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Insurance on Vacant land?
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Topic: Insurance on Vacant land? (Read 12971 times)
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cityhunter
Silver
Posts: 30
Karma: -1
Insurance on Vacant land?
«
on:
October 12, 2010, 08:30:31 PM »
Hi all,
What are your thoughts of getting insurance for Vacant land you purchased in a tax sale? Recommended ? not needed?
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Pfm1011
Senior
Posts: 948
Karma: 63
Re: Insurance on Vacant land?
«
Reply #1 on:
October 12, 2010, 09:21:13 PM »
Unfortunately it is incredibly expensive so it it is very difficult to do.
Use corporations to own the land and be sure to have no trespassing signs. Also place a legitimate mortgage against the land to protect the money you lent to the corporation.
If you do not use a corporation and don't insure you are playing Russian roulette
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cityhunter
Silver
Posts: 30
Karma: -1
Re: Insurance on Vacant land?
«
Reply #2 on:
October 12, 2010, 09:42:16 PM »
By my experience MOST of the names on the Bid lists that I have received from past tax sales are NOT corporations.
So its safe to say that most either get insurance right away or start a corporation and transfer the property.
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landbaronofthenorth
Silver
Posts: 29
Karma: 12
Re: Insurance on Vacant land?
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Reply #3 on:
October 12, 2010, 10:19:09 PM »
The treasurer "shall prepare and register a tax deed in the name of the successful purchaser
or in such name as the successful purchaser may direct
"
You can direct the treasurer to register the actual tax deed however you wish, irrespective of the name the actual bid was submitted under (e.g. spouse, corporation, relative etc.)
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Bruce289
Silver
Posts: 27
Karma: -3
Re: Insurance on Vacant land?
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Reply #4 on:
October 13, 2010, 01:41:47 PM »
I don't know where anybody is getting the idea that insuring vacant land is difficult or expensive.
Any vacant pieces that I have are added onto my homeowner's insurance for $23 per year per piece.
Bruce
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Insurance on Vacant land?