All Forum Posts by: Taylor Stone

I'm looking for a contractor for my primary residence in Long Beach I'm looking to close in a pony wall to make a 4th bedroom. I may move out in the next year or so and turn it into a rental. This is currently a loft on the 2nd floor and there is a pony wall there so it is basically extending the wall up and adding in a door. One of the electrical switches would need to be moved about a foot over as well. I need advice as well on permitting, if an architect is needed, affecting property taxes, etc.  The home was built in 2018 and we could have selected the 4th bedroom option at time of build so I don't have too many concerns about structural.

I have a few bids ranging from $2,700 to $21k. I don't really want to do it for $20k but the lower end seems too low as well.

I don't own any of my properties in an LLC so looking to get umbrella insurance. Currently I live in CA and have Travelers insurance for my primary residence and have 2 rental in Florida with a local insurance broker. Would it typically make the most sense to add the umbrella onto my primary residence or talk to the local FL insurance broker?

Primary conventional 30 yr fixed.

My wife and I have approx 25k monthly pre-tax income though maybe not from lender perspective (ie last 2 years W2) - no student loans and cars we own outright. Credit cards are paid to $0 every month.

Both credit scores 750+

I want to mid-term rent the LB house so won't have deposit or lease.

Yes both of us W-2.

I'm looking to house hack in the South Bay (Redondo, Hermosa, Manhattan Beach) which is a fairly expensive market. I was renting there for several years but now own a house down in Long Beach. I am looking at 2-4 units in the 1.5mil-2mil range. I will probably convert my primary into a mid term rental as I ideally don't want to sell with my sub 3% interest rate.

Any tips on house hacking in a more expensive market? I obviously know I will not be living rent free so I am comfortable coming out of pocket $4-5k a month. Are there any loan products you have seen that require less than 20% down? How hard will it be to qualify for a loan if the mortgage is ~10k a month? I have 2 rentals in Florida which I bought in 2022 and 2023 so I won't have 2 years tax returns to show and my primary obviously won't have any mid term rental history. I am not looking to move for approximately 6-12 months but at this point down payment would something like $100k cash, $120k HELOC, $100k 401k loans, rest from family. Cash could fluctuate up or down depending timing.

Thanks!