All Forum Posts by: Allen Lopez

So If I purchase a home as my primary residence with all 100% honest intent to live in it. Mortgage laws say that I intent to inhabit the property as my primary residence. However, what if I have to relocate to another state 3-6 months after closing?

How do I notify the lender?

So If I purchase a home as my primary residence with all 100% honest intent to live in it. Mortgage laws say that I intent to inhabit the property as my primary residence. However, what if I have to relocate to another state 3-6 months after closing?

At that point, I have to choices, I can rent the property out or sell it. Both which would be violating the rule/law to live in it for a year.

Help?

Thanks in advance

@John Moorhouse

Like Nike, just do it!!!!

@Everyone

Thank you guys!!

Ok so I know what you are thinking.....”this guy is about to get arrested” lol

Well no. So I am buying a property as my primary residence. I am getting a mortgage and I did state to the lender that I intend to live there.

I will live there. But it's a 3/2 SFH. To be honest it's a lot bigger than I need. I was thinking of renting out the the other two rooms to coworkers. Is this mortgage fraud?

I wouldn’t think so because I will still live there. But I wanted to check in before things move too far.

Thanks in advance BP

How do you make sure that your PM is working hard to get great tenants in your unit?

I bought a house about 2 months ago, and hired a PM that looked great. Here we are about 1month and half in, and still don’t have any tenants in. I know there are potential candidates. So I guess my question is how do you know he is putting effort into it?

Thanks BP

@Cassi Justiz

Sorry about that. Autocorrect. So my question is how does that work as far as liability and insurance? My agent is telling me that there aren’t any policies that cover sober homes and stuff like that.

What happens if a recovering addict relapses and dies of an overdose one day. Who gets sued? Risky?

@Cassi Justos who would be liable for issues? Say a re overnight addict dies there of OD? Can they sue me or would they sue the company?

@John Underwood So if it was a single family home, I would rent it for $1200/month. Reading online, they typically charge $500/person/month. If he gets 6 people in my property, that means he will get $3000/month. Does this mean that I should ask for more?

So I just purchased a house in Louisiana. my PM is offering me to rent out my house with a 5 year contract to a sober living home he manages. Rent numbers look great. Specially a 5 year contract. I no absolutely nothing, about sober living homes. Recommended doing it? any warnings? experiences? So the lease would be with him. At which point, he would stop being my PM and just be the lease holder. The house would have anywhere between 5-7 people. With inspection in the morning, for cleaning, and curfews to prevent people from going in and out. That’s what he tells me. Supposed to be just like a normal contract with just 5-7 people in the house but the lease would be just to him. He is a professional realtor so I would assume the money would be secured. My fear is that 5 years is a long time! If I have to evict them, how does that work? With him being on the lease and they living in the house?