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22 Feb ’12
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I'm looking at this 30 acre tract of land, part of the 30 acres, the part in the back is gonna be in a flood plane with a creek behind it. If I buy this land and split it up to sell tracts, will people have to have flood insurance if just a piece of the property in the back is in a flood plane? A friend of mine had to for a long time and he only had one small piece of his land in a flood plane. Thanks if anyone knows.
22 Feb ’12
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Just spoke to my agent and he said you didn't if the house wasn't in it
15 Feb ’12
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it depends, is it in a high or low flood risk area? If they don't have a federally backed or insured mortgage they won't need it at all
How big of a portion is in the flood plane? If you can't sell it, will the rest of the property be enough to make it profitable for you?
is it in a good area for outdoor activities? Would you be able to build a elevated pole building , kind of like this, and use it as a weekly rental unit for hunters, fisherman and family use?
11 Mar ’12
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IRoli said
I'm looking at this 30 acre tract of land, part of the 30 acres, the part in the back is gonna be in a flood plane with a creek behind it. If I buy this land and split it up to sell tracts, will people have to have flood insurance if just a piece of the property in the back is in a flood plane? A friend of mine had to for a long time and he only had one small piece of his land in a flood plane. Thanks if anyone knows.
I think all states are different. I have a property in PA that has never flooded in its 150 year old history but because it is in a flood plain I have to have insurance.
Be RADICAL Grow Food
22 Feb ’12
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There are some minor recreational uses for the property, I just walked it. It's a little wet on the one road, I think if I was looking for land for myself it would be a good way to get cheap land, build a house accordingly the creek behind it is a year around creek, I saw some ducks on it. I have a surveyor looking at it on some software. It's probably 1000 an acre property. I might mess with it depending on what the surveyor says. I really just want some land I can owner finance for people, now I'm getting sidetracked lol.
15 Feb ’12
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it's a good way to make money, be the banker,
10/10/10 is pretty common for owner financed land up here, 10% down, 10% interest, 10 years.
22 Feb ’12
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exactly and it's truly passive. So many people just leave it and you get to start over with their improvements and if they do buy it they are paying top dollar. Just gotta get land that has good road frontage at a good price. That's the hard part.
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