Anyone out there have much luck buying hurricane damaged homes in Louisiana or Mississippi?
I have been getting more hurricane traffic to my web site but so far no luck.
Also are there any land deals where the pine trees have been knocked down?
Hey Todd,
Jimbo from CFRI.
I was in contact a while back with the Tampa Bay REI club (Oct?) when they announced that they were putting together a team of investors to swarm down on Gulf coast and see what they could acquire. I didn’t hear what success, if any they had. But, if you really are interested in hearing their story, I’ll dig up the contact who speaheaded the group. I seem to recall Jim something or other.
When you say that you’ve had “no luck,” are you saying that you haven’t made any deals, or that the people visiting your site are not presenting you with anything worthwhile? Or, is it something else–like government red-tape?
Here’s my two cents. I’d be very nervous about doing much of anything down there right now–not so much because of the damage and cleanup, but because of all the political garbage surrounding the whole catastrophe. One we can deal with, the other, I’m not too sure about.
Who’s to say that whole areas of otherwise valuable and viable real estate won’t be condemmed or claimed under emminent domain by the less than ethical politicians who’ve shown little concern for their residents during the crisis? Shoot, who knows how some of those areas are going to turn out.
I can envision entire communities being claimed under community redevelopment acts or whatever other land-grab techniques the local, state and even federal government will come up with. And, who has those politicians in their pockets already? Not I, that’s for sure. We already know the courts will rule in the governments favor on whatever the government feels like doing with all this mess.
So, if you get a killer deals son even raw land or a demolished houses, who’s to say someone won’t claim it for themselves and offer you close to nothing for it, claiming that the area is being converted back to wetlands, or reclaimed as some storm buffer zone with little or no value.
Besides, you’ve still got to deal people’s desire to live in these areas, even after they are fixed up. It seems like pepole are wary of going back to LA and MS and parts of TX (arguably, the panhandle even) until these storm seasons lessen in frequency and intensity of hurricanes. It may make for a hard sell to get property values and rents up to reasonable levels again. Who knows?
Sorry to be so negative. It’s just too much risk for me. I’m salivating over the deals that will be dropping into our laps right here in the next 12-18 months as this hot market cools down.
But, I know you’ve been doing this a long time and know what you’re doing. I’d love to hear about what you end up doing out there.
Jimbo