Blue Sky Laws
In my yellow pages there is only one securities attorney. My question is does anyone here know if you have to be licensed to market or to partner up with someone out of your resident state?
In my yellow pages there is only one securities attorney. My question is does anyone here know if you have to be licensed to market or to partner up with someone out of your resident state?
Have you seen the movie Pacific Heights? Here is the plan. Get into an argument with the guy above and provoke him until he hits you. Then get a restraining order so he cant get within 200 feet of you. He will then have to rent another place and when he cant afford both places he will forclose on the unit and you step in and buy it. Problem solved! (I hope you dont mind a little humor)
I think that there must be some clause in you mortgage papers. I just got notice that I had to up my coverage on one of my places because the feds had changed the floodplain. Went from having to have 170,000 in coverage to having to have 250,000 yet the house is only worth 180,000 to 185,000 and is 5 miles from the mighty mississippi. (no other body of water near by)
My lawyer also told me that the feds are reviewing all floodplains in the area and if I ever make a claim or if the house is flooded I would not be allowed to rebuild it because they have now decided that they will restore the area back to nature. The problem with this is that the whole town of Winona will have to flood at a depth of 30 feet before it will even reach the house. Oh well just my rant.....
We had a lender charge us $3500.00 for a flood policy on a $800k home, but we were able to purchase a better policy for $880.00 from a private carrier, and the bank reversed their charges.
Be careful. Many times the policy the bank provides only covers the mortgage balance, not any equity build.
[addsig]
Good advice, Bargain....
Landpimp is right on about NOT allowing your lender to secure any insurance coverage on your behalf!
I tried to fight tooth and nail NOT to have to get flood on our weekend home on a lake. My lenders premium was around $850 and I secured it for $200 from my local agent.
In N.Y. after one year, you can request that all escrows be closed out. Ins, taxes, and etc and take them over yourself.
Rather have the $$$ in my pocket rather than the lenders!
bump
Since nobody has responded...you could always check with your local REI Club. They should be able to make a referral.
Try Bryan Dunklin in Dallas.
Same here. I let mine lapse about 15-20 years ago. And my attorney advised me to just keep it that way, and not reactivate it.
Tbird, are you saying that holding the properties in your name (versus an LLC) offers MORE protection, or do you use a different strategy?
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Best regards,
Tim[ Edited by norrist on Date 03/18/2006 ]