All Forum Posts by: Jaren Woeppel

@Mark Sewell and @John Mocker Thank you very much for your responses! I don't believe I worded my question very well, let me try again. When I went to get an insurance quote, I had to detail the entire duplex, all 4,000sf, and rightfully so because I own the entire duplex. However, in that policy, there is a requirement for personal property coverage much be a minimum percentage of the ENTIRE structure value. It makes sense for a single-family property because if you buy a 4,000sf house, you probably have enough stuff to fill a 4,000sf house.

I don't think my homeowners' policy will actually cover the renters' personal belongings, only figuratively because the premium reflects me covering the renters' belongings. I thought of it as I was being forced to have personal belongings coverage for the entire duplex. So my question was trying to find out if there was a clever way to arrange the insurance so my premiums would reflect owning the entire duplex but only living in half.

Did I articulate it better?

Hey BP community,

My wife and I are about to start our first house hack with a duplex. I was wondering how everyone treated the homeowners' insurance? For example, If we take a full homeowners policy on the entire duplex we would essentially be covering the renter's personal property because the policy acts as if the entire large structure is our personal residence and requires a proportional person property coverage. Is it possible to just put the whole structure on a "rental policy" where it does not cover the personal property, then just take out renters insurance on your side? If you don't have a "homeowners" policy, will escrow or the mortgage company allow a primary residence loan?

Just a few questions I had to cut some costs as we peel back the onion of the house hacking world!

Has anyone had any traction on this? Still actively looking for a REI knowledgeable accountant in the OKC area.

Are the sellers considering any seller financing?

@Dylan B. Thank you for the feedback! I will look into First United. Do you need the repairs AND a renter already moved in before getting refinanced?

@Levi Ballard Yes, I am paying cash up front. I will also look into First Enterprise, Arvest, and BancFirst. Thank you for the feedback!

Does anyone have a good contact in Oklahoma City of a lender who will do investor loans on houses purchased using the BRRRR strategy?

Unfortunately, not yet.

Josh Walker I'm using the app and when I click on your profile it says you are hiding the information but there is not a link to connect.

Looking for a GC to walk a potential property with me and go through what needs to be repaired and get a quote. Based off the quote and.l negotiating with the seller, if the numbers work out, the work is yours!

Rhett Tullis and Paul Choate thanks for reaching out. I would really like to catch the next one!