I'm confused how renting part of a home your paying the mortgage on make it"not" my house any more? I also said in my post "could be paid without a renter" indicating I can pay for it on my own. What's the downfall of renting part of the house and using the extra income to pay the mortgage from my bank account?
Most insurance companies have clauses in their standard policies that make it pretty clear that they can deny a claim related to commercial activity going on in your home.
All it takes is one 2AM drunk fall... you cannot claim anything and the tenant can sue you and squeeze you dry
thanks for the info. We plan on paying an extra 6k a year so we should be able to avoid PMI pretty quick. haha yes live in a small city in Florida. For 600k here you can get about 10 acres and 12k sq ft plus lol you are right about location location
A lot of mortgages require PMI for a minimum term (like 5 years, or the life of the loan for FHA). While paying an extra 6k a year will cut the repayment time significantly, it may not get rid of the PMI like you hope (unless you refi, or make improvements to the home and get it reappraised). Check your mortgage documents to be sure.
Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?
My girlfriend and I we have 20,000 to put down. My idea is buy two family house and rent the second floor. This would help me pay mortgage. Or should I buy one family house? Or save up more money? Our combine salary is probably around 70,000.
Sounds like a plan. we bought a 2 family in north jersey 5 years ago, lived on one floor renting the other. Couple of months ago we bought a 3 family house and moved to it, live in one unit, kept the old house so we have the mortgage on both properties covered by rent. We still have to pay a ton of money in utilities, repairs and crazy high taxes so it would have been tough without the rent coming in. You won't regret it.
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