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All Forum Posts by: Barrett Bridgewater

Barrett Bridgewater has started 1 posts and replied 53 times.

Post: Tampa Real Estate Mastermind

Barrett BridgewaterPosted
  • Surveyor
  • Posts 54
  • Votes 38

Hello, our firm is located in Tampa. Many folks on our team are CRE investors, while our full-time jobs (for now) is helping other investors change Flood Zone designations in Tampa (and elsewhere). We do "Flood Zone Flips." Considering how prevalent flood zones are in our area... thought I would reach out.
You might own a flood zone property right now of course, but it is really powerful with acquisitions. Say you are looking at a property in a flood zone, we can review it (free review), and tell you the possibility of changing the flood designation. Doing that would remove any lender requirement to purchase flood, add NOI where the current owners didn't know possible, add property value, and more.

Thanks for the chance to introduce myself to you.  Happy to be a resource.  Happy to talk further or one-on-one.  @Alan Davidson @Jared Decker @Dwagne Haskins @Darius A Newman @Trevor Camanse @Francene Iaizzo @Anan Smith @Shilo Thumin @Jesse Bibbee @Dean Fiacco @Michael Haynes 

@Luke Rorech @Linda Wright @Elise Marquette @Simon Shaw @Jay Helms 

Post: Flood Zone

Barrett BridgewaterPosted
  • Surveyor
  • Posts 54
  • Votes 38

@Chandra Sekhar like most engineering projects the pricing depends on size / scope of the project.  I can tell you our service costs a whole lot less than having to purchase flood for the next 5 years.  

Post: Hilton Head Island Market Update

Barrett BridgewaterPosted
  • Surveyor
  • Posts 54
  • Votes 38

Great question @James Colgan It is a true engineering approach needed. Step 1 is collecting elevations of the buildings and comparing them to the Flood Zone. Step 2 is petitioning FEMA for flood designation removal. Once FEMA affirms, then Step 3 is to use the FEMA letter with your lender to request they drop their flood mandate. Step 4 is going back to your insurance broker to discuss the more accurate risk nature of the buildings and get better policy options or decide to cancel flood altogether if you so choose.

My work is to ensure we collect all the data we need for FEMA to avoid time delays, put together engineering exhibits to make FEMAs job easy to affirm the petition, walk our clients through that whole process, use the legal language when needed to convince lenders and insurance carriers, and make sure the process is smooth.

Thanks for sharing @Jasmin Elalfy.  One thing to consider adding to your due diligence is our complimentary flood zone review.  Sometimes we find the building was built above the floodplain, and if so it could qualify to have the flood zone designation removed.  That results in removing the lender requirement to purchase flood.  

Thus, you could purchase at the devalued price, flip the flood zone designation, and gain all that NOI + property value.

This particular property doesn't look like that would be possible... but we could also give you some additional insight and clarity on the risk going into a flood zone property.

Super flip!  Thanks again for sharing!

Post: flood zone

Barrett BridgewaterPosted
  • Surveyor
  • Posts 54
  • Votes 38

@Sara Lightsey

Good question.  A lot depends on the local process and getting a solid local engineering firm to walk you through it.  They will know the local requirements and process.  Sounds like you have already started that, which is good.  

An AE flood zone is good... because there is a determined "flood level" in that zone.  There are other flood zone types that do not have determined flood levels... for which you have to spend money with an engineering firm doing Hydro analysis to find out.  So if this were to be step one, then that information is already known.

Step 2. Our recommendation is for your Surveying firm to complete a Topographic Survey. That will provide land elevations. With that information, our expertise is to next compare it to the flood zone and determine 1. What areas of land can you petition FEMA to have flood zone designation removed (if any) 2.how much fill/dirt might need to be brought in.

Since dirt/fill is expensive the goal is to find land that is already elevated above the flood level... for which the flood maps just did not accurately catch.  

Topo surveys can be costly too.  If there is a way to split the cost with the current owner... so they can have the information in case you decide not to buy... that might be another recommendation.

@Ron Williams @Adam Holbrook @James Colgan When it comes to flood insurance requirements, HHI is like most other areas... it just depends on the FEMA Flood Maps. If the building shows to be in a flood zone on the Flood Map, then a lender will require it.

HOWEVER, we have proven the Flood Maps are highly inaccurate.  Especially at the property level.  Many times we find the building was built elevated above the floodplain.  If so, then the flood zone designation can be removed (no matter what the map says). 

The thing is, most owners don't know that is possible. They still think it is a flood zone property, so the property is devalued. You could buy it at a lower price point. Then remove the flood designation. And presto... you have gained NOI + property value.

We are happy to provide complimentary reviews of any flood zone property.  Just add it as a first step in your due diligence.  

@Arjun S. @Josh Caldwell @Account Closed  When you run into a Flood Zone property, don't run away.  Just add one other item to your DD: a Flood Zone review.

Yes, it is generally more expensive to develop/build on a Flood Zone property.  But because of that you can generally purchase it at a devalued cost.

Many times the flood maps are inaccurate on that parcel of land. In this case the flood map covers the area, but we suspect the elevations are actually above the flood level. You order a topographic survey to confirm it. Then we can petition FEMA to remove flood designation off the land.

Surveys and petitions do add cost to development.  But if the land is devalued already these can be incredible wins!

@Julie Williams  If you ever would like a 2nd opinion about a Flood Zone property then our firm National Flood Experts provide initial reviews complimentary.  We look into the elevations and other data and compare it to the flood zone.  Sometimes we find it is not as risky as originally thought which makes it a great buy.  Sometimes, you should run.  Happy to help next time you run into a Flood Zone property.

Post: House Hack - Umbrella Insurance

Barrett BridgewaterPosted
  • Surveyor
  • Posts 54
  • Votes 38

Yall, the National Flood Insurance Program NFIP (the arm of FEMA that operates flood insurance) just eliminated the "preferred risk policies" in April this year. They rolled out what they call Risk Rating 2.0. So you may consider a flood insurance broker who has access to NFIP and private flood carriers.

Of course, if you are lender mandated to purchase flood (because they say you are in a high-risk flood zone) then sometimes they will mandate what type of policy you must have. In that case, you CAN remove a lender mandate... but it takes petitioning FEMA to have a flood zone designation removed (which is the work our firm does to help in this space).

Post: Cape Coral New Construction

Barrett BridgewaterPosted
  • Surveyor
  • Posts 54
  • Votes 38

@Matt Allen @Corey Morrison If you do run into a Flood Zone property don't rule it out automatically.  Flood Zone properties can be amazing hidden deals!  The reason is because of a little known strategy of removing the flood zone designation.

If the structures were built above the flood level, then they can qualify to be reclassified and have the flood zone designation removed. That results in removing any lender mandates to purchase flood, and thus eliminates any yearly flood expense, boosts NOI, adds a ton of property value back to you.

@David Vanlandingham This is possible for land too. The FEMA Flood Maps are just not very accurate at the property level. So the areas of land that are actually above the flood level can be removed. That can result in having a much larger area for new construction than the current owners know about. Plus it removes any flood zone building codes and ordinances that as you likely know can be very costly to comply with.

@Stetson Miller I can imagine how many times a Flood Zone has killed a deal for your clients.  We are happy to help provide our initial engineering review of any flood zone property just to see what is possible. 

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