All Forum Posts by: Jim B.

First, I would call and have them adjust the amount of personal property you are insuring at that property, it's most likely still the same amount as when you lived there, unless you've already done this.  This will lower your premiums in the short term.

They will more than likely allow you to purchase a new landlord's policy if your new home in AZ is also insured with them.  I would also highly recommend getting an umbrella policy if/when you have renters in your old house (if you don't already).

They probably won't cancel your policy, but adjustments will have to be made.  Don't be afraid to call and ask.

What company is it you're working with?

Also, if you plan to manage rental properties that you don't personally own, you'll need to have your license (in most states anyways, no sure about MD specifically).

There are loopholes to that here in IL, such as being a full-time employee of the company that owns the rental properties, but there are stipulations with that as well.

Read into the licensing laws in your state to get a better understanding of whether or not it's completely necessary.  If you do decide to pursue your license, you'll need to know those laws for the exam anyways!

 Hey John

Sent you another email the other day, haven't heard back from you.  Looking to make the next steps, please respond when you have a minute.

Thanks

Sure, you can do a live-in flip (or flip-in, depending on preference). You could purchase a fixer-upper that's still livable and slowly make it nice while you live there, and when you PCS, sell it for a profit (hopefully). The only issue you might run into is the appraisal which can be more strict when the VA comes into play. There could be a huge grey area when it comes to your definition of a "fixer upper" in comparison to theirs.

Best of luck...Wish I would've done this while I was in!!

I realize this is an old thread, but I'll give you an answer if you haven't gotten one yet...

In short, no, you can't use your BAH from the Post 9/11 as verifiable income.  I've tried it personally with 3 different lenders, and from a lender's perspective, their argument is that you could just drop out of school or not continue past the current semester, and then that "income" is gone.  

Which in my eyes makes sense, but at the same time, anybody could also be laid off or fired from their job tomorrow as well, but that income counts!  

@Lukasz Maj Just sent you a PM

Well it was a 6 month process, but I finally got my RE Broker's license!!

If anybody out there is considering becoming licensed to jump start your investing, I highly encourage it, and I know others on the forum are in the same boat (BP is where I got the idea in the first place).  Or, if anybody has questions about the process itself, feel free to reach out.

Looking forward to the road ahead.

Happy Monday everybody!

More than likely, yes.  Claims tend to stick with the property and not the tenant/owner most of the time.  You may be able to talk with the claims department and have them not count it towards yourself, but it may or may not work.

@Jerry Poon @Christian Marquez 

 Found this older thread that answers our question....I think....

http://www.biggerpockets.com/forums/311/topics/79967-a-b-c-d-property-ranges

On that note, how do you go about classifying properties as A, B, C, or D?  Is there some sort of criteria or is it just purely objective?