Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Insurance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 13 years ago,

User Stats

76
Posts
17
Votes
Luke M.
Pro Member
  • Rental Property Investor
  • Brooklyn, NY
17
Votes |
76
Posts

Need to insure a newly purchased property for tenants without the bank calling the loan.

Luke M.
Pro Member
  • Rental Property Investor
  • Brooklyn, NY
Posted

I just purchased my first investment property 2 1/2 months ago in San Diego on a personal loan with the intention of living in it for 1-2 years, and then renting it out. Everything was going to plan until I received an offer for my dream job, and am now moving to New York in a week. The place rented on a one year lease with no problems. What I want to do is change my insurance to accommodate renters, but I'm afraid of the bank calling the loan due to how new it is (I've just only made my first payment).
I would also like to quit-claim it, and place it in an LLC, but again, I'm apprehensive of them calling it.

So would it be wise to get a few payments on their books before doing so, or am I just being paranoid? Bank Of America has purchased my loan, and currently hold it.

Thanks in advance for the help.

  • Luke M.
  • Loading replies...