Does anyone have experience in collecting a judgement after the tenant is evicted?

Scott,I'm answering this from a consultant/independent contractor point of view since I have not yet invested in real estate, but using legalzoom or nolo is perfectly fine to get the LLC formed, IMHO.The big factors for the LLC you'll need to decide are:- What state to register in (some people choose Delaware or Nevada for favorable business laws)- Who to use as a registered agent (basically the person that collects legal papers)If you plan on simply investing within your state of residence for now, I'd suggest on forming the LLC within that state using Legalzoom or even through the state's secretary website (if available), and then list yourself as the registered agent.

It's a collection of the best flipping info from the site.Oh - and don't forget to set up your Keyword Alerts!

I recently got involved in helping homeowners collect overages that they are due and one of my claimants wanted to know if he would have to report the overage refund as income?

The thing though was that the comps and properties in her area were only selling for about 310-330; around $100,000 less than what she owed, putting her in underwater mortgage.After talking and gathering more information, I also found her mortgage payment was $1670 impounded (PITI) and she was collecting a $2,500 monthly rent.

The National Flood Insurance Program is $24 billion in debt from payouts exceeding premiums collected.

The only way I would do it was if I owned a newer property that was going to need a minimum amount of maintenance, had a good manintenance guy, and had someone who lived newrby to help collect rent if need be.

Of course I know they want to keep collecting interest on the loan for as long as possible...is there some process to transfer the mortgage into her heir's name?

The previous owner did not collected a pet deposit.

I said large dogs do damage and landlords in my province can't collect damage deposits or easily recover the costs of damage.