All Forum Posts by: Oscar Guzman

I had heard of Proper through the STR bootcamp, but they specialize in STRs and they were not able to help my case, but like I said on the above post, I was able to find coverage for my situation thankfully! Thanks for sharing!

 This doesn't sound bad. not sure I follow how this can be so cheap and cover you from liability that may come from rental properties. Since making this post I was able to find a company called Obie that was able to write a policy for my situation. I got $1M in laibility coverage for the single family house. It isn't cheap, but feel a lot better having what I think is adequate coverage. 

All sounds like good advice. Thanks for the input! 

I think for now I will take some time to talk with my current agent, as she is an independent one and would have access to multiple insurance companies as suggested above. It also sounds like in my case I may need to start with increasing my liability coverage first before getting umbrella coverage. Let's see what I can find out tomorrow from the agent. 

@Jared Townsend; @Jason Bott; @Cameron Moore

I would like to hear more about this topic. I recently bought my first rental property as well. With the current home insurance situation in Florida making everything very difficult the only company that was able to insure the property was Citizens which only provides a $100k liability coverage. Since day 1 I have been thinking I need to add liability coverage on the side as well as umbrella insurance. I have been procrastinating it a bit due to needed renovations on the property. We are now getting close to getting the property live, so I have to get very serious about adding additional coverage. 

Since my current policy includes liability insurance to $100k, would I need to get additional liability coverage or can I go straight to an umbrella policy? which is better? 

Thanks for any insight you can all share. 

 Yup, we have to work on figuring out the parking situation. Luckily this is one aspect that we thought about before getting the property. It has a long driveway and lots of front yard space that can easily be turned into parking spaces. The kitchen situation - we will have to see how it goes. We do not currently have plans to add a second kitchen or a 4th bathroom. Keep in mind that this rental model only allows one person per bedroom. 

 This would be interesting. I will definitely have to consider this into a future analysis before deciding on making any sort mods to the garage. 

Potentially you are right. but from what I have been hearing/learning this week the bedroom to bathroom ratio in my property is actually pretty good. plus an ADU would cost significantly more to build I would think. To start off though, I may keep just 7 bedrooms and see how it goes for the first year. Would also allow for more exit strategies if needed.

I also learned this week a bit on how they are able to go around the zoning loopholes (legally).

 Yes, I did with 15% down. 

Good point as well. After talking to another investor this week, it got me thinking and for now we may only do 7 rooms and keep the garage space intact and see how it goes. Cash flow won't be as good, but this will allow for multiple exit strategies. 

 I think it is still a house hack because it is not the conventional use of a house. in a typical house house hack you rent out rooms or doors individually when you still live in the property. So I still view it as a hack. I am new at this so anyone feel free to correct me. 

Thanks for the thought. there are ways around it apparently. after some more research i found a company called Padsplit. I am going to look more into them to see how they figured it out.