All Forum Posts by: Carrie Westover
Carrie Westover has started 10 posts and replied 26 times.
Post: fireplace restrictions
- Layton, UT
- Posts 26
- Votes 2
Have you ever and/ or would you recommend including in the lease agreement a restriction on using wood burning fireplace on the property. As in, it is NOT to be used at all?
Thanks!
Post: First time: turning owner-occupied to SFR
- Layton, UT
- Posts 26
- Votes 2
What a wonderful forum! Thank you for sharing your knowledge. Point taken on the 50% rule and expense reserve. My market research tells me I may be able to rent for 1.5 x my p&i so I will start there and gauge response.
We shouldn't need to worry about moving back in. . . We are planning it as a long term investment property and we will live at our relatives house for at least 5 years. We will be finishing a basement apartment for them, as they plan to travel throughout retirement. After the cost free time period, we will either purchase or take over payments.
Post: First time: turning owner-occupied to SFR
- Layton, UT
- Posts 26
- Votes 2
Okay. Sorry just hit the "post" before I typed my response . . Oops
Thanks, Paul B. I am calling around for insurance quotes today. Is there a quick estimating method to determine maintenance costs/ month that landlords use? From my calculations, I should be able to charge enough to cover mortgage (p & i), property taxes, and insurance with around $100 extra each month. Would banking that $100 be enough to plan for maintenance costs? Yes, I am planning to manage it myself. We will be less than 10 miles away.
Any recommendations for insurance companies. We are currently with Nationwide.
Post: First time: turning owner-occupied to SFR
- Layton, UT
- Posts 26
- Votes 2
Originally posted by Paul B.:
Just a couple things...be sure to change your insurance as it's no longer owner-occupied. The cost will likely go up as it's now a rental. Also, please know going into this that you will likely have some expenses beyond just the mortgage. Even "nice" houses have maintenance expenses. Lastly, you will probably want to firm up how long you're going to be allowed to house-sit. You don't want to be 6 months into a 12-month renewal lease on your previous house and need to get back in. Are you planning on managing it yourself, and how far away from the house will you be?
Post: First time: turning owner-occupied to SFR
- Layton, UT
- Posts 26
- Votes 2
Thank you for your responses and encouragement.
Post: First time: turning owner-occupied to SFR
- Layton, UT
- Posts 26
- Votes 2
Hello, I have just joined this site and this is my first post. I have been impressed with the wealth of information so far and I am looking forward to learning so much here.
We recently refinanced our home to a 12 year mortgage and now have the opportunity to "house-sit" our relatives home for a year to 18 months at little or no cost to us. It is the perfect scenario for us to jump into real estate investing, specifically SFR, as my husband and I have contemplated doing in the past.
We should be able to rent our current home at or above our current mortgage payment and continue building our equity in this home, while living elsewhere.
My question is this, will we run into problems with our lender since we recently refinanced? How should we approach them, if at all? Is it required by law to notify lenders when changing an owner occupied home to a rental? We have lived in the home almost 5 years.
Any advice or expertise in this area would be greatly appreciated.
thanks,
Carrie Westover