OfflineHalf of Foreclosed Homes Still Occupied
Even after the bank repossesses a home in foreclosure, eviction can take months or even years. RealtyTrac estimates that 47% of foreclosed homes are still occupied by the owners. In some of the hotter markets like Miami and Los Angeles, the percentage is more like 60%. Not all are owners, as renters are occupying many of these homes.
Real Estate Attorney Advises LLC
Protecting your assets from lawsuits, maybe by a tenant hurt in a property, is a prudent approach in business. One real estate attorney advises that an LLC, Limited Liability Company is a better approach than an S Corporation. LLCs are easier to maintain than S Corps. Be careful to investigate whether you’ll have tax problems in transferring properties into an LLC.
Flood Insurance Costs Soaring
Recent changes in flood mapping and re-designation of flood zones are causing many homeowners to find their homes suddenly designated as in flood zones when they weren’t before. Other homeowners along rivers and coastlines are finding that their flood insurance rates are skyrocketing. One example is a home in New Jersey hard hit by Hurricane Sandy. This home’s flood insurance premium is going to rise from less than $1,000 to more than $8,000 per year.
That is interesting, thx DG Moderator for the info, I do have an LLC but am wholesaling and dont hold any props but will eventually, happy Saturday folks.
Tony
Go faster do more! GFDM!