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Updated almost 6 years ago, 02/06/2019

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6
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2
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Austin Hoover
2
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6
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Buying Homes In Flood Zones

Austin Hoover
Posted

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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Jason G.
Pro Member
#5 Ask About A Real Estate Company Contributor
  • Rental Property Investor
  • Long Island, NY
494
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434
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Jason G.
Pro Member
#5 Ask About A Real Estate Company Contributor
  • Rental Property Investor
  • Long Island, NY
Replied
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.

  • Jason G.
  • User Stats

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    There are plenty of deals out there.  Why gamble?  If it is a buy and hold you will need flood insurance. Very expensive.  

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