All Forum Posts by: Marco G.

@Jeff Cua

I have had a decent experience with Allstate in Texas. Premiums reasonable and had a roof claim paid out without a ton of difficulty.

@Olivia Balch

Read the reviews on Costco.com. They discouraged me from making a purchase.

Make sure it’s waterproof and has a thick MIL layer of 12 or ideally 20 and over. That’s the wear layer. Many budget items are a 6 and they won’t last as long. Good luck.

@Tony Alvine

Hacking is easiest done when you’re younger for exactly this reason, you’re more likely to have experienced shared living arrangements recently.

I think you’ll have a hard time getting a definitive answer on whether “this is fraud” anywhere. When signing final mortgage papers and/or applications there are at least two points where I’ve had to sign under penalty of perjury that I “intend to occupy the property” as a “primary residence” or “owner occupied property” for either at least the next sixty days or one year. One tends to be on the application and the send a certification or declaration of intent to occupy.

What I think can more safely be said is that what you are describing in your latter post still sounds like it’s your primary residence. What you’re saying in your original post a bit less so given the commute time comment. It’s a federal crime and you’ll have those signatures (and these posts if you’re using your true name) prominently featured as evidence against you if your local federal prosecutor gets wind of it and takes a contrary interpretation than yours.

All of the above with the caveats that you shouldn’t rely on this because this isn’t legal advice, I am not a federal criminal lawyer or qualified to give you legal advice, and you should consult a lawyer if you want legal advice.

Good luck starting out. Your general idea to house hack is a good one, but this significant detail needs to be worked out.

@Tony Alvine

Oh, and you have a lot more latitude in selecting roommates than you do tenants since you’re living with them.

@Tony Alvine

Yes you can house hack a condo by renting out a room or rooms and living in one. It’s the same concept as multi unit, your mitigating your monthly expense by renting an area you’re not using. It’s a little more difficult to actually live with someone or ones than next to them, but the money is worth it. I furnished all except the room to be rented since I was living there. I also found it easier to add $50 and say all utilities and internet are included rather than split odd numbers every month or two.

As to the bit about not actually living there full time, that’s up to you but I think you know your answer.

@Bobby Larsen

September is insurance annual renewal month for me. So far rolling in at 15%-30% over 9/20 rates, but I had little to no increase from 9/19 to 9/20. I expect this is a function of building and material costs. Rents in my area up around 8%-10% on turnover.

I can’t wait for property tax renewal rates later this year and property tax appraisals next spring.

I have been fortunate to collect rents throughout with reasonable consistency and little difficulty filling voluntary vacancies.

@NIcholas Hamel

Also consider a HELOC. With cashout you are also likely limited to 75 LTV vs 80 CLTV on HELOC. Some will go to 90 but increase in rate not worth it in my opinion. I myself started by using a HELOC.

@Jerel Ehlert

To make your point, while not addressing anything I’ve said, you suggest I’m either not a lawyer or if I am, I’m an ambulance chaser.

No my profile doesn’t advertise that I’m a lawyer; it’s because I’m not here to drum up business. You are.

And for the third time, I suggested the OP to consult with a lawyer, not download a form from Legal Zoom. I am encouraging her to seek counsel, and not be intimidated into doing so.

You seem to have taken umbrage to this because I suggested the OP would be able to secure a free consultation. I surmise you must charge for yours. More power to you. I’m sure you engage in the same fear mongering in your paid consultation that you have demonstrated here, turning a legal consultation into a sales pitch. You are why people are afraid to consult with lawyers.

@Jerel Ehlert

I’m a lawyer. I suggested she hire a lawyer. Her situation is not complicated. Your contractor analogy is quite apt: just like a contractor pushing to close a high margin deal, you resort to a fear narrative to drum up business.

No lawyer drafts these documents from scratch each time, especially in a situation like this. You’re modifying a template. Don’t make it more than it is.

Good luck.

@Eric James

Thanks for that helpful stat. Let me go list my Dallas and So Cal properties now since population growth is the single determining factor.