All Forum Posts by: Michele Z.

@IBEJesus O Prince - how funny, I had no idea I had commented on a post of yours when we spoke the other day. :) I was showing my husband your listings the other day, and he was impressed too.  We're sending you best wishes for the arrival of you new little one!

@Brandon Johnson So far I'm finding references to Proper Insurance and CBiz for house hackers.  Also, a product called Safely.

Yes, but that was not the situation described by the person I was responding to. They were just blowing her off.

As I understand it, for a house hack you usually as low a down payment as possible, which I *think* is in the 5% range on a conventional since this is not your first time buying a house. That said, I also think there might be some kind of refresh on first time home buyer benefits if you bought your first house quite awhile back. These would be great questions for a lender.

Keep in mind, that your monthly payment will increase with the lower down payment and you will pay mortgage insurance. but sometimes that might be worth it to keep more of your capital in your pocket for rehabbing and furniture purchasing if you choose to rent furnished rooms.

No. It's not. We're looking right now and haven't pulled the trigger on getting pre-approved yet. We did, however, know our FICO scores in advance and let one lender do a soft pull to confirm what we already knew.

Next agent who asks you that, if you choose to continue talking to them (I wouldn't) you can turn it around on them as ask who their preferred lenders are and let hem know that you're happy to consider their recommendations.

Check the agents listed here on BP and see if anyone works in your area. Remember, you don't just want an agent, you want an agent who is either an investor themselves or works with investors on the regular. Better yet if they know how to evaluate a property.

You want someone to help lift you up, not put roadblocks in front of you to hold you back.

I can't answer about the insurance because I'm looking for those answers myself. The most I've found is to contact an independent insurance agent familiar with investors. Perhaps some will pop in on this thread.

But as to renters insurance that's an absolute yes. A must. You should have them list you as an "interested party" so that you get notified if they stop paying for it.  Additionally, if you choose to rent to people with animals, they must have liability as well. Then everyone is protected to a certain extent.

First, I'd check your local municipal code and condo board for their rules to see if there are any restrictions on who/how many you can rent to and if the board needs to approve.

@Michael Norris - Assuming at some point you decided to move on to a new house hack or property for your own residence, would that insurance solution still work when you're purely renting a property by the room? I mean having a landlord policy, requiring renters insurance and perhaps also with a landlord umbrella policy thrown in the mix as well?

@Marc Middleton - what happens when you move on to a new house hack? How do you deal with insurance at that point?

Does anyone know anyone doing this? I'd love to connect. 

If not, is there an obvious reason why that I might not be easily able to find as someone who isn't a local? I've been looking for city ordinances or laws that prohibit it but haven't come up with anything yet. 

Thanks!