All Forum Posts by: Jose Rocha

Hey everyone! My wife and I bought our second home and moved in at the beginning of this month, which is now our primary residence and renting out the first one.

For our new primary residence, as everyone should, got homeowner's insurance. This is my fault as I didn't pay attention to the email, but the insurance carrier required us to fix the roofs of our garage and home, if not they will cancel the policy next month. The home inspector did not mention any roof issues to recommend a complete replacement of them, but fix minor issues. I know insurances typically do a drive by inspection, but are these inspectors licensed? Can I argue the case and show the home inspector's report? They were only giving a month to replace both roofs. I do not think that's enough time at all!

What are your thoughts? My plan is to argue it for a bit, and if it doesn't work in my favor, switch insurances.

Look forward to your suggestions and sorry for the long post!

Jose

@Darian Sanayei we currently do not have a FHA loan, so we still have the ability to use one. I do think we plan on using one as we can at least come up with a 5% down payment. We are about 70mi where we would like to purchase our secondary home.

@Caroline Gerardo in our current home we have a conventional loan and will most likely be the case for the next one. I am not sure on the LVT at this moment of our current home. We are looking to move to Riverside County, specially Lake Elsinore, Menifee area. We both have good W2 jobs as she is a nurse and I am an engineer.

She was actually the one that told me we need a lease agreement setup to show the current home will no loner be our primary residence but we didn't know we needed a deposit from the tenant.

@Bill Schrimpf thank you very much for the detailed explanation! I will definitely consider these options.

@Eliott Elias would it be an issue if we are both on the mortgage to qualify for the loan amount? In our current home, we didn't take out an FHA loan so we don't have home right now.

@Brockton West from what I was told, you can only have 1 FHA loan at a time, unless someone else takes it out under their name.

@Karl McGarvey thank you! I appreciate it! I didn't think there would be an issue as my next property is not an investment property but a primary residence.

Hey everyone! My wife and I are planning on buying our next primary residence and converting our current primary residence to a LTR.

We will be developing a lease agreement to have the ability to purchase our new primary residence. Is there a minimum down payment we need or will this new primary residence be seen as a first home purchase and we can use a FHA loan or perhaps a 5% down payment using a conventional loan (which we did on our first primary residence).

I hope I am asking the question correctly. I look forward to your advice and suggestions! Thanks!!

@Dan Heuschele thanks for the information. It always good to know what others have gone through. But seems like at least having a Plan B in mind is definitely valuable.

@Matt Pich-Maxon that was my thought as well as I hear that often. Pick a number that will let you sleep at night comfortably.

Definitely! I see you're a realtor up there so will definitely keep that in mind when we start really looking. We love the area and everything about it, so definitely want to have something up there.