All Forum Posts by: Bob C.

Generally speaking, I've stayed away from properties that have ANY flood zone boundaries going through them.  With our geography here being in a valley AND with FEMA recently redrawing the maps to be WAY more conservative (MUCH more area designated) I'm finding a lot of decent potential flips that have SOME flood zone designation. 

I've been told: 

1) that if there is ANY flood zone on the property, even if the house is not in it, then mortgage companies require insurance

2) Flood insurance is very expensive (after the first two years of government supplement ends)

3) 1+2= longer hold times and lower ARV

Are this "facts" true?

This advice was passed to me semi-casually and I didn't really care then, because I wasn't interested in any properties that had any destination on it.  But now, I'm having second thoughts. I'd like to know more before I throw away, what seems like, good leads.

Note: I'm not talking about houses having water issues. That's, pretty much, a deal breaker for me as it is because so expensive to remediate.  I'm talking about properties that haven't had any flood or wet basement issues.  It's just that they are now in FEMA's 100-year flood zone map.

Here's an example. Note the property highlighted in bold yellow.

I agree with @Frank Gucciardo opinion of Newburgh. Beacon can be a tough one too, unless you find a place walking distance to the train station (but all the other investors have figured that out too and those prices are high)  

My general opinion is to go where the schools are good/best.  IIWU, I'd go to GreatSchools.com and look at the map of school district ratings. Weigh that against what/where you can afford and then look closely at those towns.

Owner just contacted me and is now looking for "around $455k".

He's gone from 500k, to 470k, to $455k in about 10 days.  

Any interest?

Also... talk to your landscaper about a swale.  A lot cheaper than a french drain, and works really well for heavy rains.

Ah HA! So THAT's how you rate/give feed back.  I've tried/looked many times but could never figure it out.  Thanks for walking me through it.

I use and highly recommend Cara Whalen from Daniel McCabe's office in the City of Poughkeepsie.  She is fantastic. 845-454-3441

Joseph Sayegh recently spoke at our REIA. Seems like he's got his **** together.

Both charge about $900 for a typical RE transaction.

If you start marketing in Southern Dutchess, hit me up for my wish list. 

Beds: 4
Bath: 2.5
SqFt: 4,320
Wappingers Falls, NY (Dutchess County)

Motivation: Has multiple houses and would like to move out of this one. (DC Clerk records indicate that he is recently divorced, although he introduced me to a woman as his wife.) Seems very motivated and in a hurry to make a deal. He is looking for a price "close to $470,000".

I'm looking for a $500 Bird Dog fee.

It's a split level ranch with large rooms. Looks to be like vinyl engineered wood flooring for most of the living space. All bathrooms are contractor grade or a little bit better. Floors and bathrooms are vinyl either sheet or squares. Kitchen has high-quality cabinets and granite countertops. Black appliances. Two nice decks in the back. One off of bedroom and the other off the kitchen/ Family room area. There is a lower part of the house that is unfinished huge area probably 800 ft.² with sliding glass door walkout. He was not sure if that was included in the 4000 ft.² if finished it could make this large house even larger. Also the garage is very large. Three bay but very deep. Could easily fit four cars

House is on a private road with a homeowners maintenance association with about seven other houses. He says annual fees range from $3-$400 per year. Oil furnace and hot water with buried oil tank (circa 2000)

From Zillow:

• Lot: 1.39 acres
• Single Family
• Built in 2000

• Cooling: Central
• Heating: Forced air
• Last sold: Feb 2005 for $527,500

Year | Taxes | Assessment
2013 $10,928  $515,200
2012 $10,675  $560,000

 But what about heat?  ;->

This is what I've come up with:

I make any repairs necessary and update the house with what new homeowners are looking for. Then sell it to someone who will love it as much as you do.

Reply to "it's perfect"

Its great to hear that your house is in great condition - sometimes kitchen and bathroom style may be outdated and the paint job or flooring might be old -- compared to what new homeowners are looking for.

<thumbs up!>