All Forum Posts by: Kevin Chiu

Hey @Zachary Yeger. I landed on getting a primary residence insurance policy which covers my stuff and liability for myself only, but with the insurance knowing that I'm renting it out as well. Many insurance carriers didn't accept this type of policy so you'll have to call around. 

Additionally, each renter gets separate renter's insurance which is required on the lease they signed. This covers, among other things, liability for THEIR guests or if there was a break-in and all their stuff was stolen. 

I'm looking to close on a townhouse later in the month and will be house-hacking it by renting out rooms in the house. 

I've called several agents for quotes but wanted a second, unbiased opinion. What type of insurance do I need to purchase? 

The consensus from the agents that I spoke to was that I would get regular condo insurance, and have my renters get renters insurance. However, one particular agent told me that my condo insurance (or any homeowner's insurance for that matter) does not cover liability for renters, only guests. 

So if one of my renters hurts themselves in my property and decide to sue me, my condo insurance's liability portion would not cover that. Thoughts? 

Thanks, all!

@Brian H. Thanks, Brian. I haven't spoken to an insurance agent/broker yet. I wanted to arm myself with some knowledge going into it, but can't find anything specific to my situation online. 

Hi all. I'm moving into a house-hack next month where I will be living in the townhouse and rooms out to a few friends. 

What type of insurance do I buy? Do I get landlord insurance AND renter's insurance with the roommates? 

Additionally, there is an HOA that will cover certain parts of insuring.

Thanks all.

Hi all, I'm wondering about the process of buying a new build property with all cash. The one caveat to this is that the house will not be ready to move in for another 10 months (November 2018). What's the process here? I don't want them the entire amount given to the builder for 10 months where it can at the very least be earning interest in a savings account. 

Thanks!

My mom is planning to sell a house that she has lived in the past almost 20 years.

However, the house in under my grandma’s name (who lives out of the country), but my mom has paid for the property taxes every year, along with the remaining mortgage post-down payment.

If she changes the deed from my grandma’s name to under her name, will my mom qualify for the Taxpayer Relief Act and be exempt from capital gains taxes for the sale? My mom has the power of attorney to sell the house on behalf of my grandma.

Ballpark numbers: purchased for $320k, will put on the market for $680k. In preparation for the sale, she’s put in about $50k in renovations. The house is located in Elk Grove (Sacramento), CA. 

@Michael N. Thanks! can you elaborate on what you mean by more control? 

Hi all,

I recently bought a 2 bedroom condo and am planning to house-hack it by renting out one of the bedrooms to a friend. Are pre-filled print-out lease contracts okay in this situation? What is the best site to print one out? What are some key points to include in the contract? 

Thank you

Hi all, Just purchased a 2-bedroom condo with the intention to live in one room and rent out the other to a friend. Is it wise to do a print out lease contract? What are the most important terms to include in the lease. Thanks!

@Ryan Detig, @Max T.

Thank you both for clarifying. I am talking about house hacking, not a live-in flip. 

In this particular instance, my mom has already pulled a trigger and purchased a condo for my brother to live in since he is moving for college. He is planning to have his friend live with him and pay rent. In an instance like this, what is the best way to move forward?