All Forum Posts by: Gilbert Lugo

My apologies for not being more clear about the situation. It was pointed out before closing but I figured it would not be that big of a deal so I closed anyway. Big mistake. In order to reach my meter I have to go through their fenced patio area in order to reach the meter.

On the survey the surveyer point out small metal rods to establish property lines but after spending sometime looking they are nowhere to be found. I’ve been guiding myself by the property measurements on the survey. The garden looks like it’s been there well under 7 years.

Also with this garden and not having direct access to that part of the property it will be difficult to do any upgrades such as painting that side of the structure.

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Yes, it would have been best to let the title company deal with it but newby mistake on my part. Well, on the west side of my property I only have maybe 2 to 3 ft of property but the neighbors have taken the liberty to plant a garden there and close off the area. My real issue is that my electric meters are on that side so in order for me to get there I have to go in their yard to do so.

Yes, I have a survey that shows the encroachment. Also I have not yet spoke to the neighbor since I just closed on it.

Originally posted by @Jon Holdman:

This is the sort of thing best dealt with before closing.

What's the encroachment? How long has it been there? Did the title company find anything related to this? Did you do a survey or improvement location certificate that shows the encroachment? What does the neighbor say about it?

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Hi there everyone, I recently purchased a property and it came with some property encroachment from the neighbor. Wondering how some of y’all have dealt with this situation and best way to approach the neighbor about it. Any pointers will help.

Thank you!

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That’s awesome! It’s never too late.

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I till haven’t committed to any agency so yes any of your recommendation would be much appreciated.

Originally posted by @Robert Murphy:

@Gilbert Lugo I hope I am not coming into this too late. I would suggest that you look at a private flood market. If you work with a knowledgeable insurance agent that has more then 700 flood policies you will see that there are a lot of options. Let me know if you need ideas on who to contact.

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John thanks for the input. I just found out I can’t get grandfathered in but I will be looking into the other options.

Originally posted by @John Mocker:

Gilbert,

Up until recently, 99% of flood insurance was written through the National Flood Insurance Program (NFIP). The rates are standardized and broke up by type of building (residential, commercial, condo), flood zone, elevation, and other factors. If your property is more than 4 families it will go on the General Form. You can insure up to $500,000 coverage for the building. Your Mortgage company will generally require that you show coverage up to the amount of the loan.

Some things you can do to lessen the cost:

- there are some Non NFIP programs (private flood insurance). Have your agent check them as well

- check to see if there is a survey of the property to determine the elevation of the lowest floor. If not, check to

see if there are any potential savings by doing a survey (approx. $700)

- Find out if the property was in a lesser flood zone and was changed recently. There may by some

grandfathering in of prior rate that you can take advantage of

- if you have to take the NFIP policy, check on all deductibles. The savings on the higher deductibles may help

Hope this was helpful

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Thank you for the response. From what I’ve found out it’s is something the FEMA has came up with within recent months.

Originally posted by @Aaron K.:

I always try to stay away from purchasing properties in areas that need flood insurance. If it is uncommon for the area like you say, the next step would be to determine if it is this specific property that requires flood insurance or if your lender requires it for every property they lend on.

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hello everyone,

I’m at my final phase of closing on my first property(multiplex). After doing my analysis, crunching number, and due diligence I get hit with flood insurance which has been on heard of for my location. I’ve asked around and a lot of property even close to the water don’t seem to have it but since the appraiser said that I need it the mortagage company requires it.

That being said the extra insurance will be hurting my cash flow. Is there anything that I can do to remedy the hit of having to get flood insurance? Also i was told since it’s a multiplex I have to pay the upper premium?

Thank you in advance for your advise.

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It’s no secret that it’s been I bit harder for us new investers to find a good deal in a sellers market and once we find one BANG mortgage rates increase which in terms changes your number.

Anyone willing to share some thoughts on what this increase means or just your experience with increase in the past in general?

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I’m in the west palm beach area and yes most of the ones I’ve seen look nothing like the pictures on the MLS.

Originally posted by @Samuel Johnson:

Personally I wouldn't do it in FL unless it was a relatively newer construction. As a Realtor in Miami/Broward, it took me 6 months of searching the MLS to find a property that would fit my specs and be bank friendly as most of the properties I saw were misrepresented in pictures. If you ever need any help I would be happy to assist.

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All Forum Posts by: Gilbert Lugo

Gilbert Lugo has started 19 posts and replied 91 times.

Post: How to deal with property encroachment?

Post: How to deal with property encroachment?

Post: How to deal with property encroachment?

Post: 12 months into Real Estate Investing

Post: Help minamizing flood insurance cost

Post: Help minamizing flood insurance cost

Post: Help minamizing flood insurance cost

Post: Help minamizing flood insurance cost

Post: Any thoughts on the recent mortgage rate increase?

Post: Making an offer without see the property