All Forum Posts by: Matthew Brill

It is not worth putting the property in an LLC while you are house hacking. You can get some anonymity with a trust (I'm not familiar with Canadian laws) and then once you move out of the property transfer the beneficiary of the trust to an LLC.

I would go with the loan that you initially put on the property. Chance are you won't want (or get) commercial financing on the house. As long as you have access to 30-yr fixed rate debt you should take it. After you fill your 10 loans then worry about commercial financing. Unless you are planning on getting forced appreciation, I wouldn't count on using your analysis assuming 20%+ down as it could talk a while to get there through natural appreciation and you could be holding a property with negative monthly cash flow for years. Stick with it and one of your offers will hit.

Keeping a W2 will make it easier to get bank loans. If you are wanting to jump start your career I would consider keeping the job and start the agent business as a side job. 

A good price is relative. It depends on what your goal is with house hacking (do you need to fully cover the rents? decrease living expense by a certain amount?). What makes it a good price will depend on what your criteria are and how the rents relate to the purchase price.

@Diandra Duncan

Any time. Please reach out if you need anything, including guidance without an ulterior motive. That is what I do for people!

Your plan seems fine to me. Starting with the house hack will be a great way to get a feel for things and then move out state with your new knowledge. You're also allowed to change you plan as you. Just set your goals and as you learn more you adapt to whatever will get you there. In terms of starting, first thing would be getting your finances in order, talk with some local lenders and get pre-approved for a loan. From there you move on to the agents and focus more on looking at properties. Happy to help if you have any questions!

I would just find a lease agreement for your market. If you use a property manager they will have one as well.

All of your costs will be around buying, rehabbing and managing one way or another. You will want to consider hiring a CPA to do your taxes correctly.

Hey @Matthew Gaquer

I'm just down the street in Boca. I have house hacked in Boca and Delray. Feel free to reach out if you have any questions.

You could potentially be fine. Just make sure to do the due diligence before or while under contract with a way to back out if the addition/conversion is un-permitted and not grandfathered in. An experienced agent should be a big help.

It depends on your goals and what is a deal for you as there are many ways to win with a house hack. I also have a house hacking calculator that I have created. Happy to connect if you're interested.

I would consider hiring a property manager too. The other thing is you can just hire someone a la carte to do all the marketing, showings, tenant screening, and such and then manage the property month to month (collect rents, field calls). I would tread very lightly renting to friends and family. You will have to have clear expectations and treat them like any other tenants. Happy to help if you have any other questions along your house hacking journey.