All Forum Posts by: Varun Parkash

Self managed successfully so far.

$2195/mo rent, 20% down payment

I bought a brand new construction SFR Class A Property - rental in 30028 zip 2 years ago for 315k, it rented in a week and has a little positive cash flow of 400/month after PITI - so you will be fine in Forsyth County as there are jobs around that area and I bought the property unseen - builder built it within 6 months of we booking the land and property - everything happened on time.

Overall it seems that just like the low-pricing boat for Austin TX was missed in 2014-2015, we have sort of missed the Nevada - Carson/Reno low priced inventory as well now in 2019. 

 Thanks i bought the landlord policy :)

Geico mentioned that the insurance company will ask for proofs to show that it is owner occupied - which means utility bills etc. 

What is the best approach here? 

1. let it stay as a WRONGLY APPLIED "primary home owner policy" for now with insurance company with the risk that the 'proofs' that the ins company will demand may not be successfully met.
2. if insurance finds out its not a primary and then cancel policy - then they tell lender and lender creates issues
3. Get the current wrong policy changed to "seasonal home policy now" and DO NOT change it later and while renting out the place - ensure that renters have the renters insurance policy.

So far inclined towards #3

Thanks, the home insurance thingy for a seasonal vacation home versus a rental is turning out to be quiet complicated. The policy is incorrectly written as "primary home owner policy" by the insurer and GEICO does NOT offer any seasonal vacation cum rental policy in Georgia market - which is quiet shocking.

Please recommend some companies who does.

Hey Folks, anyone in here knows the answer to this situation:

If you buy a vacation home and the appropriate insurance for it at closing and then the insurance company inspector comes and views your house after a month or so and it is vacant as expected - then things check out, but if they see tenants living in the house - then the owner of the house has to change the vacation home insurance policy to a renters insurance policy? If that's the case - do the insurance policy guys update the lender as well about it? Currently the price quote for a Single family vacation home in GA state  = $880/year excluding flood and earthquake. 

If its changed to include renters insurance = how much of a price hike in quote will be there? I think overall it is a much better idea to get renters insurance even if the home insurance policy guys find out or not if there's any tenants living in the house or not. Agree?