All Forum Posts by: Account Closed

I’m in

Where and what time is Feb 13th meet up?

The best thing to do would be to talk to a bankruptcy attorney, a Louisiana bankruptcy attorney. As you know, our laws are a bit different here.

Adding to what @Sam Shueh said, there are also insurances, Builder's Risk and Flood. With flood, you will get the unused premium back when you sell. Builder's risk you pay the full term upfront and you don't get any of that back. Check the flood zone, A and B are expensive. 

Finally, take a look at the days on market. Ponchatoula DOM can very greatly over just a few blocks.

We are in eastern Louisiana, no problems with Harvey here.

How many square feet? Number of bedrooms and bath? HOA fees? Asking price?

@Jonathan Twombly what is CMBS?

Where is the property?

@Patrick Britton What is a "quit claim?"

Don't guess on the insurance cost. Get a quote for a non-owner occupied HO-3T policy. As I have just learned, you can only get Fannie Mae mortgage rates if the property is in your name. So, you will either have get more expensive money (commercial loan or hard money) and have the property in an LLC, or get the cheaper money but risk exposure by having the property in your name. I'm not willing to risk my other assets (including my personal home) by having a property in my name. Everything goes in an LLC.