All Forum Posts by: Dawn Hunt

You might consider reconstructing your question. It suggests the only way a woman can enjoy real estate and have financial freedom is if she is a flipper.

If it were me, I would approach from two directions. I would start by filing a Property Appraisal Protest Application with the County for each Lot. Submit with your engineer's report and reference the city's adoption of FEMA's requirements for No Rise/Flood Elevation Certificates. Also include reporting from refunded buyer, documenting they could not build. Request reclassification of each Lot. This will drop the tax rate. Request they backdate the tax adjustment to the date FEMA regulations implemented by the City.

Be prepared for the process to take many months. Ask questions. What options are available for a lot that is no longer buildable? Will it be reclassified as Open Land, Agriculture, Timber?

Next I would consider alternative uses for the land, and market the sale toward those uses. In my area, floodplains are often classified as Open Land or Agricultural. Are there conservationists who may be interested, farmers or ranchers?

Consider leasing the land to a local rancher for grazing. Include in the lease they are responsible for maintaining the land how you want it (specify). You probably won’t make money, but you won't have to maintain and the lease covers your taxes.

You may find a builder to purchase all 11 Lots and deal with the floodway. If there are less expensive parcels to build on, they will probably be built up first. Parcels requiring extensive engineering will be built up later as land becomes limited and housing prices go up.

Thanks Zachary!

My husband and I are seeking referrals for a tax professional specializing in real estate investment for strategizing and tax return preparation. We have a five year plan to transition assets from Washington State to the greater Little Rock area. In February we will sell the first property, using a 1031 Exchange.

I’d like to talk to someone familiar with Arkansas to be sure we are making the best possible decisions. I would describe us as a LTR mom and pop enterprise preparing for retirement. Ideally, this would be a long-term business relationship with someone located in Arkansas.

Thanks!