All Forum Posts by: Marcus McGee

@Caleb Heimsoth - That seems to be the census. 

@Alan Grobmeier - That makes a lot of sense and was my initial hesitation. The borrower was upfront in stating the property has flooded in the past. so it sound like what could happen, definitely will happen limiting my pool of potential buyers.

@Chase Pickering - That's really good information. I didn't know about the LOMA and did a little research on it. She said she was willing to attempt to request an exception on the property if she had a buyer. But the more I look at it, the more I'm realizing the numbers just don't add up. Besides the issue that arise from being in a flood plain, she has little to no equity in the property and isn't' able to do seller financing. This one looks like it may be a pass. 

Thanks gentlemen for all of your help!

@Joe Horan Thanks, that makes a ton of sense. My biggest fear is the amount of times the area has flooded. I imagine that, unless you don't care about taking care of your properties, constant flooding would be terrible for keeping good tenants and thus only cost the investor more money in the long run. I'm running the numbers, but the more I look at it, the more it begins to look like a pass. Thanks for the help and advice!

@Alan Grobmeier thanks so much for the advice! Do you ever purchase in a flood zone? If so, what made you make the decision to buy vs pass?

Hey everyone, I need a little advice on a property I'm attempting to get under contract. The property is located in an AE Flood Zone. Apparently it has flooded a few times and the flood insurance is a little high because of this. They've completely renovated the kitchen and all the floors. Properties in the area are selling for around 90-100K, and they are simply asking for about 70% of that (just the amount they owe on their mortgage) I'm trying to get the amount of the flood insurance from the seller, but my question is, how much of a role does flood insurance and being in a flood plain play in an investor's decision to purchase the property? I'm assuming that they wouldn't buy it as a rental/buy and hold and I'm thinking that fact may take the deal off the table. Any advice or simple insight would be very much appreciated. Thanks!

Hey @Christopher Petrillo Thanks! I'll definitely be reaching out to you sometime soon.

@Robert Molloy, Awesome thanks! I'll definitely check them out!

Hey man, I'm newer to BP and just getting into wholesale investing and was searching around for an Indiana purchase agreement. I know this post is old, but I stumbled across this and wondered if you ever found one that worked well for you? Thanks!

@Andy Rumple 500 deals, that's awesome! I really appreciate that, thank you. It's great to see others in the area who have gone down this road and been successful in my area. I'll have to take you up on that offer very soon. 

@Michael Goodman Thanks a ton. Hopefully we'll be able to connect sometime in the near future!

Hey Everyone,

I'm new to Real Estate wholesaling, but I've been in the financial industry for the past 10+ years. My professional career began when I started an independent insurance agency. I decided insurance was not something I want to do for the rest of my life and sold that after around 5 years. I then went into banking, and I've worked in the mortgage industry for the past 3 years, where I'm now a secondary market analyst. 

I'm really looking to begin my real estate career in wholesaling. I've been stalking the pages of bigger pockets for a little while now and thought it was finally time to make an appearance. I know I'll have plenty of questions for you all, and I really appreciate the help I've seen this community provides. Also, if I'm able to reciprocate the help, don't hesitate to let me know!