All Forum Posts by: Chanel Bostic

Hi everyone! I recently purchased my first property and plan to house hack it. It is a Duplex located near Johns Hopkins University in Baltimore, MD. I am unfamiliar with how the tax process works for rental units, and I would like some suggestions on whether or not I should start an LLC to receive rents from my tenants. When tax season comes, I want to ensure I have taken the right steps to receive the most deductions and tax benefits for my property.

Also, I will most likely use TurboTenant to manage my property. Is that a good choice?

2 Votes

Originally posted by @Nicholas L.:

@Chanel Bostic are you open to looking in the VA or MD suburbs, or do you want to stay in the city proper? If you're willing to move a ways out you may be able to find a SFH to house hack. But, this may not work for your commute (or may not be something you're interested in.) Figured I'd ask.

I am open to looking in maryland, that was my first thought, but I prefer DC. And, I am trying to get away from this maryland property tax. It takes away from some of my buying power.

0 Votes

I am currently 23 years, looking to buy a property inside of DC between 330-380k. I am making about 75 k a year, and ideally, I would like to buy a 2/3 bedroom to house hack and offset my mortgage cost. From what I have seen on the market, my budget may not get me much of anything, but I would like to know if there is anywhere in DC that I may be able to afford. I would like to stay out of the SE area for safety reasons, but I know I will be looking at mostly up and coming areas. I have considered going through NACA for their great interest deals and no down payment program, but will this take me out of the running for these competitive properties. I am open to reno jobs. please help. I would like to buy within the next 3-6 months.

1 Vote

All Forum Posts by: Chanel Bostic

Chanel Bostic has started 2 posts and replied 3 times.

Post: LLC for a househack?

Post: 23 year old looking to buy a property in DC for 350k

Post: 23 year old looking to buy a property in DC for 350k