All Forum Posts by: Eric Boakye

@Johnathan Pannes

Thank you for the insurance related comment - much appreciated!

@Alan Pederson

Thanks! Would you change your mind if the flood plain area is a good square footage from the structure?

@Cody L.

Thank you! You seem very experienced in this area. Trying to convince the seller to reduce the price due to this finding. Any tips on how to negotiate on this will be greatly appreciated!

Have also dealt with a situation where half of the land around the property is in a flood plain area and the structure itself is not & how did the insurance piece workout?

Thanks you sir!

@Guy Gimenez

Thanks! Trying to work the fact that a portion of the property is sitting in a flood plain into the deal to see if it will hold.

@Luciano A.

Thank you for your response.

At this point it looks like part of the land is in a flood plain, but not the structure. My understanding is that if the house itself is not sitting in the flood plain, I don’t need to be concerned about a forced flood insurance, which I am not looking to buy. Let me know if your view is different. Thanks again!

@Ryan Ingram & @Brian Adzadi

Your insights are really appreciated!

I did NOT know about the cost aspects of flood insurance, but I am well educated now, thanks to you!

I just received the Survey Report of the land that property sits on and here is how it is laid out:

· 2.75 acres of land

· About 1 acre which is slightly away from where the housing structure sits is where the Surveyor designated as a flood (+ Low swampy area) area next to a creek.

· That area is about .4 acres away from the housing structure

· The housing structure sits on a slightly elevated land (flood potential free).

· The area has a great schools – one of the best in the County and it is very close to the schools as well as shopping area and to the main road.

Also, since the part of the land that the structure sits on has not been zoned as a flood area, would the insurance cost aspects still be looked at from a flood insurance perspective?

Looking forward to hearing your views.

Would you buy a home in an area designated as a flood area? Looking at a potential flip, but half of the backyard has been identified as a flood area. As always your valuable views are appreciated.

Thanks @CJ M.!!

Thanks @CJ M.

Need to be re-evaluating my deal: about $50k in possible equity, but the expenses will swallow up the rental income. Need to re-think.

Thanks @Jake Stuttgen

Running some numbers and any additional expenses in addition to Mortgage ( Principal & interest), Taxes and insurance starts putting me in the negative, although there is good equity in the deal.