SFR purchase in flood plane
SFR I currently have under contract. Probably $70-$75k in value, and my contract is for $45k. Plan on approximately $25k in rehab. It has a basement, and I learned today that flood insurance will run about $6k per year!!! Holy smokes! I was not prepared for that. I'm using the BRRRR method. Has anyone done this before in a flood plane? Is there any other options I have at lowering the cost of flood insurance? Thanks!