Have you ever had a year where your insurance or proper tax’s went down?

You could explore renting out the garage as storage for someone, but then you need to look into insurance, liability, etc.

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

Just wondering how you feel about the unique challenges NOLA has relative to economy & climate change (insurance), population decline.  

Friends, family, or you might be able to access funds via a HELOC, cash value from a life insurance policy, take a loan out on your car, etc. 

Needs to be in a rental area because no homeowner neighborhood would like to have tons of renters going in and out of a property.

Lastly, make sure your tenants have renters insurance to cover their property.

Tim, in lieu of a damage deposit, have you utilized A deposit insurance such as Rhino? 

High priced insurance people.  

However, if you're running your numbers then you'll want to make sure that you're including all the interested paid for the money borrowed from your HELOC as well as the carrying costs including utilities, insurance and property taxes.