All Forum Posts by: Danny Sok

I’m in the process of getting my 2nd rental. So, these are just guess numbers. I want to be legit. I’m no scumbag trying to play the system. I like to be fair. Thanks

Hi guys, I just moved in my 2nd new multi-family home as owner-occupy, the question is I’m renting out my 2nd floor out for $2100 and I live on the first floor and I rent out each room for $650/month. I was doing taxes last year on my 1st multi-family where I rented out one side and my in-laws live with me and pays me rent and my so-call accountant said “if I live there, I don’t need to put them on my income.” I’m assuming because they are family or because I live there that’s it’s not really consider rental income?? So is this the same with me renting out the rooms on my new property??  Truly appreciate the feedbacks. I think I’m going to go PRO soon. 

Wow!! Thanks Mike!!! You guys really are helpful... bless you guys. This definetly will get me more organize. Thank you again 

Dawn you are awesome!!!! Thank You!!!!

Thanks Nicholas.... You sort of answer it for me but as of now ... my first property will break even with my tenants since I have my in-laws paying for everything. So first property has no positive cash flow. Just break even. Second property which I will be living with a tenant so technically I’m paying half the mortgage and the tenant pays the other. So second property has no positive cash flow. I have already have a personal account(9-5 job)and business account(rental properties)setups already. Since my buisness account is negative in cash flow and if I have to pay mortgage and repair. I technically have to pay out of my pocket since I’m negative in cash flow right now. what’s the actual proper way of paying for my business account if I’m negative in cash flow in that account???? Truly appreciate your responds!!!! Thanks again

I appreciate the responds but I sort of really never got an answer. As of now ... my first property will break even with my tenants since I have my in-laws paying for everything. So first property has no positive cash flow. Just break even. Second property which I will be living with a tenant so technically I’m paying half the mortgage and the tenant pays the other. So second property has no positive cash flow. I have already have a personal account(9-5 job)and business account(rental properties)setups already. Since my buisness account is negative in cash flow and if I have to pay mortgage and repair. I technically have to pay out of my pocket since I’m negative in cash flow right now. what’s the actual proper way of paying for my business account if I’m negative in cash flow in that account???? Truly appreciate your responds!!!! Thanks again

Hi guys, so I’m fully renting out my first multi family property and now I’m living in my second multi family property (house hacking). I have separate checking and saving from my personal life which comes from 9-5 day job. And now I have 3 separate accounts for my rentals. Checking for paying mortgage, Saving for money I actually make, Saving for security deposit. I have a credit card from capital one that I will be using to pay for repairs or other expenses, that’s will be kind of like my business card. I know I won’t be making much money since I’m house hacking for now. But can I pay the capital one from my personal checking account at the end of the month??? I’m technically using my credit card as my buisness card for the rentals but I’m actually paying it through my personal checking at the end of the month. Is it ok??? Or do I have to keep depositing money from my personal checking to my rental checking account to pay it??? Either way I still have to use my personal checking account since I won’t be making much money this year. I truly appreciate your time reading this. Thank You!!!!

Hi guys, so I’m fully renting out my first multi family property and now I’m living in my second multi family property (house hacking). I have separate checking and saving from my personal life which comes from 9-5 day job. And now I have 3 separate accounts for my rentals. Checking for paying mortgage, Saving for money I actually make, Saving for security deposit. I have a credit card from capital one that I will be using to pay for repairs or other expenses, that’s will be kind of like my business card. I know I won’t be making much money since I’m house hacking for now. But can I pay the capital one from my personal checking account at the end of the month??? I’m technically using my credit card as my buisness card for the rentals but I’m actually paying it through my personal checking at the end of the month. Is it ok??? Or do I have to keep depositing money from my personal checking to my rental checking account to pay it??? Either way I still have to use my personal checking account since I won’t be making much money this year. I truly appreciate your time reading this. Thank You!!!!

Truly appreciate that answer. You guys are awesome!!! This is what a community is supposed to be like ... favor for a favor. Thanks again 

your right, it all depends on how many months I will repay as I am currently employed. But my thing is .. either way. My tenants will pay everything out. But my paycheck will be less unless I just do a withdraw. But your right! Thanks again