that are local. We also are looking for as much advise as possible about the baton rouge market. What are some good areas for fix and flip vs buy and hold. We have read articles , attended seminars and are ready to jump in already!! Thanks!!
Welcome aboard @Heather Turner . @Tami DuBose should be able to give you guidance on private/hard money as she is local and very knowledgeable in that area. I have another contact for you for someone that's not on BP that you can give a call so just send me a private message for more info. There's also a local meetup in Baton Rouge where we meet to discuss different topics related to Real Estate. Search the "The RING" on meetup. Hope to see you around!
my advice is to buy in a neighborhood that you already know well for your first deal. Also try to hold for at least one year to minimize income tax hit.
@Bill Wicker do you have an cpa that you suggest? How are taxes structured as an investor? We will be holding our properties in our LLC? Does that make a difference?
all the LLC does for you is create another return to file. That entity issues you a K-1 for your personal return. But remember i am not an accountant.
I don't refer people. That's just another lesson learned. It falls under the "no good deed goes unpunished" catagory. Sorry
@Heather Turner Congrats on deciding to take action and get started. REI can be both fun and rewarding. If you are flipping flooded houses your best bet is to stay away from flood zone A and AE houses and look for deals only in X zones. If you buy in a flood zone, get an elevation certificate prior to closing and make sure you do not buy anything 1' or more below base flood elevation. This will make the potential buyer's flood insurance premiums much higher and subject to large increases in the future that they will likely be made aware of when they obtain policy quotes. Don't get stuck on your first flip(s) holding a house that is too expensive to insure for flood because that may not end well. I hope you take action and find great success in your investing endeavors.
See you at the top!
Thanks all for replying to my post!! My husband and I will be attending the next RING meet up.