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All Forum Posts by: Justin Pace

Justin Pace has started 8 posts and replied 16 times.

Post: Insurance coverage of busted pipes and water damage

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

@John Mocker thanks for the explanation, I will ask!

Post: Insurance coverage of busted pipes and water damage

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

Hi everyone, I have a property in Huntsville Alabama that recently had a few pipes burst. This caused some leaks that soaked the carpet and got under some linoleum all of which had to be replaced.

I am now talking to the insurance company and I am reading more into the dwelling insurance that we have. My impression is that insurance would cover the cost of the floor replacement (provided that this is a covered loss). However, I saw a blurb about actual cash value replacement which the insurance company could choose to cover instead of the replacement cost. Is this only an option in landlord policies? If the insurance company wants to pay cash value and the appraisal comes in lower than my cost to replace is there any recourse to get the replacement value?

This is also my first time dealing with an insurance claim so any guidance/knowledge you can give me is greatly appreciated!

Post: Financing 2nd, 3rd, 4th property

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

I am in a similar situation. I purchased my first property that I plan to rent out soon after living in it for a year (to get a home owner occupied loan). I am looking to get another property that will be rented out immediately. 

I am looking at ways to structure my financing on this second property so that I do not make getting a conventional loan on my personal property (maybe 5 years down the line) too difficult. I have read, that if the mortgage on your property is owned by Fannie Mae, then you are able to transfer your loan to an LLC without triggering the full repayment of the loan (https://servicing-guide.fannie...). I was also curious about transferring to an LLC, but sounds like that may not help. Interested to read more on this discussion.

Post: Financing Properties with Personal Residence in Mind

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

Hi everyone,

I am an investor in Huntsville Alabama. I purchased my first property about 1 year ago, and am looking at getting another soon. One thing that I am thinking about it how I want to finance my properties keeping in mind that I will also looking to get my own personal residence in the next 5ish years (could be in California). I also want to make sure I can get my own personal residence under a home owner occupied conventional loan. 

My question is, for those of you that have multiple properties, how have you structured your financing of these properties and has it compromised your ability to get a loan on your future home? Will transferring my loan/ownership to an LLC help with this?

Thanks!

Justin

Post: Capital Gains Tax on Primary Residence

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

Hello Everyone,

I bought a house out in Huntsville, Alabama and moved in back in February of this last year. Our plan was to move out here, live in the house for 2 years, sell with the capital gains tax exemption and move back close to family.

We are now thinking about going back slightly earlier than expected. My question is, if we went back out to family and "vacationed" for a month or two before our 2 years was up, could we still qualify for this exemption?

Is there a certain amount of months we need to be here for it to be our primary residence?

Thanks,

Justin

Post: What do you pay in PMI?

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

Hey All,

I was looking into buying a SFR at 5% down. I was wondering what you pay for PMI and if it kills your cash flow.

If you currently are paying PMI, what was you loan amount, down payment and monthly PMI cost?

Thanks,

Justin

Post: Investing in Huntsville Alabama

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

Hi everyone,

I just graduated and am thinking that I may be moving out to Huntsville AL in the near future. I have saved up some money and would like to start investing (preferably house hack) as soon as possible once I get out there. Just doing quick analysis on properties, it appears that there is a good amount of cash flow to be had. I was thinking that I would like to get a duplex or some type of multi-family to start house hacking.

Just so I can get a sense of what other investors have had success with, what strategy and property type did you go with and how did you do?

Post: HOUSE HACKING INFORMATION

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

@Elise Marquette I haven't spoken to a lender yet. Just trying to pick up some more information so I can make a good decision in the future.

Post: HOUSE HACKING INFORMATION

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

Hey everyone!

I just recently graduated and am looking to get out the house. I am really interested in the house hacking route but want to read up before I do anything. Anyone have suggestions for the best books on house hacking?

Post: Real Estate Agent License

Justin PacePosted
  • Rancho Santa Margarita, CA
  • Posts 16
  • Votes 6

I have a bit of time so I think I will get it in case I decide I would like to invest locally.

@James Wise