Procrastination Costs

 
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"In life and business, there are two cardinal sins, the first is to act precipitously without thought, and the second is to not act at all."

CARL ICAHN

On Going Costs

Here are some ongoing representative costs associated with holding real estate.

  1. Taxes – Property taxes lead the list as they accrue regardless of ownership. You have title, you are responsible for the taxes. Tax liens are always a threat for any unpaid taxes.
  2. Insurance – distressed property insurance is a must, including raw dirt. Liabilities arise for attractive nuisances such as partially completed homes, apartments, or office structures.
  3. Maintenance – Let a property deteriorate and any value goes down quickly. Plus, regulations required by city or county governments may require certain maintenance such as mowing grass for incomplete housing developments, If the local governments have to perform, then uncontrolled costs and liens are next on the horizon.
  4. M&M Liens – Always a threat, capable of having a superior lien position.
  5. Legal - Acquiring the property through legal means is expensive. Anytime you face legal issues the hourly attorney billings will represent a hard cost. In an adversarial situation, the billings can evolve into a financial nightmare.
  6. Transaction Costs – When you move distressed assets all the costs of closing come into play to include appraisals, environmental reports, recording fees, title reports, attorney fees and the resolution of any liens from past due taxes, other government liens and unpaid contractors.

 
     
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