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Buy property when there's blood in the streets.

But if they are trying to sell, wouldn't buying it be helping them out?

Let's say you fell on hard times and you needed money now. You decide to sell your B Body for 90% of its worth. Is the buyer a bad person?
 
The worse off the market is, the better the opportunities are to profit. That's seemingly the credo for contrarian investing. Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, is credited with saying that "the time to buy is when there's blood in the streets." He should know. Rothschild made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon.
Anyone who has lived in a coastal area subject to, or even prone to flooding should be familiar with the premise of the above quoted text.
I knew the house we sold in Metairie, just west of the New Orleans parish line, that line being the infamous 17th Street Canal that had its levee breach, and was a highlighted canal because of the areas of N.O.LA. that flooded because of that particular breach, I knew the house we were in for Katrina missed flooding by an inch at the primary slab level. I stayed, I was there for it, and that was fortunate. The Theater Room, the 1 car "garage" which we used as a laundry room, tools and storage, and parked our 2 H-D V-Rod motorcycles in, and the detached cabana which was setup as a gym, then a separate "apartment", those were all about 3½" lower than the primary slab and they did flood.
I was able to pull out of those lower areas most of the important stuff (audio/video gear first, of course) so it wasn't water damaged. I didn't pay much attention to property value afterwards where we were because I didn't think we would sell for decades.
So I did a LOT of A/V and wiring work for years afterwards due to all the flooding and damage, because when the sheetrock is being replaced, and your old electronics are ruined, that's the next best time to new construction to get all that done. I mention that because I worked all around the cities and saw the range of damage and how that affected value and desirability. Some areas are still more vacant than not, some you would never know, and some are better for it, with government money paying for improvements that would otherwise never have happened. When we did sell, we sold for a good bit more than we paid, and one reason was that our house didn't flood in a desirable area that did have quite a number of flood damaged houses.....
Another angle of this is the small "vacation" house we just finished. About 4 years ago we bought the lot, 2½ blocks off the beach along the Mississippi Gulf coast. The slab on the ground was all that remained of the previous house. Even houses on 10 ft high piers were obliterated, nothing remained. I knew a family that lived on that same street, good money, connected, well-known and popular, nice house. 1 block closer to the beach but the street is only 3 blocks long anyway. Knowing they had choices but they were on the same street before Katrina as the lot we bought, I know that street is going to be worth a LOT again in the future and I'm already seeing the redevelopment picking up speed. The house we built is 11 feet in the air, so I believe I won't see it get reclaimed by the Gulf.
Lots of opportunities to build huge value and/or live "above your pay grade" IF you're willing to take a chance.
 
You can most certainly not buy property in Ukraine unless you are a citizen of Ukraine.
Source: my wife is Ukrainian, and I lived in Ukraine for 4 years.
Slava Ukraini!
 
I'm always saying I know this guy or that guy and will only say this, I know people that own homes, farms, large land tracks all over the world. If you do buy and no one here is in a position to lose it all, have fun with that because if they decide it will be theirs again. I have a friend that is Mexican, he's a painting artist. He bought a city block, one home in an encampment, this goes back 30 plus years ago, and told me that if a government official drives by and decides he like it, it's his. There are many restrictions according to, citizen, how big, and what the land can and will be used for. I subject you wake up and smell the coffee.
Buy property when there's blood in the streets.
Make sure you tell them that when you get there, they'll cut your nuts out.
 
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Yeah, we considered buying in Mexico but they have excellent protection set up to prevent foreigners from snapping up all of their prime real estate. I can easily buy a condo or apartment, but for me to buy LAND within thirty miles of the border or coast is very difficult. God bless ‘em, it’s their country. I respect them for protecting it.
If Canada had passed such laws to prevent foreign ownership Vancouver wouldn’t look and sound like Hong Kong, with just a city lot costing over a million bucks.
 
