All Forum Posts by: Account Closed

Thanks Casper, this is very helpful. Will check into it...

Looking for advice / insight on getting an umbrella policy for an investment property. Does anyone know if there is a problem with getting an umbrella policy for an investment property if one does NOT have a primary residence? That is my situation. We recently purchased a home in the D.C. area which we are renting out and will not occupy for at least 2 - 3 years, potentially longer. As such, it is classified as an investment property and our insurance policy on it is a landlord's policy. Liability limit on that policy is $500K, which is the maximum available from the carrier. But this is less than we want / need. Won't feel comfortable without at least $1M. Our broker is checking around but seems to be at least some question about getting an umbrella without having a primary residence. Does this make any sense? I hadn't thought this would be an issue...  

Hi all, 

Recently purchased a home in the D.C. area (Burke) and am interested to hear if anyone has recommendations on a reputable / good property management firm. We are currently living / working overseas, for the next several years at least, and had originally planned to manage the rental and and ongoing operations process ourselves with the help of our realtor, but are more comfortable with having a good property management firm in place if possible. Any suggestions / experience would be really helpful. Thank you! 

Hi All,

Writing with a question on a fairly specific situation and hoping someone may have some insight on how to proceed - we are first-time homebuyers, looking to purchase a single family home (house or townhouse) in the next several months, in the D.C. area (most likely N. VA). We live and work overseas, though are originally from / legal residents of VA. No real estate ownership at all presently. So... the soonest we would occupy the home would be 3 - 4 years from now. It is also possible that we would never actually live in the property, depending on our work assignments in the future (career foreign service, so going back to D.C. is likely, but not definite). In the interim, the goal is to have the home rented as soon as possible after closing on the sale. I am not sure, based on research I've done so far, whether we could qualify for a primary residence mortgage under this scenario, or whether it would have to be an investment property loan instead. I want to make sure we represent our situation honestly and in keeping with whatever rules surround the loan classification process, in order to avoid any potential issues with lenders. Any insights / experience here would be much appreciated. Thank you.