We buy old houses in bad condition like this

Uptown, Orleans Parish

New Orleans is know for it’s beautiful historic homes but sometimes those homes become run down and lose some of that beauty. We love buying old houses like this as is it gives us the opportunity to add value to the house by fixing it up and restoring it to its former glory. Obviously most home owners are a little intimidated to buy houses like this but as investors we are happy to buy houses like this in As Is condition for cash.  Watch the video to see an example of the old houses we buy or read the transcript below.

Video Transcript

I’m here at a house that we’re purchasing in Orleans Parish in Uptown which is off Ferret Street. It’s a really nice area. The house is in bad condition but it does have a lot of historic charm to it. The seller has had this as a rental for a while. They own a bunch of rentals, and she is looking to get rid of this one. It got damaged from hurricane Ida, and unfortunately, she didn’t have insurance. She really just didn’t want to spend the time, money and energy fixing it up. Her husband used to do a lot of that and unfortunately, he passed away a little while ago so she reached out to us and just wanted to sell it to a cash buyer. It’s not in a condition to sell to a homeowner, so she wanted an all-cash offer. We’ve no contingencies, no inspections, no need to use bank financing because a bank is really going to struggle to lend on this house.

I’ll show you around, I don’t know if you can get a good view of the house from the video. But it has got some foundation issues. It is lean in some funny way, so there’s some real issues here, and there is a lot of damage from water. A lot of the water came in with hurricane Ida, so you’ll see that here again. I don’t know if you’re picking up but the doors are leaning in funny ways, so it’s definitely going to need some leveling.

Foundation issues are big issues when selling a house, especially when selling to a homeowner. If they’re not contractors, having foundation issues is a really scary thing to have. Even for investors, to be honest, it’s hard because the cost can vary. It could just take a little bit of shoring or a whole lot more and so the cost could go from like $10000 to $60000. So, foundations are definitely probably one of the most challenging problems to have when selling a house.

However, we’re fine with this. We buy houses with foundation issues like this. If you take a close look, you will see there’s quite a lot of damage to this property. We also see the beauty in this, take a look at the fireplaces. As I said, we’re uptown and people love these historic features. I definitely see all the things that need to be fixed, but as an investor, I also see the beauty. I see the possibility of what we can do to this property.

The property is actually a double. We’re on one side, and the other side has tenants. That’s another reason why she wanted a cash buyer who was an investor because the tenants are basically coming with the property. She doesn’t want to evict them. We flip and do rentals, so we’re happy to buy a house with tenants and deal with them even if they are problem tenants that need to be evicted, we are okay dealing with that. Luckily in this case, they’re not. They’re pretty good tenants.

As you can see, this property isn’t ready to be sold to a homeowner, so we buy houses like this. These are houses we prefer to buy. When the house is nice and fixed up, there’s not much value that we can add to it. If your house is nice, you should list it with a realtor, get a homeowner who’s using bank financing and get the most money for your property. But if you have a property like this, and you don’t want to fix it, selling it to someone like us is great because we love buying this kind of property. It’s cheaper for us to work on. If you’re not really in the property game, and you want to fix up a property to sell it, you’re going to spend a lot more to fix it up. It is different for us, we have lower cost teams, we know what we’re doing, so this doesn’t scare us. For this reason, we prefer to buy a house in a state like this in as is condition then we add our time, expertise and money into it. Since we’re looking to make a profit, we might flip it to a new homeowner or hold it as a rental. Generally, when we hold for rental, once it’s fixed, looks nice and qualifies for bank financing, we generally do a cash out refinance so we get at least some of our money back, and then we can use that to buy a new property to fix up and we keep the rental with the income.

So, reach out to us at homebuyerlouisiana.com if you’ve got a house you’re looking to sell. There’s a lot of information there about different ways to sell your house fast, and the different options you have. So, just give us a call, we’re always happy to help. If we can pay a number that works for you and works for us, then we would love to buy the house, if our number doesn’t align with yours, we’re still going to give you advice, and give you options. We just want you to have the best option for selling your house.

So, thanks guys, I appreciate your time.

 

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