Flooded property

[James Sinclair]

The post on flood insurance reminded me of a deal I passed on last week. I was looking for a property to rehab and was contacted by a (investment realty firm) that markets property they find to investors. They had contracted some property in a recently flooded area of town. They want you to make an immediate decision because if you don't their properties are so hot they will be gone in less than two hours (according to them). I passed on the property, thankfully, and now that I know that the gov. is finally tired of rebuilding houses in flood prone areas and is going to make insurance high enough that builders will not be able to sell there, I think I really dodged a bullet.