Did I screw up my 1st quit claim? - Posted by RG Atlanta

Posted by Dee-Texas on June 17, 2001 at 06:53:26:

Always get a POA (Power of Attorney)from your sellers…make sure you get a POA from Everyone that has signatures on the deed. It will be for anything that has to do with the property.
Best Success,

Did I screw up my 1st quit claim? - Posted by RG Atlanta

Posted by RG Atlanta on June 16, 2001 at 19:15:50:

I just got control of a nice house by giving the owner 1K to walk since he was 4 days from foreclosure. House needs about 5-6K in cleanup but I have some questions.

I filed my quit claim at the courthouse and had the mortgage statement sent to my address after making up about $1700 in back payments. House is only $352/mo! so it will make a great rental.

But I think I forgot some things like…

What about insurance on the property? I plan on renting it out but what if it burns to the ground? How can I get insurance in my name and not pay his insurance and mine?

Do I get to take the interest deduction on the mortgage?

Is filing the quit claim all I need to do to protect my interest? (I should have been paying attention during those REI classes)

what else have I forgotten or need to make sure I set up in order to keep from getting burned?

Any help is gratefully appreciated.