All Forum Posts by: Koushik Saha

Thank you everyone for taking the time to respond to my questions and for providing thoughtful answers. 

I carefully reviewed the closing package and found a document that clearly states, I need to move in to the property within 60 days of closing and maintain that as my primary residence for at least 12 months. This aligns with what most of you have already said so I think I'm in the clear. I have already gotten quotes for landlord coverage but unfortunately they're a little higher than my current insurance premium.

Again, thank you for your valuable thoughts.

Hello guys,

I have owned my house in Tampa since June 22 and now we are moving to our new house in the same area. We are planning to rent out our current house and have already found a tenant. Questions - 

1. My agent says that its not a good idea to notify the lender/bank about converting the primary to rental house. Could there be any issue if we don't notify the lender (or if we do)?

2. I need to change my home insurance policy from owner occupied to landlord policy. In that case, the insurance agent needs to list the lender name in the policy and potentially send them a copy? Is there a chance that the lender gets to know about this situation somehow?

I'm sure this is a pretty common situation for many of the investors in the community and would really appreciate guidance on the right course of action.

Thank you! 

Hello folks,

I live in the Tampa area and I bought my primary residence here in 2022 which was a resale house. We are looking to move to the north Tampa suburbs by the end of this year and considering our options between buying a resale house or a new construction house from a builder. We also bought our first SFR rental earlier this year. I have two questions for the investors here to have their thoughtful guidance -

1. Which is the smarter option to take financially in long term, buying a new construction or resale house as a primary residence? I am aware of the pros of cons of both in general but looking for guidance from the financial perspective only.

2. Should I sell (use the money to buy other rentals) our current primary residence in Tampa or rent it out? I bought the house for around $550K and it will rent for approx. $3500. So it will barely cashflow or break even. 

Thanks a lot in advance for the knowledge and guidance.

Hi Nicole, 25% gives me cash flow, 20% breaks even. I will be wary of using the cheapest lender, thanks for the suggestion.

Hi Jason, thanks for responding.

It's a SFH investment property and I'm using a conventional loan program. Most banks are asking for 20% or more. However the rates are nowhere your numbers :)

I have cash saved to put 25% down plus closing cost. But I'm wondering whether it is wise to put more money down for lower interest rates or take a hit on interest rates and keep money in pocket? Whats the key number I should look at when making the decision? Thank you!

Hello everyone,

I'm in the process of securing a loan for a new (my first) rental property purchase. I have already signed the purchase contract. However, I'm facing a dilemma on what loan structure I should strategically opt for. My loan agent has laid out few options for the loan. The purchase price is $410K.

Should I go for 15%, 20% or 25% down payment, taking the current high interest rate situation into consideration? Should I put more money down to keep the monthly payment down and have cashflow? Or keep money in hand for the next purchase and refinance if and when rates come down in future? Just to add context I'm expecting to be at 78% of ARV.

This is my first real estate investing venture after listening to Brandon's book so hoping the experts in the community will help me with some guidance. Thank you!