Hi everyone! I have my first flip in Houston under contract. It's in the Willow Meadows area, 77096. It's been flooded once. Has anyone got experience with flips in Houston - particularly in this area? I'm in the process of figuring out the rehab plan and would love some expert advice as I select my team and plan. Thanks in advance!
I don't know anyone that is working down there professionally. I have a relative who acted as her own project manager to fix up their personal residence in that same neighborhood. The biggest issue is finding honest GCs that have availablitity. I would request references and lock them down on a timeframe in writing. You might even want to structure in a bonus/penalty situation. Be sure no to advance any money as there are a lot of fly by night GCs doing work there after the hurricane that caused all the flooding and are ripping people off.
Should be a great neighborhood and a quick sell once fixed up. Good luck!
Is there carpet still there? Getting in to dry it out properly should be top priority
I'm working on a flip in Westbury now. For what it's worth, I guarantee that you'll have a lot of trouble with the contractors actually showing up and completing the work on time. If they say six months, add another six months to it.
Research recent changes to building codes that require homes to be raised/elevated. Might be just noise, might be serious. I've heard that city inspectors are all over down there. Hopefully some other H-town flippers will confirm/deny this.
Talk to Fast Track Remodeling. Far from the cheapest option but they are pros. Also give the folks at Team 6 Renovations a call.
I'm not the guy to give advice on contractors. I have had good experiences and bad experiences, sometimes with the same guy. Seems to me it is a function of getting them to do the things they are good at, and not more than that. Hard to know what that is sometimes, because they all tell you they can do it all.
I think in that area, in particular, you want to get a real GC and not just a collection of specialty tradesmen and contractors. You'll need real permits and the whole bit.
I live down here!! I have wholesaled two house in that area in the last three months. Not an expert by any means but I stay away from flooded homes for now because no one is really sure of what the after repair value will be. Hard to get correct comps on flooded homes and they may be sitting for awhile after rehab. Im a small company so cant handle months of holding cost if I can help it. .Realtors and Investors tell me to wait about a year(almost there) & people will start buying them again, so your time frame may be perfect! Raising them is preferable and will make it easier to sell but I've heard it is expensive. Many of them are being raised before rehab(especially homes that flooded twice). Buyers will want to know about flood zones so look that up too.
Having said that this is a great area to live in if you work in town. Close to everything and nice beautiful old neighborhoods. and if we ever get 50 inches of rain again were all moving up North! .)
Hi everyone. This couldn't be more helpful. Thank you! I'll let you know how I get along :)
Check into Nextdoor.com for contractors...it can be specialized to the neighborhood your property is in. I use Nextdoor in my primary residence neighborhood and I love it. Think of it as FB but for your neighborhood. Ask around on Nextdoor for some contractor recommendations.
Hi Kusum. Send me a message and I can Answer some questions for you as I live in the area