All Forum Posts by: Shawn C.

Thanks, @Rene Hosman! I'll look into NREIG, just to verify that shared-home is not covered. Also, I will touch base with my current home owners insurance co but I'm curious about the scenario you laid out (requiring renter's insurance + advising home owner insurance that you have another person in the dwelling) -- did this suffice for you because you chose higher liability coverage?

I see, thanks @Rene Hosman.  I did speak with a rep from Steadily and he said that they don't offer the househack/home-sharing insurance option for CA. 

I had seen a few posts from renters who said they didn't want to require renter's insurance as that may be another point of friction but I appreciate your feedback, thank you!

Hello:

I am looking into listing my Single family home (1 Bed/1 Bath + shared living space/kitchen) on Furnished Finder for traveling professionals (likely nurses). However, due to it being:

1) In the state of California

2) A shared home, rather than an outright external property being rented

...the default insurance company on offer advised that many carriers are pulling out of CA and that I should go to a local insurance agency.

My current insurance for home policy does not offer a "home-sharing endorsement" but only a separate renter's insurance, which would complicate things, since it's for traveling professionals, and they're not going to be booking for 12 straight months. I would probably ask for 1 or 2-month minimum rental.

Has anyone already had experience on Furnished Finder, or done anything similar (and if it's already been covered a million times, apologies)?  If so, do you have any advice on this particular situation with regards to insurance coverage?

Thank you!

I see, I wasn't aware of that. Thank you @Vitaliy Volpov! It looks like I'll have to bring up that point specifically with a CPA.

I've calculated the tenant-occupied vs. owner-occupied ratio and understand that for expenses that are for shared areas, that ratio would be applied at tax time to deduct. 

However, if it's only for 6 months out of the year, could anyone advise how that would work?  Using this as an example:

Fixing plumbing that impacts shared /common areas = $1,000.

Tenant-occupied area is 40% so deduct $400?  But since it's only 6 months, does this then have to be divided by 2 for the entire tax year?

Is it the same for depreciation? Hoping to get an idea before appointment with CPA.

Thank you.

Any thought on this from L.A. area house-hackers out there?

I'm looking for a roommate to share a SFR and the BP book advises collecting an entire month's rent for the Hold Fee. It's my first toe-dip into house-hacking and I just know that in my prior rental experiences, the Hold Fee wasn't a full month's rent amount, it was a % that then got applied towards the remainder of the Security Deposit.

Does everyone else request the full Security Fee amount as the Deposit to Hold?

Thanks!