All Forum Posts by: Tom Westco

As can be seen in above post, i'm trying to find a technique, a tool, a legal approach to replace name on title/deed that is on public record to another name (not my own name)

after creating such name like, (ABC property 12.13.2022), I next intended to use an ABC LLC name for the trustee of the land trust, so there is 2 levels of privacy

What am i missing is where i am stuck, maybe uncomfortable, and looking forward to learn from experienced BP group for help...

Hi BP, I am interested in Land Trust for privacy from public records on rental proprrty in NJ.   From my reading & internet searches & chats it sounds like Land Trust is the way to go?     I am open to other experience for techniiques to accomplish privacy.   My furthermore questions are: Looking for a technique to avoid disrupting my current mortgage if title/deed name change is required to engage lender and that lender calls to accelrate mortgage, and i need to pay-off remaining balance in 1-month.?    Also, want to avoid disrupting home-owner insurance policy, and underwriting decision is to drop policy -or- rate policy to an up-charge?     Thank you BP group in advance, Tom

Quote from @Tom Westco:

Quote from @Steve Vaughan:

Quote from @Tom Westco:

Quote from @Steve Vaughan:

Quote from @Tom Westco:

Quote from @Steve Vaughan:

Quote from @Tom Westco:

Hi BP, does bank, for example PNC bank in NJ new jersey, require occupancy of primary for HELOC?
 A HELOC by definition is a Home equity line of credit.  Home means the place you currently live.Non primary lines of credit don't start with an H.  They are simple ELOCs and don't have as friendly terms or rates. Establish HELOCs before moving (or quitting/changing your employment).stay

Thank you for reply, and creative way to break up wording  :)

So that i get it, an example is to get HELOC when i am in home 1 unit, and get HELOC from bank at that time.

Do i need to stay in 1 unit for one year to satisfy the occupancy rules of one year?

Hi BP, does bank, for example PNC bank in NJ new jersey, require occupancy of primary for HELOC?

Having lived in one side of 2 unit for 10+ years, therefore more than the 1 year expected occupancy to satisfy 1st mortgage,

now wanting to rent both 2 units to tenants for long-term rental 12 month leases

does the original occupancy satifiy the HELOC if there is any type of requirement?

i'm not finding the wording of this on internet searches that i am researching

does the original occupancy satifiy the HELOC if there is any type of requirement?

Quote from @Chris Seveney:

@Tom Westco ... This is never a one size fits all. You could invest in something and get 6-8%+ and have a little more liquidity than paying down your mortgage which provides also no liquidity ... In the same breath never see a person go broke who owned real estate with no mortgage ... It really comes down to a personal choice.

Thank You Chris for replying to post :)

I'm challenged to find 6-8% where so many funds have high entry fees now and higher management fees.
...Am i too crowded by the trees that i cannot see beyond the forest?
...the doom and gloomers & clikcbait negative-news influencers have gotten me seeing foggy on a clear day

Hi BP, my concerns (fears) are about 2023, unemployment, and ability to quicken up mortgage paydown:

> my whole stock portfolio is only totalling a 1.01% gain, and likely in 2023 the politically propped up stock market will drop and i'll be worse negative in stock market

> slackers ... the current unemployment game, will slackers prefer to not pay rent, and this would affect paying down mortgage - as i'm trying to find a new tenant

> i'm thinking if i take my weak $50,000 stock portfolio to pay down my 5% mortgage on 2-unit rental, then i will be gaining 5% interest = $24000 savings, and shorten mortgage by 10 years.     And, that $24000 is gettter gains than stock market

Should I pay down mortgage to feel like i am making gains somewhere?

Should i put weak stock portfolio money elsewhere to making better return on investment?

Quote from @Cameron Moore:

@Tom Westco Insurance companies will look for any reason not to pay. To answer your question, it is very likely that they would deny the claim. Luckily, a landlord policy is typically cheaper than a Home Owners policy. 

Thank you reply :)
I spoke to an insurance agent today that said dwelling insurance is 'more' cost than a home-owners policy - because risk that tenants don't care about landlords house and don't report leaks, damaged walls, and other negligence on part of tenants and/or poor property managers. 

And, same insurance agent said today, that companies like FMI are strict and likely will visit house and find anything they can to increase premium

Quote from @Kyle J.:

If you'll be renting it out, you don't want a renter's policy.  That's what your tenant will need.  You'll need a landlord policy (sometimes called a dwelling fire policy).  Just call your insurance agent up and explain the situation and he/she should be able to set you up with the proper policy.  

 Hi @Kyle J. if do not have correct insurance does insurance company not cover claim? (for example fire damage or water damage?)

what is have home-owners policy, not dwellers policy, and landlord/owner is not living on property, does insurance company deny claim?