Updated over 1 year ago on . Most recent reply
Found a Flip, scared about permitting
I finally found the perfect flip in Coronado, San Diego—the agent hasn’t received any offers, the listing price is reasonable, and the home has huge potential. It’s one of those rare deals that just feels right. I was ready to submit an offer, but I called my GC first, and he strongly advised against flipping in Coronado due to the strict permit requirements. I reached out to another GC, and he said the same.
The project itself isn’t complex, but I planned to redo the wiring, plumbing, and remove some walls. Normally, I don’t pull permits because it takes too long for the numbers to work, but I’ve heard enforcement in Coronado is especially strict.
Has anyone dealt with this before? Is it worth moving forward?
Most Popular Reply
Permitting can become a bottomless pit your funds go in never to be seen again. We are selling one property in a location that has permits and other restrictions it would take Sherlock Holmes to find and when you inadvertently hit one there are fines plus the permits and delays. If you are having other investors to steer clear that might explain why the property is still on the market. Remember if a deal sounds too good it probably is.