All Forum Posts by: Antonio Esquivel

Something that you should keep in mind when buying is that when you sell, not only do you have agent fees, but financing and closing costs too which can add a significant amount, about another 5% of the house price. So when you improve on a house for example and finish a basement which costs you $10000 and improves the house by $15000, you could still end up losing because of these costs.

Welcome to BP!

Welcome to BP!

Look for a job is never easy, but I feel like knowing the right people and a little luck always helps. Goodluck!

I agree with you. There are so many advantages to having the license. Contracts, MLS, all at your finger tips 24/7. Not to mention all the money you save.

Some people will say that all this is more work, but in my opinion, it gives you more control and you know exactly whats going on.

I started working for a property management company where I learned alot about becoming a landlord and how to deal with tenants. After a little over a year I put a down payment on 3br 1 1/2 bath house and made another room in the basement. I moved in 3 friends and enjoyed living for free.

I now rent that whole house out and enjoy a nice cash flow every month. I think this route is something to think about if your younger.

Yes that 1000 includes mortgage interest and property taxes etc etc. So even though I got an FHA loan and I will be living there I can still file the 1040 E and claim all these expenses?

Hey everyone,

I just recently purchased my first house and I will close in about a month. The house is a 4bed 2 1/2 bath. Me and 3 other friends will be moving into the house.

Now my questions is, the rent that my friends will pay will be $1050 a month combined, $350 each. And that will include rent, all utilities, tv, and internet. As far as my expenses, it will be at around $1000 a month. So I will live for free.

When I report this to the irs, I'm assuming I will no longer get a tax return because of this income and instead I would owe money each year. Is there anyway where I can deduct all of my expenses if I set it up as a business? It seems unfair to pay more taxes when I really don't make anymore disposable income. I apologize if these things might seem like no brainier kind of stuff but I'm not too familiar with tax rules.

Lynh: I would charge $400ish for one roomate and my mortgage will before high 400's to low 500's at current rates. After all my expenses the house would be at around 700 for insurance, utilities, etc. So I wouldn't "make" any money but my living expenses would be very cheap.

If I were to compeletly rent the whole thing out I could charge 700-800 and have the tenant pay for electric and gas. So after all my expenses I'd make around $150-$200 a month.

Now I still dont have the house, Its going to be another year before I buy but I do plan to buy a 3br.

Rusty: Thats a good idea but I might have a harder time qualifying for it.

Moeny is easy to use to your advantage, but I guess many people think...short term?

Hello everyone,

I'm looking to buy my first house in about a year, in which I'll have 20k to put down on a house of around 80k. Now my question is, would it be better to directly rent out the whole house OR move in and have a roomate?

I feel like continuing to put 1k a month on top of the mortagage after having it rented it isn't a bad idea. But I could just start saving for another house while collecting profit. I'm not really sure which route, if any to take.

Suggestions? :mrgreen: