All Forum Posts by: Rob U.

Thank you Harry/Tim!

I'll need to triple check this, but the house doesn't need to be raised since it was not deemed substantially damaged by FEMA. We also received the sellers declaration letter for their flood insurance and it was roughly $2,100 per year - so no small fee but still cash flows well despite the added insurance costs. The 50% substantially improved rule is a great point, any idea on how to check how close the home may be to that threshold?

Hi all - I'm hoping to close on my first investment property (!!!) and considering buying a house at the Jersey shore in the Seaside, NJ area. The house is below the BFE determined by FEMA, but have confirmed with the town that it was NOT substantially damaged by hurricane Sandy in 2012.

Is it reasonable to still proceed with the sale since it wasn’t substantially damaged in Sandy despite the home being below the BFE?

Any and all answers are much appreciated! I’m trying to consider all variables while learning along the way, so thanks in advance for any input!

Hi everyone - I’m considering purchasing a vacation investment property at the Jersey shore. The property is tenant occupied at the moment, however, I would like the tenant to vacate the property once the lease is up - this is because it is a 12 month tenant and the property has a lot more cash flow potential if it is rented out to vacationers during the peak summer months rather than all year long to the same person.

Is there anything that I should be doing before the sale to mitigate my risk given that I am inheriting the tenant? My thought was asking the seller for rental payment history, etc, so I can screen the tenant myself. I really just want to avoid and protect myself from an eviction nightmare if the tenant did not want to leave the property following the end of the lease.

Any thoughts, ideas or guidance is appreciated!