All Forum Posts by: Alec Anderson

@Matthew Paul The flood zone literally goes down the middle of the house, so I don't think that would work haha

Thanks @John M., now we are getting somewhere! Would you care to share what lender you're using?

Thanks for the response @Charlie MacPherson 

I spoke with my insurance agent and he told me to ask a lender.. I'm hoping one will chime in here!

I'm looking at a property that has the front half of the house/yard in the 500yr flood zone and the back half is out of the flood zone. The house is on a crawlspace, and so I really don't think the house itself would ever flood, seeing as the back half is technically out of the flood zone and its the same height off the ground as the front.. My question is, do all houses in the 500yr floodzone require flood insurance, or is it more of a case by case basis? It's in zone x on the fema map. I have heard different answers from different people, and hoping to get some more facts/opinions.. I'd be looking to flip the property, so I don't want my end buyer to be scared off if their mortgage lender required it..

I'm looking at a property that has the front half of the house/yard in the 500yr flood zone and the back half is out of the flood zone. The house is on a crawlspace, and so I really don't think the house itself would ever flood, seeing as the back half is technically out of the flood zone and its the same height off the ground as the front.. My question is, do all houses in the 500yr floodzone require flood insurance, or is it more of a case by case basis? It's in zone x on the fema map. I have heard different answers from different people, and hoping to get some more facts/opinions.. I'd be looking to flip the property, so I don't want my end buyer to be scared off if their mortgage lender requires it.

I have a buyer looking to build townhomes, or apartments in the Brookwood HS district, in Lawrenceville, Snellville, or Lilburn. Needs to have access to sewer. Anyone out there have, or know of, any off market properties?

Thanks @Jack Bobeck I think I'll try the letter idea first, maybe I'll get lucky!

Hello,

I've started driving for dollars around my local area in East Ridge and Chattanooga, TN and have began to accumulate a list of vacant looking properties. Sometimes when I look them up on the tax assessor website I get the name of an owner occupant, and then I'll google their name and find an obituary.. How do others proceed in this situation? Is their information on who to contact at the courthouse or online somewhere? Would I mail the house a letter and hope it gets forwarded to someone? Any info would be greatly appreciated!

Thanks!

I agree the terms aren't amazing, but now that I understand them a little better I can negotiate more confidently. 

I was also worried about the selling price more than the payments, since I should be able to cash flow. I'd really want 20% equity by the 5th year if I went to a bank to refinance. I'm thinking 140k or less should a safer deal.

Thanks for the formula Brian! I think the main advantage is that I wouldn't have to put the normal 20% down and could potentially put the difference, which is over 20k, into another deal. I'm still not sure how good of a deal it is, but at least I understand it more!