Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
New Member Introductions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 13 years ago,

User Stats

838
Posts
295
Votes
Chris Masons
  • Investor
  • Union, NJ
295
Votes |
838
Posts

new member here with a flood insurance question

Chris Masons
  • Investor
  • Union, NJ
Posted

Chris here from NJ. Great site here guys. Look forward to spending time here and getting to know you.

I am a RE investor/Landlord here in NJ. Always loking for good deals and partners to great investment opportunities.

I actually have a great opportunity to pick up a really nice 2 family at a great price that will cash flow nicely. Not only that, my ready to move in tenant will buy the property from me in 5 years and make payments to it in meantime in edition to rent.

Issue is it is in a flood zone - mind you last hurricane irene here in NJ not a drop of water in basement.

I looked into pricing on insurance and it was pricey around 2,500 a year. Does anyone know if this can be shopped or price is set by Fema? Lastly any thoughts or ways around this? I know area well and have spoke to neighbors so i feel confident about the property enough to move forward just paying those premeiums totally kills my profitability.

thoughts? Am I SOL?

Loading replies...