Is a flood zone a absolute no for you?

Question

What are the absolute deal stoppers for you? Some are completely against buying in flood zones. I’m interested in hearing other deal stoppers for you.

Tanvir Sattar · Answer

@Jeff Campbell being in a flood zone did  not stop me from buying a property in Covington, KY. Getting flood insurance was really cheap and the property is over a mile from the river, it was a no brainer for me.

Damon Cluck · Answer

Flood zones can equal distressed properties.  Often the addition of flood insurance prices these properties out of the range of the average buyer.  It also limits the average owner's ability to finance repairs and renovations. I purchased a couple of these with non-traditional financing.

Jeff Campbell · Answer

@Dan M. I watched that one too. Niches lead to riches

Dan M. · Answer

Nothing as long as it will make money. Theres an answer to everything including flood zones and sink holes. One of the recent podcasts went over this where she "specalized" in sink holes, knew what it would cost to repair and turned a hefty profit. If you do your due diligence everything has a number.  Mold remediation? a number. Bad roof? a number Busted pipes? a number. Run your numbers and go make some money :)

Wale Lawal · Answer

@Jeff Campbell

I will buy if the numbers make sense.

John Mocker · Answer

Jeff,

WIth the advent of "Private Market" (non-FEMA) flood insurance, the cost of flood insurance for some properties has dropped.  If you are considering purchasing a property in a flood zone you need to shop that coverage.  I've seen differences in the thousands between the FEMA National Flood Insurance Program and non FEMA coverage.

Is a flood zone a absolute no for you?

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