All Forum Posts by: Calvin Stewart

@Basit Siddiqi Thank you for the reply. It sounds like I might have to change my system slightly for bookkeeping to capture the 3 buckets you talked about. House hacking does seem to be a bit more complex from a tax perspective.

@Gary Striewski it seems like you are going through a similar situation that I recently went through when purchasing my duplex.

Tenant has lived in their unit for quite some time. Rent was under market value and I had to honor their lease until it expires.

If you do make the decision to purchase the property. During the closing process, be sure you have the tenant complete an estoppel certificate to confirm security deposit, lease terms, and if there were any verbal agreements between the seller and the tenant and have a lease assignment agreement completed so you become the lessor of the property for the remainder of that lease.

@Michael Plaks thank you! This article is very helpful

Currently house hacking a duplex. I have a tenant in (1) unit and (1) room rented in my unit.

It sounds like the rental income from the (1) room rented in my unit would allow me to both depreciate a percentage of the improvements made and deduct a percentage of repairs made.

Who has experience with this?

@Michael Pallotta

Awesome, thank you! I followed up your connection request with a message. 

Hello BPers! I am a newbie real estate investor currently living just north of Boston. After multiple years of research and saving, I have finally saved enough to invest in my first property. I am looking to purchase a multi-family, by financing the deal through an FHA loan, and house hack.

Are there any other low money down options that I should consider as I start this process?

Can someone provide some guidance here or a referral to a lender for a low money down option such as an FHA loan or other similar options?

Thanks,

Calvin Stewart