Yeah, we considered buying in Mexico but they have excellent protection set up to prevent foreigners from snapping up all of their prime real estate. I can easily buy a condo or apartment, but for me to buy LAND within thirty miles of the border or coast is very difficult. God bless ‘em, it’s their country. I respect them for protecting it.
If Canada had passed such laws to prevent foreign ownership Vancouver wouldn’t look and sound like Hong Kong, with just a city lot costing over a million bucks.
A man that get's it, Thank you!!
 
Fine69. I respect your input but that's not what I'm reading. Can you provide a reference?
 
Anyone who has lived in a coastal area subject to, or even prone to flooding should be familiar with the premise of the above quoted text.
I knew the house we sold in Metairie, just west of the New Orleans parish line, that line being the infamous 17th Street Canal that had its levee breach, and was a highlighted canal because of the areas of N.O.LA. that flooded because of that particular breach, I knew the house we were in for Katrina missed flooding by an inch at the primary slab level. I stayed, I was there for it, and that was fortunate. The Theater Room, the 1 car "garage" which we used as a laundry room, tools and storage, and parked our 2 H-D V-Rod motorcycles in, and the detached cabana which was setup as a gym, then a separate "apartment", those were all about 3½" lower than the primary slab and they did flood.
I was able to pull out of those lower areas most of the important stuff (audio/video gear first, of course) so it wasn't water damaged. I didn't pay much attention to property value afterwards where we were because I didn't think we would sell for decades.
So I did a LOT of A/V and wiring work for years afterwards due to all the flooding and damage, because when the sheetrock is being replaced, and your old electronics are ruined, that's the next best time to new construction to get all that done. I mention that because I worked all around the cities and saw the range of damage and how that affected value and desirability. Some areas are still more vacant than not, some you would never know, and some are better for it, with government money paying for improvements that would otherwise never have happened. When we did sell, we sold for a good bit more than we paid, and one reason was that our house didn't flood in a desirable area that did have quite a number of flood damaged houses.....
Another angle of this is the small "vacation" house we just finished. About 4 years ago we bought the lot, 2½ blocks off the beach along the Mississippi Gulf coast. The slab on the ground was all that remained of the previous house. Even houses on 10 ft high piers were obliterated, nothing remained. I knew a family that lived on that same street, good money, connected, well-known and popular, nice house. 1 block closer to the beach but the street is only 3 blocks long anyway. Knowing they had choices but they were on the same street before Katrina as the lot we bought, I know that street is going to be worth a LOT again in the future and I'm already seeing the redevelopment picking up speed. The house we built is 11 feet in the air, so I believe I won't see it get reclaimed by the Gulf.
Lots of opportunities to build huge value and/or live "above your pay grade" IF you're willing to take a chance.

Are you paying through the nose for insurance, or can you even get it??
 
Are you paying through the nose for insurance, or can you even get it??
Anyone with a mortgage that lives in a flood zone must carry flood insurance, so that is both of my houses. The price for living on/near the water. Fortunately, the NFIB is the source for flood insurance. That covers the structure, with additional insurance (relatively cheap) available for contents. After Katrina, the "named storm" deductible became a thing, which means a mandatory % of damage is not covered by insurance, starting at 5%. The federal government sets the flood maps, and rates are based on those and how high off the ground the structure is. In the case of Ida, I got 4½ feet of water over the property, but the house was almost a foot above that.
 
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Anyone with a mortgage that lives in a flood zone must carry flood insurance, so that is both of my houses. The price for living on/near the water. Fortunately, the NFIB is the source for flood insurance. That covers the structure, with additional insurance (relatively cheap) available for contents. After Katrina, the "named storm" deductible became a thing, which means a mandatory % of damage is not covered by insurance, starting at 5%. The federal government sets the flood maps, and rates are based on those and how high off the ground the structure is. In the case of Ida, I got 4½ feet of water over the property, but the house was almost a foot above that.
The local news has had some stories on how people cannot afford the insurance rates ( Tampa bay FL).. Some insurance companies have just stopped insuring people in flood areas... I dont blame them personally, bad business.. Thats why I asked.....
 
Some insurance companies have just stopped insuring people in flood areas...
ANY insurance company that sells FLOOD insurance is just acting as a middleman between the homeowner and the FEDERAL government who administers the NFIP.
 
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