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for condos/apartments:
Condominium associations can purchase flood insurance coverage on a residential building under the Residential Condominium Building Association Policy. Under this policy, condominium associations can purchase up to $250,000 times the number of units or the replacement cost of the building, whichever is less. This way, coverage is provided for each unit without the burden of purchasing policies for each unit separately. Eligible buildings include garden apartment-type construction, town houses, row houses, and single-family detached buildings owned by the association, as long as 75% of the units are used for residential purposes. Residents of the individual units are then advised to purchase contents coverage separately-up to $100,000-to ensure that their personal property will be covered.

heres the data for rates on flood coverage in a high risk coastal SFR
http://www.floodsmart.gov/floodsmart/pages/premiumesttables_hrc_residential.jsp

and this link may help
http://www.pueblo.gsa.gov/cic_text/housing/natl-flood/insurance.htm

not that only certain zones require you to have coverage. In my city I can pull up the GIS map and show airel photos with flood zone risk areas overlays. If your building is located in a flood zone that begins with the letter A or V, you are in a high-risk area. If the flood zone begins with a B, C or X, you are in a lower-risk area

I work in JAX airport and for as small as it is we have 2....starbucks in there
one befoer security and one right after, i guess they figured since you would have to get rid of your coffee before you go through screening, you could just buy another on the other side :roll:

Just for paul strauss.....

Jacksonville, Florida.....between the Intracoastal Waterway and Atlantic Ocean, elevation 9ft...1/4 mile off the beach , BUT I rent my place so I dont have anything to do with your insurance rates :lol:

hmmm, interestin....
thats prtty much a win-win situation for you and the tenents. most people who are renting, like myself cant get a mortgage because thier credit is shot for some reason or another. If someone came to me with an offer to buy the townhouse we live in for $525 a month at around the fair market value I would do it, I would try and reneg the price a little but I would still do it.

not because i like the place I live in, actually I hate it. but I also have vision I know what these places sold for when they were new I know what they go for right now and I see the area changing and growing and that would be a great opportunity for someone who has bad credit to own something, thats a huge boost to someone who is down on thier luck to be able to say thay own thier home.

congrats on your deal, I hope to be able to do somthing like that in a few years

and strip malls, I swear if I have to see one more of these cookie cutter developments pop up I'm going to puke. I dont know about other areas of the country but the area where I'm at is growing fast, really fast so I understand developers are grabbing up acreage and turning it into SFH developments but for some reason these look alike houses with the .4 acre yard spaced 20 ft from each other make me sick.

theres one place that popped up here selling homes starting in the high $200's with a perfect view of two of these why?? why would someone actually want that? I guess I'll never understand

and strip malls, I have never seen as many in one city :roll:

//end rant

speaking of learning the business. What would you recommend I read/study to learn about valuation, inspection, estimating rehab cost, etc?

a friend of mine said I could bird dog for him which would be a great way to start and learn but it really does me no good if I have no idea what I'm looking at. I know of tons of cheap properties around but cheap doesnt necessarily equate to a good value thats worth the cost of repairs.

so what would you recommend for someone who is totally new to RE as a ways to spot a possible deal?

I also dont understand what people mean when they talk about getting a home under contract and then turning the contract over to an investor. I take it they mean they find a good deal, they sign a contract of sale pending inspection or whatever and then they go to the investor and say this is what i have if you want it. Now as far as I know if you sign a contract you have some type of liability to perform within the contract and if you drop out you are usually financially responsible in some way.

I guess thats where I'm confused, if a bird dog already has a contract on a home and the investor doesnt want it, then what happens?

sorry if these sound like stupid questions
theres a whole lot to learn and I would never jump into something without learning all that I can first, I learned the hard way about jumping right into something without learning the game first. i have the credit scores to prove it :cry:

35k???? wheewww, where you lookin? moncreif? there arent very many areas in this town that I can think of going for even 50k and the ones that are, I wouldnt even touch my brakes goin through

sorry about your deal though that really sucks

sounds to me like you're doing something you love, if you have a passion for something and you can make a decent living at it by all means go for it. I cant imagine how many people would love to be working at something they really have a passion for.

Thanks for the info guys, I appreciate it. I'm a ways off from doing any investing but I'm trying to learn as much as I can from people who have been there and hopefully learn from thier mistakes

Ive been reading through the forum and I have one important question thats been running through my head.

What happens when you purchase property, say for example, a rehab. You repair it and turn around and list it for sale but it doesn't sell because the market is saturated with homes. Now you have a home just sitting there and seems like you are stuck with a mortgage payment that you probably cant afford, how do people handle that scenerio?

that is probably my biggest fear of getting into REI