All Forum Posts by: Kathy Tran

@Dominic Mazzarella thanks for your input. It definitely provided me with clarification! 

Hello everyone! 
I am getting ready to close on a property in the couple weeks. It’s time to look into home owners/rental insurance. I will be living in one unit and renting the other unit out. I am confused whether I should have HO3 vs DP1/DP2 for the insurance. I’ve received multiple quotes from insurance companies (mainly I would obtain the quotes myself). For my personal education, which one insurance should I have? I am aware that since I’m renting one unit out I need a landlord policy, but can my policy be HO3 or does it have to be DP1? 

Thanks for your help 

Hello everyone! 

I am a first time investor and am currently under contract for my first property (yay?!). It is a Duplex 3/2 bed/bath and 2/1 bed/bath. I want to occupy one of the units, my preference would be the 2/1 so I can collect more rent from the 3/2 to go towards my mortgage. The seller is willing to vacant one of the units (the 3/2). As for the 2/1 unit There is a long term tenant (10+ years) that has a great relationship with the landlord (they seem to be friends as well) and has been paying rent on time ever since they have been there. They are not interested in moving and would prefer to stay. If getting the tenant out would kill the deal, would you keep the tenant ? Or is that a red flag?. It is a good deal for this property.  In need of seasoned renters advice! Would love to hear everyone’s thoughts! 

FYI I did my due diligence and got a home inspector that was relatively OK. I also did a sewer scope as well that showed that the roots has gotten into the sewers and needed to be replaced immediate. (It is due to a tree that the city grew and will need to be cut down immediately to remediate the problem). (12k for the replacement of pipes and ~5 kfor tree)