Mastering Real Estate

Episode 10 - Project #5: Avoid Flood Zones

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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:

      1. Watch out for flood zones–ALWAYS check the FEMA Flood Map Service
      2. Carefully screen your tenants
      3. Buy rental properties that will not have a lot of maintenance issues in the future
         

        4. Episode Resources: 

        • Slideshow Link
        • Photos

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              Mastering Real EstateBy Maura McGraw
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