Building wealth flipping homes

Flipping homes can be good way to build wealth, but there are many pitfalls to consider before plunging into a project.

Always be mindful of what can be expected.

Prepare for the worst. Make sure you include all potential costs into your budget assumptions. Add a minimum 10 percent margin for error. Here are just some of the costs that flippers need to calculate before purchasing:

• Repairs
• Holding costs (taxes and insurance)
• Debt service
• City fees (permits and deposits)
• Sales costs (title, escrow and sales commissions)
• Income taxes
• Price fluctuation (potential 5-10 percent change in either direction).

If you start to see price declines, increased inventory levels or longer days on market, be cautious. It could take longer to sell your property, which would increase your holding costs and eat up your profit. Plus, your final price could end up lower than you initially calculated. Always have plenty of reserves on hand to cover the possibility of extended holding costs.

Research your local city regulations. Nothing can kill a deal faster than a slow permitting process. You've got to understand what the local municipality will demand of you. If you try to do the work without permits, you could be held liable if you don't disclose it to the buyer. You most likely will not pass inspections if you don’t comply with the code enforcement requirements.

Anticipate higher costs. Calculate higher costs of building supplies from recent tariffs, higher labor costs due to a shortage of skilled construction workers, higher permit fees due to increased regulations, higher interest rates, higher gas prices and higher acquisition costs.  

Budget your time. If you have a full-time job, make sure you have enough time left over to manage the purchase, renovation and sale of your flip. Otherwise, partner with someone who has both time and experience to get the job done right.

Know your tax liability. If you're in a high tax bracket, nearly half of your flip profits may go to Uncle Sam.  Consider putting the property in an LLC for both asset protection purposes and increased tax deductions. Always talk to your CPA before making any investment.

Smart investors can certainly make a good amount of money flipping homes today. Those who succeed have systems in place. If you're just starting out, make sure you have an experienced expert/mentor to help you, even if you pay for their time.

For more good information or to search for homes go to https://homesalesneworleans.gardnerrealtors.com/

Are You The Host With The Most for Thanksgiving?

Thanksgiving is one of my favorite Holidays. Having family and friends over, and being thankful for all the wonderful things in life is what it’s all about.

Now, cleaning up after is a different story. Here are some tips that'll make your Thanksgiving kitchen cleanup faster and easier.

Cut down on cleanup by selecting cookware that can go from oven to table to freezer.

Before beginning Thanksgiving prep, pick up depressing home clutter and clean out your fridge to make room for ingredients and leftovers.

Plan a potluck: Let your guests share the fun and bring dishes to share. Then make sure they take home their serving bowls and platters, which will cut down on dishes to wash and put away.

 You won't have to clean what you don’t get dirty. So line your turkey roasting pans with heavy-duty aluminum foil, or cook the bird in a bag.

Double- or triple-line garbage cans, which saves time when the cleaning campaign begins. After you toss a trash bag, there’s another waiting for action.

Soak pots and pans as soon as you transfer food to platters. Designate a small trashcan as the soaking spot, fill it will soapy water and dirty pots, and hide it under a sink or in a mudroom. That way, your sink is free throughout the evening to clean as you go and rinse dishes on the way to the dishwasher.

Happy Thanksgiving!

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Top Five Ice Cream Shops in Louisiana

Have you ever had an unconquerable craving for some delicious ice cream? The best way to satisfy the craving is to bypass the grocery store and go instead to a fun ice cream shop. Here are some of the best places to get ice cream in Louisiana.

 

The Creole Creamery

Located in New Orleans, the Creole Creamery features all sorts of sundaes and banana splits to choose from. For people who can't eat sugar, this ice cream spot offers a sugar-free special, the "Susie Q." Their motto is: "Eat ice cream, Be happy." The Creole Creamery includes fountain classics, creamery specialties, toppings and beverages. This shop is a great place for all members of the family. For more information, go to http://www.creolecreamery.com.

 

Angelo Brocato

Angelo Brocato's is a New Orleans institution offering traditional Italian ice creams and other desserts. It specializes in cookies, candy, spumoni, cannoli, ice cream and ices. Brocato's can even ship your ice cream and desserts if you are unable to stop by in person. If you have a hankering for a sweet treat while in the Crescent City, there's no better place to go. To find out more, visit http://www.angelobrocatoicecream.com.

 

Borden's Ice Cream Shoppe

In Lafayette, you'll find the last Borden's ice cream shop in the world. At one time there were many Borden's locations; those days are long gone. Borden's offers specialty cones, baked goods and treats, coffee and beverages, and hot dogs and nachos. The shop's simple slogan is, "If it's Borden, it's got to be good!" If you want to go to a place with some history behind it, Borden's is for you. For more information, go to http://www.bordensicecreamshoppe.com.

 

Geauxsicles

In this shop in Shreveport, you can buy delicious ice pops embossed with the iconic symbol of French Louisiana: the fleur de lis. Geauxsicles come in 18 different flavors, and each one is made with real fruit and fresh ingredients. It is a great place for families to have fun while tasting each and every flavor. For more information, go to http://www.geauxsicles.com.

 

Bacio di Roma Gelato Cafe

In Baton Rouge, you can find the Bacio di Roma Gelato Cafe. The shop offers 21 unique flavors, including almond, amaretto, biscotti, cake, caramel, coffee, mango, mint, Nutella, panecotta, pistachio, tiramisu, white chocolate and zabaglione. Bacio di Roma Gelato Cafe also sells coffee and salads. It's an ideal place to go if you're looking for ice cream flavors beyond the usual chocolate or vanilla. For more information, check out http://www.baciodiromabr.com.

For more good information go to http://findneworleansproperties.com/

 

What a year for home design it’s been! A recovering housing market has led more home owners to spruce up their interiors. As designers take a look forward of what will be trending in 2014, let’s take a look back at the design trends that caught on this year that will likely stick around.

Wooded decors: Natural-looking wood grains showed up in more home décor, particularly the kitchen – from the cabinets to butcher block counters. The greater use of natural-looking wood grains offered a light, modern feel while still adding a homey comfort.

Traditional Kitchen by Salem Photographers Tess Fine

Larger sinks: Farmhouse utility sinks have been gaining popularity over the last few years but really caught on in 2013. The deep, double sink offers up clean lines and a classic use.

Traditional Kitchen by Portland Interior Designers & Decorators Garrison Hullinger Interior Design Inc.

Flexible furniture: Furniture that can be shifted, moved, and customized gained popularity. For example, kitchen islands that could be expanded like a dining room table for family gatherings. Regardless of small spaces or large, more home owners also looked to incorporate more multifunctional pieces too, such as an ottoman that could also double up as storage.

Craftsman Kitchen by Portland Photographers Whitney Lyons

Tile explosion: The use of nontraditional tile surged in 2013. Tile with a natural touch continued the wood trend, with grain and uneven edges that mimicked boards. Faux wood tile was incorporated throughout the house too – kitchens, bathrooms, living rooms, and even bedroom walls.

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