Houses in Flood Zones

[Matthew Rembish]

I have a 70 foot wide lot in Toms River with 2 HOUSES ON IT...and it's on the water and in a flood zone. Would it make sense to look into buying it and renting both out? I've heard that houses in flood zones need to be raised but I've also heard there are ways around it. If the numbers, as far as cash flow for each one, make sense, is this worth doing or am I getting myself into trouble?

[Fred Heller]

I would never buy a house in a flood zone for my personal residence or a rental.My FEMA flood premium is just over $400 a year. Meanwhile similar homes just a half mile away that are in a flood zone are paying over $2000 a year.