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Updated almost 6 years ago, 02/06/2019
Buying Homes In Flood Zones
I am looking at buying a VA foreclosed home in Minot, ND. Its in a great location and the numbers are good. However the home flooded 7 years ago and I will have to put in 5k in repairs. Our flood insurance maps will be updated in the next 18 months with a rezoning which the house will be in. Flood insurance as of now would be $750 a year with the possibility of increasing all the way up to 18% per year. Does anyone gamble with flooded homes.
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#5 Ask About A Real Estate Company Contributor
- Rental Property Investor
- Long Island, NY
Originally posted by @Austin Hoover:
I am looking at buying a VA foreclosed home in Minot, ND. Its in a great location and the numbers are good. However the home flooded 7 years ago and I will have to put in 5k in repairs. Our flood insurance maps will be updated in the next 18 months with a rezoning which the house will be in. Flood insurance as of now would be $750 a year with the possibility of increasing all the way up to 18% per year. Does anyone gamble with flooded homes.
I personally wouldn't. That seems like a significant drain on cash flow.
There are plenty of deals out there. Why gamble? If it is a buy and hold you will need flood insurance. Very expensive.
