Rental Income to purchase another property

[Vanessa Franco]

Can I House house (rent by the room) and use that income to purchase our next rental property?

What can we expect to pay in taxes from our first year of house hacking? Trying to gauge how much of to put aside and how much we can use for a second property.

[Dan Mackin]

Originally posted by @Vanessa Franco:

Can I House house (rent by the room) and use that income to purchase our next rental property?

What can we expect to pay in taxes from our first year of house hacking? Trying to gauge how much of to put aside and how much we can use for a second property.

 Yes you can use the income from the room by room hack. You'll need to have a lender who will qualify those rents so it's likely worth checking with a mortgage broker since they'll have a few lenders and should know which ones would be more friendly to your scenario. To qualify those rents you will likely need all of them to be on year long leases with security deposits showing in the bank account.