All Forum Posts by: Cristin Andrews

Single family house rental. Only the one for now. 

I’m looking for a good property management company for Cypress area of Houston.
Who do you recommend and what percentage are you paying?  Thanks in advance. 
Cristin

nothing yet 

@Nidal DaraisehI'm still investing in Houston

Thanks guys. This was exactly what I was looking for. 

Hi. Looking for some advice. I’m making an offer on a property with 12k property tax lien. The price of the deal has been raised to include the lien so it can be paid off at closing. My question- what are my options if the property will not appraise for this new value? This is a financed deal with title company insurance. 

I’m here in Houston buying here, KC and Boise 

Sorry to hear this. I have learned there is an odd set of people that would actually want to live in that unit because of the notoriety so don’t necessarily assume no one will rent it. There was a high profile murder down the street from my sisters house in a rental in a decent area and it wasn’t even 60 days later they had a new renter in there. 

Thx Mark. 

If anyone finds this post via a search later - here is what I found out. 

The Floodway is apparently classified the same as the Flood Area - AE so insurance is required and there are also construction limits requiring you work with FEMA/Structural engineers for all building or remodeling or get a permit to go ahead within them in some cases.

Insurance costs are entirely dependent on the elevation certificate which I would have needed to commission myself since seller didn’t even know they were in a flood plain OR I could have negotiated to have her commission the survey. My insurance agent said in some extreme circumstances it is possible no one would flood insure the property and then it would be impossible to bank finance the deal. Also if the property was grandfathered in or at a compliant elevation once the survey was done and a certificate issued then the flood insurance could be under 1k but it had the potential to be very very expensive (many thousands) or as previously mentioned even uninsurable  Zone and Floodway AE had roughly 26% or 1 in 4 chance of flooding over the lifetime of the mortgage  

I walked away from the deal and informed the seller so she is prepared for the next buyer. 

I am considering buying a property that has never flooded and current owner has lived there 15 years without Flood insurance. It is located in Houston TX and in a floodway (just outside of a Zone AE Floodplain) I'm not required to buy flood insurance but feel like it would be prudent to do so. My insurance agent is not reachable today but I wanted to make a bid. I can't seem to find any info on the web about costs of insurance in a floodway vs a flood zone and how those compare. Anyone here have any info on that by chance? I have no idea if I'm looking at 500 a year or more like 6K a year - really no idea.  Also anything else I need to know about floodways aside from the construction restrictions?