In the Zone with Sant Sorbaj - Stateline Mini Storage
Published on April 20th, 2023
Updated on April 20th, 2023
Sant and DJ McClure discuss Stateline Mini Storage located in Lindley, NY. Sant was surprised by an 11th-hour flood insurance mandate & insurance quotes coming back at nearly $9k - this unexpected expense almost killed the deal. Luckily, a late-night google search led him to our feature on the REtipster podcast.
Sant reached out and connected with account executive Barrett Bridgewater. Within 1 week from the first call, our team made it on site to complete a Flood Expert Survey, capturing data that ultimately qualified all six (6) buildings for removal from the Special Flood Hazard Area via a Letter of Map Amendment (LOMA). Only a few weeks later, the LOMA was approved by FEMA.
With the LOMA in hand, the lender re-ran the flood-zone determination on the property and the mandate for flood insurance was removed. At this time, Sant was able to remove the flood insurance expense completely, not only improving the NOI, but also adding significant #propertyvalue in the process.