Episode 10 - Project #5: Avoid Flood Zones
Deal Details
- Address: 720 Earline St, Birmingham, AL 35215
- Type: Rental Property
- Year: 2018
- Timeline: 1 month
- Purchase Price: $50,000
- Rehab: $0
- Sales Price: $154,000
- Profit: $100,000
Avoid Flood Zones
- We got it for a steal ($50K).....because it was in a flood zone. But I was still new to the industry and an idiot then and did not know to check on this at first. Now I know ALWAYS to check the FEMA Flood Map Service up front to see if a property is in a flood zone.
- Properties in flood zones can be harder to sell and will cost a lot in extra insurance
Key Takeaways:
- Watch out for flood zonesā€“ALWAYS check the FEMA Flood Map Service
- Carefully screen your tenants
- Buy rental properties that will not have a lot of maintenance issues in the future
Episode Resources:
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