All Forum Posts by: Charles Evans

For a house hack, on questions for homeowners insurance like "how many people are living in the household," etc... do I need to answer with just my unit, or do I need to list them as well? Probably a silly question, but I feel like duplexes or more are a little more complicated when it comes to insurance, which is something I never thought about PRE buying the house!!! Any good companies for multifamily houses lol?

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Quote from @Ryan Kelly:

Here's a list of things to track:

- Formal lease application

- Formal signed and executed lease specific to your state

- Payment history (I recommend using online rent collection like Apartments.com, RentRedi, etc)

- Maintenance requests and receipts

- Accounting for all rental-related expenses (repairs, utilities, etc)

The more you treat it like a business, the more helpful you are to your CPA come tax time.

Would Zelle be appropriate? My bank directly takes Zelle, so its convenient for my tenant and I to do it that way, plus my bank would get it directly leaving a nice paper trail. Or should I see about making a separate checking account to get paid to?

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Quote from @Aaron Zimmerman:

There’s a lot of great suggestions in this post. I wrote an article specifically for house hackers that lays many tax items out for you. I hope it provides some value!
https://www.straightupchicagoinvestor.com/blog/6-must-knows-...

Thank you!

0 Votes

Quote from @Havital Miltz:

Wow a bit of a sticky situation, did you have a conversation with the seller, directly or thru your realtor prior to the closing to find out if the tenant knows they are supposed to move out?

If not, I most definitely would reach out to the tenant, introduce myself and ask if they are going to be out by the 31st or the 1st, I would communicate to the tenant as if I know they were told they are expected to leave, otherwise you may find they "do not know" they need to leave even if they actually know they need to leave....

In the case they claim they are not aware they need to leave, you would need to follow the laws in the state you purchased the property, usually you can find that info on the states judicial branch or speak with a landlord tenant attorney.

Best of luck and congrats on the new property

Yes they know! I toured the property when they were home and they asked me how the living situation was gonna work, which I explained that my loan said that I had to live on the property for a year, and the tenant next door was on a year lease & he was month to month... so he was going to have to leave. He knows that he has to be out on the 1st, but I didn't know if it made sense to contact him and ask him to check up on him! And thank you! I am excited and nervous about this journey, but it is what I've always wanted to do!

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Quote from @Denver McClure:

Hey @Charles Evans, I would make sure to reference their lease and the new owners. The seller and their agent hopefully did a good job communicating with that tenant to set expectations. I've done this several times, it can be a little awkward sometimes but most tenants understand.

Yes they do know! I was touring the property when they were home and they asked me how the living situation was gonna work out, I explained that my loan stated that I had to live on the property for a year, and the tenant next door was on a year lease & he was month to month so he was going to have to leave. He knows that he has to be out on the 1st, but I didn't know if it made sense to contact him and ask him and check up on him!

1 Vote

So I just closed on a duplex a couple days ago & Im going to be house hacking. Theres someone living in the side that I will be occupying until the 1st of February, but since I JUST became the owner, would it make sense to reach out and ask them something like "Hey its __ the new owner, just checking in to see how you're doing. I was told by the previous owner that you're moving out by February 1st, can you confirm that?"

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I'm a new house hacker here. What paperwork should I keep a paper trail of to make things like taxes and other situations better/easier for myself? Like should I have a folder on my laptop for the tenant and keep a copy of each payment I receive from them? What are some other things I should retain to make the landlord experience easier? Thank you.

3 Votes

Quote from @Jake Andronico:

@Charles Evans

Congrats!! But be careful expecting to refinance. Don't expect rates to come down.

Is this a new build?

Whats making you think rates wont go down after a couple years given the new administration in charge? The last time we had this leadership, interest rates were a lot better, no?

And its not! it was renovated from the studs up in 2019!

1 Vote

Quote from @Jacob Molina:

Okay, so with that 3-2-1 would the final year of that or end of that the rate be fixed or could it go up any higher?

So I was quoted at a rate of 5.875%, which is the highest my rate will be! With a 3-2-1 buydown, my rate will be the following:

year 1 2.875%, year 2 3.875, and year 3 4.875. After that, it goes up to 5.875 and stays there!

1 Vote

Quote from @Sofia Komrskova:

Don't do home warranty. Learn basic maintenance stuff from YouTube (caulking, painting, learn how to use a drill, etc) and find a well priced handyman for maintenance. Look for somebody who doesn't have all the bells and whistles(fancy van with wrap, marketing, uniform) because you will be paying for that overhead if you do. Just a local guy/gal that wants some side work here and there. Make sure you have a bulletproof lease, treat the tenant fair but set expectations early on.

Thank you! Whats the best way to get a good lease? I've heard about rocket lawyer, do you recommend anyone?

0 Votes

All Forum Posts by: Charles Evans

Charles Evans has started 5 posts and replied 20 times.

Post: House Hacking Homeowners Insurance

Post: What Paperwork Should I Be Keeping Record Of?

Post: What Paperwork Should I Be Keeping Record Of?

Post: New Landlord Advice

Post: New Landlord Advice

Post: New Landlord Advice

Post: What Paperwork Should I Be Keeping Record Of?

Post: New House Hacker

Post: New House Hacker

Post: New House Hacker