All Forum Posts by: Zenas Underwood

If my homeownere insurance policy covers $1M in liability do you guys still recommend getting more coverage with an umbrella policy?

Apparently I need the business policy plus a rental policy for my unit to coverage my personal property.

One of the business policies turned out to have the best coveraged for the price. Is there anything I should be concerned about having a business insurance policy on my primary residence?

Thanks John your response was very helpful.

Need insurance on an owner occupied 4 unit property. I am very confused on what coverages I need. I have received quotes with yearly premiums ranging from $1600 - $4500. Each quote that I have received is structured differently with various coverages. What exactly do I need to protect my property and myself?

If you have an owner occupied multifamily what kind of policies and coverages are you carrying?

Working on getting funding for a 4 unit, that I plan to house hack. For those who have closed FHA loans on 4 plexes how many months reserves did your lender require? I thought it would be 3, but I'm getting lenders (banks who service their own loans) telling me 6 months!

 Yes this helps thanks. Many things I read say just apply and try it. Great to see some reasoning on why this could possibly be a success.

I offered to co-sign but lender said down payment would be 20%. We are hoping for a low down payment loan, it will be owner occupied.

We have applied with 2 different lenders waiting to hear back from them but instead of harassing them for updates, Id like to see what you guys think.

I'm working with my retired dad to attempt to get him into a 4plex for extra income. His retired income is $34k, no debt. We are attempting to get a loan of around $350k with using the rental income $750 - $1000 per unit which have leases.

Taxes $6000 - $7000

Insurance $1800

Does this sound like a situation that will work?

Spent the last few days calling around to different lenders everyone says we need to wait for the statements before applying.