Part 3 - Find and select contractors

This is Part 3 of a blog series about property flipping in New Orleans. 

Now that you own the property, ran the numbers and know what offers you the best ROI, how do you start?

You will need to get an architect to draw your plans for a contractor to give you an accurate bid. If you get a contractor to give you a bid without plans, it likely going to be way off base.

Ask around to get recommendations, if you don't know anyone then here are a two tools you can use.



1. Buildzoom - it's a completely free bidding platform. You can post your project online, upload pics and attachments. You will receive several bids from contractors, architects, or whatever you are looking for.





2. One Stop App - this is the online database of NOLA permits and licenses. You can find a home that you love that's been renovated and find out who the builder was that filed the permits. You can even see the cost of the renovation based on the permit fee.





Once you have a few bids, you should make sure who ever you select is licensed and insured. Lenders will require it. I may have forgotten to mention, you should get builder's risk insurance and flood insurance as soon as you buy the property, the lender will require that too. Renovations always take longer than planned, best get your investment protected with the crazy new orleans weather.





Before you accept a bid, make sure you ask for references that you can call and if possible go see the work in person. Ask about whether they stayed in budget and on schedule. Ask how many change orders they had to do. Ask if they have done renovations. Building new and doing a renovation are two totally separate things.





That's it for now. As always email me if you have questions.