All Forum Posts by: Account Closed

 See, now you are talking about the lender.  Which isn't needed for insurance.  You can always not escrow.  You can ignore their demands that you add the borrower to the insurance.  You really think they are going to foreclose on you because of that?  Give me a break.  Do you always follow the rules others dictate to you?  The OP asked how you get insurance on a sub 2 deal.  You are answering a different question.  You are answering the question, how do I appease the mortgage company in regards to insurance on this deal which is completely different.  Perhaps you need to think outside the box more critically before telling me my poop stinks.

Nope.  I just say I need to rehab and I need 90 days to complete.  They send an inspector out after 90 days.  So, no.  I don't see an issue.  Trust me when I say I have A LOT of insurance.

Maybe with your insurance company they will.  My insurance company won't even know about the person on the note.  You are pompous my friend.

Does your agent actually ask those questions?  I have 8 homes (9th is in process right now) and it has taken less than 10 minutes to go through the whole process of getting insurance.  They have requested an inspector a few times, but never once had an issue getting a policy to cover the rebuild amount, not the amount of the sale or actual value.

Western Union, Walmart money transfer and PayPal are all easy options for this.

Insurance companies don't care.  My insurance company has never once asked if I own the property of if I have my name on the mortgage.  The OP asked how you get insurance.  That is simple.  Call an insurance company.  This is real, real easy.  If the OP wants info on the escrow strategy, that is easy as well.

You don't need to get it through your LLC. Your LLC is you. Get personal landlord insurance on it in your name. Once issued, call back and ad your LLC to the policy. It just says that your LLC has an interest in the property too in case something happens they can't say they didn't know. Umbrella policies cover you and you will want one.

I use USAA for all may insurance.  I just call them and say I have another house.  Any broker can get you insurance.  This should be pretty easy.

I would get the insurance.  You won and to some degree have an interest in the property so insuring it is appropriate.  Will you get your money back if it burns down between now and the issuing of the deed?  If that answer is no, then you bet your bottom dollar you get it insured tonight!  

You can draft a contract using Word.  It doesn't have to anything fancy.  Lot and address info.  The buyer the seller and the price.  Sign it.  If you are extra paranoid, video the whole process.  Then take that to your closing attorney.  They will take care of the rest.  Since it is cash, it is pretty simple.  If you are in or near Charlotte, I have a closing attorney that is fast. 

You don't need a property disclosure for this deal.   I imagine you are taking it as is anyway.