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Updated over 9 years ago on . Most recent reply

User Stats

13
Posts
1
Votes
La T.
  • Investor
  • Gastonia, NC
1
Votes |
13
Posts

RE attorney advice requested-North Carolina anybody?

La T.
  • Investor
  • Gastonia, NC
Posted

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

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