All Forum Posts by: Doris Daily

Thank you to all of you! I will look into reading that book, Michael. So much to learn! 

Hi everyone, I just purchased a duplex recently and my mother is renting out the other half. I'm wondering about tax deductions and how I would go about writing off utilities, internet, property taxes and so on and so forth? Do I split this half an half? My mother does have the keys to my side of the duplex and uses the washer/dryer and amenities quite a bit. Since her side is smaller, how should I write off these expenses accurately? Can I just write it off 50/50 legally since she has access to my side of the house? I have heard it is 50/50 but have also seen that people are supposed to make the measurement of deductions based on square footage.  

I am planning on living in half the duplex since it's my first home and renting out the other half. I'm using an FHA 203K Rehab loan for financing and am planning on turning the basement into a mother in law suite since it has a shower already and a toilet setup (no toilet, however). Also has a tiny area where you could set up a very tiny kitchen (already has sink) and a cabinet like area. Wondering if this is a good idea!? Right now the house does not have a garage and I currently reside in MN where our winters are horrible, but I'm debating whether or not to make the basement into a mother in law suite or add a garage? I have roughly 30,000 dollars to spend to do the updates to the house, but don't think I'll have the best of both worlds with building both a two car garage and turning the basement into a mother in law suite. Any suggestions would be greatly appreciated!!!

Hello everyone, I'm a novice in real estate and am looking for guidance and support through this process. Seems like this is an exciting new adventure and I am ready to learn and form new connections!  I am in the process of purchasing a duplex and using a rehab loan to make a mother in law suite in the basement. Hoping that this is a good investment strategy, especially being this is my first house.