Specialist · Clark, NJ · Member since 2015 · 64 posts · 4 votes
Hello bloggers. We are wholesalers and are new in this business. We would appreciate your advice on this topic. We have a property in Little Falls in Passaic County with very low rehab expenses that we want to wholesale. Single-family 3BR 2Ba. in a B+ town. A nice house. However, the property is in a flood zone near the Passaic River. The basement was dry and smelled completely fine. Are there investors out there interestested in this area? Or is it not worth the effort due to the flooding zone? Any advice or tips would be appreciated. More details and photos available if needed.
I think the best solution for that would be to check with the local neighbors. I myself live in Passaic County, and it's amazing how my block never gets flooded yet there are many blocks not far from my house that get flooded after every storm.
One hint though is if the house is in the middle or on the bottom of a slope. That seems to make all the difference.
Please feel free to reach out with any further questions.
I'm from Hawthorne and pretty familiar with that area, however since I just started getting into real estate recently I'm not too familiar with the housing market. I would love to know how areas like Little Falls fair in the market.
I think the best solution for that would be to check with the local neighbors. I myself live in Passaic County, and it's amazing how my block never gets flooded yet there are many blocks not far from my house that get flooded after every storm.
One hint though is if the house is in the middle or on the bottom of a slope. That seems to make all the difference.
Please feel free to reach out with any further questions.
Im in south jersey but very familiar with north jersey. Actually, that is where I market for
rehabs. Being in south jersey( SUPERSTORM SANDY) I tend to stay away from flood zones. Mainly due to the flood insurance premiums. Buyers shy away when they hear
IMO flood zones present an opportunity for the savvy investor. Flood vents can significantly improve NOI for rentals by lowering flood insurance costs. Higher NOI translates into gains on the value of your property. I would encourage you to talk to insurers to confirm.