All Forum Posts by: Matt P.

If your going to let them keep this up I would definitely reach out to my insurance agent and make sure they know whats going on and are ok with it. I have no idea if they would allow your normal policy to cover a short term rental unit but I'd be really interested in finding out.

+ 1 to keeping the job and being an agent on the side while you build a portfolio to replace the w2 income. You can invest in properties and work full time, definitely if your only pulling 40 or 50 hours a week at the office. I know a guy that has 20 units and is still working a 40 hour a week job and he makes a LOT more than $600 a month cash flow.

Hello, i believe if they have pulled a credit report on you then they have the account number. Maybe a slightly different situation but i have had this request from a mortgage lender. he wanted to confirm 0 balances on my cards. This part might be dependant on the lender but i was able to send in screen shots that only captured a partially redacted account # and the balance on the account. Hope this helps!

How many flips have you done? If just the one your only real options until you get some more experience might be friends/family with money or find a couple real estate investor groups around you and start going. Network with people there and maybe you can find a private lender. Good luck!

Hello everyone, sorry to sidetrack the thread but I've always wondered about this. To all of you landlords who are doing short term rentals like this, is your HOI policy similar to a normal rental policy or does your insurance company charge you a lot more once they know how the property is being used or does it even matter to them? Thanks and happy new year to everyone at Biggerpockets!

I agree with kyle, talk to your lender. I was talking with mine the other day about DTI and he advised me he can use 75% of the rent on a year long lease if its a new property that hasn't shown up on my tax return yet.

You could always put in your purchase contract that one unit needs to be delivered empty at the time of close and put it on the seller if your not comfortable with getting them out.

My state is very specific about the timeframe it needs to be returned in. I also hand out a copy of our checklist we use for the exit walkthrough and go over it with the tennant when they sign the lease that way there will be no suprises if i need to keep anything when they leave.

I don't think doing 4 at once would be a problem, your going to need a lot of the same documents for each refi so doing them all at once at the same bank should be easier on you for submitting docs for the underwriters. Call a local bank and I bet they'd be happy to help. Good luck!

So your mom pays the mortgage but you get to keep the $3500 each month? If that is your only source of income I agree with the above, you need to get a w2 job and improve the credit so your bankable then you can get into a place of your own. Good luck!