Learned a lot this week....by taking action

[Account Closed]

After 4 years, I have taken some action this past week. Here are some things I learned, that no book taught me...

1. College rentals cost way more to insure and only some companies insure them.

2. There are different ways to insure properties (actual cash value, replacement cost etc)

3. South Carolina's taxes suck. Non owner-occupied properties are taxed at 6%, compared to 4%. Which in some many cases makes or breaks a deal as far as numbers go.

4. North Carolina taxes them the same.

5. Accounting for lawn care makes numbers go south too. 

6. Trust information but verify.

7. A sale can trigger a reassessment of taxes (can be based off sales price). So if you are looking at a property, you may be paying more taxes than the current owner. (In some cases, much more)

8. It's very easy to get estimates on taxes and insurance.