All Forum Posts by: Herbert MacDonald

Thank you all for your help. It's in Houston. Never flooded. $210K is way to much for land in that neighborhood. Land in the ares goes for about $125k He did mention that it would be about $65K-$85K to fix it. I made an offer, but since they are developers I doubt they will take. No one, but another investor, will buy it.

Thanks Will. That's a number I can put in my figures to see how it may work. The idea would be to demolish the house and build on stilts. Build up his like at the beach.

I have come to the realization that no one will insure a house in the area because it's below the 22 feet required to be out of the flood zone. Everyone that had insurance got paid out and stopped paying for it soon after so there is now a laps in coverage which means all the grandfathered policies are now gone. This makes getting a new policy more expensive than the note or no insurance.

With that in mind I can only offer property value minus cost of demolition. I spoke to one guy and he laughed as he hung up on me... but those are the numbers. What can I do except move on to the next one.

Thanks every one for your input.

Im trying to figure out the cost of rehabbing a gutted house on a property I found that is being sold as "lot for sale." I called and they are asking market value of a house, $210k. The house on the property is completly gutted since the current owners wanted to demolish it and build new on the property which is 7,200 SF. As it stands, the house is a 1960's 3/2 - 1525 Sq' completely gutted, has no AC, no central heat, not flooring and original windows... just exterior walls, roof, and bare studs. No foundation issues). 

A ball park figure would greatly help in my calculations, and any advise would be greatly appreciated.

I know this thread is covering a two year time span, but it is very informative. The only question is where do I find the FEMA flood insurance rate? I have been looking allover the FEMA site and have yet to find it to get the info on where you go the number of $30K/year for off insurance is a large number to consider. I found This seems excessive, so I want to get get the information from the source would be very helpful.

The entire house is cleared out to the 4.5' line. The top half half of the house was not flooded. Tubs are out and  only one shower has tile and would need to have the dry wall removed. The home owners have already cleaned it out and treated it for mold (this will still need to be verified per due diligence). AC and electrical is working properly, but smells musty. After it flooded in 2016 they upgraded the house and opted for higher end Cabinet and counter tops but after Harvey they removed it and brought the bottom half to the studs.

Bottom 4 feet of drywall is bare. still has grant counter tops and cabinets were unaffected it's has been emptied out and cleaned. Insurance has bought the out the property owners and the owners have 100% equity. 

The areas has flooded twice from the adjacent Bayou. I found out the ares is going to be paced in flood plane 2019 and structures will need to be raised 5 feet or more to qualify for affordable flood insurance. I'm wondering if its even worth it for the land and possibly build up on beams or bring in dirt to raise the land. Any current stature will have be demolished for sure and that's an additional cost.

has any one bought flood houses near a water source?

This Saturday, I'm going to look at 4/3 house that has flooded twice; once in 2016 before Harvey (13") then in 2017 because of Harvey (42"). The house is cleared out and cleaned, 2727 Sq' on 2.75 acres, (home owners are claiming 3239 Sq' living space), newly built 60x40 barn in 2015, Well water, Clear septic system 200 Gallon Propane Tank for gas just outside the city limits.

What can I realistically asses the repair costs to be? At $40/foot its $110K ($130k @ 3239 Sq'), but not sure if it's accurate. I am calculating the property taxes to be ARV since its flooded twice.

Any advise would be greatly appreciated.

This Saturday, I'm going to look at 4/3 house that has flooded twice; once in 2016 before Harvey (13") then in 2017 because of Harvey (42"). The house is cleared out and cleaned, 2727 Sq' on 2.75 acres, (home owners are claiming 3239 Sq' living space), newly built 60x40 barn in 2015, Well water, Clear septic system 200 Gallon Propane Tank for gas just outside the city limits.

What can I realistically asses the repair costs to be? At $40/foot its $110K ($130k @ 3239 Sq'), but not sure if it's accurate. I am calculating the property taxes to be ARV since its flooded twice.

Any advise would be greatly appreciated.

Thank you Joaquin. 

I will have question for sure here soon. Thank you for the offer.