Link up with a good insurance broker

[Christina Fleck]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $62,590
Sale price: $154,900

FEMA flood insurance rates discouraged multiple offers, but connecting with a good private flood insurance saved the day.

What made you interested in investing in this type of deal?

We specialize and fix and flips

How did you find this deal and how did you negotiate it?

This was a HUD property.

How did you finance this deal?

Cash through our line of credit.

How did you add value to the deal?

We added another bedroom and made a much larger master ensuite. We put in new floors, paint, windows, kitchen, and baths.

What was the outcome?

We added value to the property with the extra bedroom. We also made the kitchen more open and the master bath more functional.

Lessons learned? Challenges?

FEMA flood quotes ranged from 3-6k on this property. We connected with a great insurance broker, who found private flood insurance for only $1200/year. This made it much more feasible for buyers in this price range, and it was under contract in a week.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a licensed real estate agent in Hampton Roads.
We worked with James Abruzzo with Armor Insurance.