Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Marcus McGee

Marcus McGee has started 2 posts and replied 10 times.

Post: Property in a Flood Zone

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

@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!

Post: Property in a Flood Zone

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

@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!

Post: Property in a Flood Zone

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

@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?

Post: Property in a Flood Zone

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

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!

Post: New to wholesaling from Indianapolis, In

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

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

Post: Indiana Purchase and sale agreement Needed

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

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

Post: Indiana Purchase and sale agreement Needed

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

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!

Post: New to wholesaling from Indianapolis, In

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

@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. 

Post: New to wholesaling from Indianapolis, In

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

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

Post: New to wholesaling from Indianapolis, In

Marcus McGeePosted
  • Specialist
  • Indianapolis, IN
  • Posts 10
  • Votes 0

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!