All Forum Posts by: Justin Heitter

thanks guys. The shame is strong in this post. First of all I don't know the rules on this stuff hence the reason for my question. I don't work for the Mafia. I was wondering but it make sense to have it documented for future real estate opportunities and also legal stuff if the Tenant turns into a nightmare.

2nd question my place is a two bedroom unit. I'm buying as an occupant. Can I rent out both rooms? And move my stuff into the garage? How does that work regarding the rules.

1 Vote

Hey guys I have a month before I close on my duplex that I am house hacking. I am renting one side out and will be getting a roommate on the other side. My question is this. Whats the best way to do the roommate part of the deal on my side? Should I do it Under the table Cash. Or should I get checks/money orders. Should I accept Online payments through Cozy or something like that.

0 Votes

Is there sales tax on real estate? If you buy something with 100k cash is there also (sales) tax on it ?

0 Votes

Originally posted by @Karl Krauskopf:

$2.4k / month income for renting out 1 side + roommate on your side? Seems high, but I don't know the CDA rates
I'd expect that you're the property manager considering you live there, so that's good money to you
I'd expect since you're living there you perform majority of repairs/maintenance
I assume the units are separately measured for electricity, is $145/month for one or both units?
Only 4% down and you're able to squeeze out 5% interest rate?
Any cash for closing?

All-in-all, I think you'll do better than what the report shows. I'd echo what @Ron Fletcher mentioned on paying off the asset. You can pour an additional $100k into the property's principle in year 1 but that equity won't do you any good unless you refi, sell, or take out a HELOC (i.e. your monthly payments will be unchanged)... make your money work while you do, invest elsewhere

I appreciate the feedback. I am just trying to get it all figured out...

0 Votes

no that was after I move out... It would be 1200 rent, and 600 for a roommate, on my side while I am there.. I was even considering getting a second roommate and moving all my stuff to the garage.... I work out of state and only spend 14 days there....

0 Votes

good to know on that, The electricity is super expensive. heres a guesstimate on the numbers, its going to be a house hack, so Ill be living in one side, with a roommate. once I have it as a rental I won't be paying electricity and if I manage it myself It should be break even cashflow ish. I could probably get a couple hundred more dollars a month rent.

So I dont think the numbers are that great, but over time when its paid off it should be just fine.

0 Votes

Originally posted by @David Clinton III:

@Justin Heitter, congrats on getting started! That can sometimes be the hardest part.

If you ever wanna grab coffee and talk real estate, let me know. I’ve got a couple years local experience I’d be happy to share.

David, Maybe you could help me with some basic numbers and I can share my numbers on the property. I.e- WSG (in coeur d alene), baseboard heat, Management fees. I know the taxes. but Not much else.

0 Votes

Originally posted by @Ron Fletcher:

@Justin Heitter

Sounds great except your line saying I want to pay this off as fast as possible.

Do your research but you will probably be much better off saving up down payment for future properties than paying off the first one before moving on.

Thanks Ron, I will keep that in mind.

0 Votes

Originally posted by @Matthew McNeil:

Originally posted by @Justin Heitter:

I am very close to buying my first property In Coeur d Alene Idaho. It is a very nice duplex that was built in 73. It is an owner occupied property(me, I am house hacking) The kitchen is very dated so I will be doing some upgrades. I put in my offer today for 315,000. I have not been at my job long enough for my overtime to count so I have to wait 6 months to get financing. The seller is going to carry the contract for me for the next 6 months. My goals are to pay this thing off as quickly as possible, while looking for more like it. I am excited to begin my real estate career.

Justin, are you willing to share your projected numbers?

Yes I will come back with numbers soon,(i am not too sure about the numbers as of yet) I don't necessarily think I got a super deal, but I should be able to live for what I used to pay rent for-maybe slightly yes....

0 Votes

All Forum Posts by: Justin Heitter

Justin Heitter has started 24 posts and replied 51 times.

Post: House Hack - Roommates -under the table or not

Post: House Hack - Roommates -under the table or not

Post: House Hack - Roommates -under the table or not

Post: heres a dumb question

Post: My first Property (duplex house hack)

Post: My first Property (duplex house hack)

Post: My first Property (duplex house hack)

Post: My first Property (duplex house hack)

Post: My first Property (duplex house hack)

Post: My first Property (duplex house hack)