All Forum Posts by: Ryan Ingram

If you Google NFIP flood map you can type the address in.

If the structure is inside of an area designated “Flood Zone X” then lenders will NOT require that you get flood insurance.

If it is in an A or AE flood zone, or most any other flood zones...you’ll need to get it.

Now, I might be a bit biased....but I consider myself to be a great insurance agent!

Not a problem Josh! 

If it is occupied, you most likely won't be able to get a builder's risk. 

You definitely shouldn't move your tenants out to deal with this. 

There are insurance companies that specialize in providing insurance for properties that are in a bit rougher shape. 

Flood insurance is so expensive. 

The NFIP is run by the government, and the program is broke. 

I don't think premiums are going to do anything but increase. 

I generally advise all of my clients to avoid properties that are in flood zones for that reason alone. 

I'm sure there are a lot of people that do it successfully. But, I have had two clients do flips in flood zones and they really struggled to sell the property due to the cost of flood insurance. 

There is private market flood insurance...which is about half the price of the NFIP. 

However, if your buyer plans on using an FHA or other government loan, they require that NFIP coverage be used and they do not allow private market flood insurance.

Hope this helps...let me know if you have any questions about flood insurance...I'd be happy to help.

Dayton is a great market. I'm a bit biased because it is where I live and where all of my properties are...but I don't think you can beat the returns. 

Let me know if you have any questions about Dayton and I'd be more than happy to help!

Hey Josh,

A builders risk policy would definitely work. A vacant policy would also do the trick. 

Will you have people living in the property as you fix the roof, or will you be doing other things as well? 

You may be able to find a company that is willing to exclude the roof until you get it repaired or replaced. 

I'd highly suggest working with an independent insurance agent. They're able to work with multiple insurance companies to find the best fit. 

Let me know if you have any questions or want me to elaborate on anything...I'd be happy to help. 

Hey @Daniel Root

More power to you man. Congrats on being on here, open to learning, and already looking to better your life. 

20 is a great age to start and real estate is a great thing to start. 

If you have your 40 year goggles on, it is super hard to go wrong with real estate. You almost have to be grossly negligent to screw up over the 40 year time span. 

Indiana's prices are very similar to here...you can find a handful of "mom & pop" investors or people that stumbled upon investing by keeping the first home they purchased...and the second home...and the third home...and they did very well for themselves. They most likely won't know a fraction of the information that is on this site. But they did it, and they did it just fine. 

I'm 28...I purchased my first home at 23 and accidentally house hacked...it was a really nice SFH in the Raleigh/Durham area. The only reason I bought it is because my roommate at the time and I kept getting our rent jacked up by the apartment complex. If we stayed, our rent would have been $1,300 per month...a mortgage would have been $900. Asked him if I bought a house, would he pay half the mortgage...he said sure.

Sold that and captured the equity from appreciation (not on purpose, never read a single real estate book) and bought 17 acres and built a house with my wife at 25. 

Then we had a kid...and realized that we built our lifestyle in a manner which did not allow my wife to be a stay at home Mom...I didn't make enough money to support that.

I've always been frugal...and I read David Bach's "Automatic Millionaire" at an early age. I got into law enforcement at 20. Since I started, I saved half of my paycheck. I never gave myself a pay raise...each time I got a raise, I increased my contributions to my retirement accounts equal to the amount of the raise.

I thought I was a rockstar because no one else around me was doing anything close to that. 

Now I couldn't provide the lifestyle that my family wanted. My manhood was on the line.

On a call one night, I met a successful businessman. Gorgeous home, someone tried to break in (this businessman had a gun and done run him off though). He asked me tons of questions about neighborhoods, where I would let my family live, and where I wouldn't. He became a great friend of mine. More about him later.

I stopped doing anything remotely related to law enforcement while working and started reading one book per shift. 

All these books taught me that I needed to escape the time for money trap. 

I took an insurance job in Ohio that was 100% commission based. We picked Ohio because you can't beat the midwest cost of living....and my wife had some family in the area...she didn't want to move to a completely new place.

We sold the house we just built for $60,000 more than we built it for...we accidentally created a value by doing the legwork of clearing acreage, installing septic, and all the other things. Keep in mind, I was winging it...I didn't know anything, never read a real estate book...I just knew I wanted a house with enough land to walk out of the house and fire my weapons first thing in the morning. 

For the first 6 months of the commission only job, my wife still had to work. She didn't want to quit her job as an assistant principal until the end of the school year. I commuted to Ohio each week and came home on the weekends. I had tons of windshield time. 

That businessman called me...wanted to know if I'd let my family live in a certain area. He then invited me to go look at it with him. He was transparent and told me all about how much he would buy this for, how much work it needed, and how much he could rent it out for. 

Then he took me to another property. A commercial property...told me how he used the banks money, how much he spent, how much it rents for, and how little he has to do with it each month. 

Then another property, this was an apartment complex. He told me how much it rents for, and how much he paid for it, and how much the mortgage is. 

Then another property. 

But...I read Automatic Millionaire...I know the real secret is in the stock market. 

He didn't have anything in the stock market...just in real places. 

During my drives, I needed to know more about this. I stumbled across the BiggerPockets podcast. Which led to Rich Dad Poor Dad...which led to over 100 other books. I became a sponge...relearning everything...completely discarding what I thought I knew. 

In August of 2017, my wife and I purchased our first duplex in cash. $35,000. It rents for $1100 per month. Cash flows real pretty. 

Then we did it again. This time we got a single family home...$28,000 and needed no work. $7,200 down and a $112 mortgage. $770 per month in rent plus pet fees. 

Then we did it again.

And again.

And again.

We are up to around 40 properties. 

I still don't know what I'm doing. But you don't have to. 

If you stay close to people like the guy you just worked with and learned from, if you regularly check in on this website, regularly fill your brain with good info (and there is no shortage) you'll be just fine. 

It is like bowling with bumper guards. This website, the peers, the mentors, they are your bumper guards. Sure, if you throw the ball hard enough at the guard...you can get it to go into the other lane...but that is on you. The guards tried to help, you didn't listen. That falls into the grossly negligent part I was speaking of. 

You're already on here...you're already trying to learn...I have a sneaky suspicion that being negligent isn't your MO. 

Feel free to connect with me. I'm more than happy to share with you whatever I know, and attempt to answer any question you may have. 

Check in on this site weekly...and keep getting advice...at your age, you're set. 

Hey @Jeff Silver, you should be able to navigate that pretty well. I have a client that has this exact situation. 

He has the policy under his LLC. He also has the lender listed as the mortgagee and because the loan is still under the name of the previous family, he has the previous family listed on the policy as an additional interest.

I have had a conversation with the lender, and they are understanding and didn't seem to mind at all. 

Hey @Dionte Washington, 

I'm with @Ross Denman and @Gordon Starr on this one. I'd highly recommend keeping them. I don't know exactly where your properties are, but the Dayton market is really heating up. I'd hold onto them and use the equity and even appreciation as leverage to acquire more properties. 

I've got a similar philosophy to @Corby Goade in that I aspire to keep everything performing forever. I have a few local banks that I work with that help me unlock the equity to acquire and rehab additional properties. 

Plus, since I'm here locally...I haven't be able to find many multifamily properties that were reasonably priced. I just acquired a 4 unit, but it was an off market deal and a good bit of luck. SFHs are still competitively prices and you can hit the 2% rule all day here. From my personal experience, in looking at all of the multifamily deals that I've seen in the area, you can't get the same returns at the moment....seems to be an influx in out of state investors.

@Sammy Lyon is a Cleveland investor that lives out in LA!