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Updated over 9 years ago,
RE attorney advice requested-North Carolina anybody?
Hello,
I'm new to BiggerPockets. Read a lot of posts and decided to jump in to get some advice.
I'm getting started as a investor buying a foreclosure in North Carolina (Charlotte area). I don't live in NC, so totally relying on a property manager who is also my RE agent with the entire process (he was referred to me by a co-worker).
Could someone please help with these questions?
1) I called insurance companies and got some quotes. Most refused to cover investment properties and foreclosures. I also came to know that the house has had a theft claim in the past. Is this an issue?
2) Is there anything such as a typical coverage?
3) My property manager suggested opening a trust instead of creating an LLC and getting insurance. I read the post on why insurance alone is not enough, but any thoughts on a trust?
4) Does North Carolina allow series LLCs where one property is insulated from others in the LLC?
5) I believe it costs about $250 to create an LLC in NC plus fees and the annual cost is $200. Is this close to correct?
6) Is there someplace I can find good RE attorneys in NC based on reviews?
Thanks a bunch!
LaTha