All Forum Posts by: Brendan Simpkins

Hi All,

I purchased my first house hack last May. It's a 3BR house and I rent out the 2 spare bedrooms. I understand for tax purposes that I can only take two-thirds of the expenses related to the house to offset the rental income. After this adjustment, the expenses are still greater than the rental income (it's producing a loss).

What I'm unclear on is if I can apply the loss as a Passive Activity Loss deduction against my W-2 income (I'm under the MAGI limit). I know I would be able to do this for a standard rental property. However, my CPA is telling me that since I live in the house, it doesn't qualify for this deduction. 

Doesn't seem right to me, but I can't find any definitive information anywhere else online. Any insight would be greatly appreciated!     

Quote from @Didier Bizimungu:

Lawdepot.com guides you through the process of creating a lease. 

It has a free trial that should be more than adequate for your needs. It also includes room rent options and is customized per state/county. 

That's what I use for my leases. However, I'm currently trying out Zillow Leases as it has online signings—a significant drawback to Law Depot. 

Let me know if you have any questions. 

Very helpful. Thanks!

Does Zillow offer leases tailored for room rentals?

Also, would you mind sharing some of the specific house rules you include in your leases? I’m sure there’s plenty of things that I haven’t even thought of that can cause issues when sharing space with tenants that are important to cover in the lease.

Quote from @Ryan Thomson:

@Brendan Simpkins sure! The rent by the room lease works great in Colorado Springs, not so sure for your area. Text or email me your email and I'll send you what I have. 

Just texted you. Thanks for the willingness to help!

Quote from @Ryan Thomson:

@Alexis Garcia find one that is a bedroom lease with common areas shared. I have on for Colorado. You could look at that and see if it works. 

Hi @Ryan Thomson! I’m in the same situation now as @Alexis Garcia was at the time of this posting. Came across the thread while researching for tips on rent by the room house hack leases. Would you mind sharing what you have with me as well? I’m in TN, but would be very helpful to see the general framework, house rules included, etc

Quote from @Cariza Abinguna:

1. I google sample template and mix and match house rules I'd like to enforce in my property. It's essentially the same regardless where the guest is coming from. And if it's in airbnb, yes I put it in the house rules but I also put it in check-in instructions in detail.

2. Airbnb conduct background check but I think it is limited as far as I know. So for me, I require that they complete the verification process (Identity, email address, phone number) and I pretty much interview them like what's their purpose of being in the area.

3. I use Avail and been loving it! Its also free. From there you can request for application which includes credit, criminal and eviction history. They have default lease from all states, and you can receive payments from it as well!

4. BP have template leases here under tools. Avail has it too. And also Google!

Hope this helps!

Very helpful. Thanks so much!

Hi all,

I recently closed on my first house hack and will be medium term renting the furnished spare bedrooms. I have a few questions on screening/management I’d appreciate some help with:

1. Can anyone provide any specific house rules they’d recommend including in leases for tenants not booked through Airbnb? For those that come through Airbnb, do you just include these in the house rules section in the listing?

2. What kind of screening (if any) do you for potential tenants that come from Airbnb? In terms of credit check, background check, etc

3. Is there a recommended software that’s best for screening/rent collection for rent by the room?

4. Recommended place to get templated leases from?

Thanks in advance!

Thank you all! Very helpful

Hi all,

Can anyone give me a recommendation for a good STR photgrapher in Nashville, TN?

Hi All,

Can anyone who's gone through the Davidson County, TN Owner-Occupied STR permit application process tell me how long it usually takes to get approved?

Also, any tips on how to expedite the process would be much appreciated (i.e. getting signatures for notification from neighbors in person vs. sending certified mail, etc)

Thanks in advance!

Hi all,

I'm a newbie and am currently in the process of looking for my first house hack in Nashville. Most likely strategy I'll follow is rent by the room with a SFH. Would love to connect with others who have done/are doing this strategy, especially here in Nashville, to learn more about the experience. I'm fairly well educated on how the strategy works, but looking to get more insight into the challenges, things to consider, etc. Thanks in advance!