New member, lots of questions!

[Veda B.]

Hey all!

I have been listening to about 2 bigger pockets podcasts a day to and from work for almost a month now, and recently took the plunge in setting up an account. I'm located in sunny Dallas TX and want to start investing!

My partner and I have recently decided to work towards purchasing our first home by the time our lease is up later this year and we think house hacking(i.e purchasing a duplex and living in one half) is the best way to start getting our feet wet in terms of both investing and becoming landlords.

I've been trying to look at properties every day after work, but have become stuck in terms of using the rental property calculator. My questions are:

Although we are not renting out both sides, should we put two units in the gross monthly rent side?

How to estimate closing costs if you're considering using an FHA loan?

What type of utilities do landlords usually pay?

Is it a good idea to let our duplex renters know we're the landlords or should we go by the title of property manager?

Thank you for your help, I'm excited to hear your opinions.

[Aaron K.]

1. Yes because if it is a good investment overall it is likely a good house hack, but you should evaluate both ways

2. Ask your lender they should know exactly what your closing costs should be

3. Depends how the property is metered most of the time you'll pay for anything not individually metered however especially if you live on site submetering may be a great option so you don't pay utilities unless there is a vacancy.

4. Whatever you are comfortable with that is a personal decision but I'd recommend not lying, you can omit your title but lying probably isn't a great idea.  Plus I'm assuming you plan to walk the property before you buy it so they'll have a pretty good idea anyway.