All Forum Posts by: Patrick Lim

@Anthony Wick excellent advice!! thank you again for your help

@Anthony Wick thank you for the reply! i dont think i can stomach living with a non paying tenant in a househack. Airbnb 30 day seems to be the only choice left

i have 4 rooms ready to be rented out in a househack but worried that i might get stuck with a non paying tenant because of cares act. Im thinking of just doing month to month leases so i can evict based on end of the lease instead of nonpayment of rent.

Would that be valid? Thanks in advance!

Can they invoke the cares act and stop paying me rent?

If you were househacking and your rental income covered your mortgage (which includes a $400 PMI), would you quickly payoff 20% of the loan to eliminate the PMI (saving you $4800 annually) versus buying out of state turnkey properties for $20k out of pocket (downpayment + closing costs) that cashflow roughly 200-300 a month then refi.

it will take 5 years to pay down 20% of the mortgage @ $20000 a year.

i am thinking that (ideally) biting the bullet for $4800 annual PMI payments will be offset on the 2nd year when you have bought the 2nd turnkey property and cash flowing $400-600 + appreciation.

What would you choose?

Hi guys! So me and my wife just purchased a duplex where we plan to househack one side, and airbnb the other side. Since we used FHA, i wasnt able to purchase the house under my LLC. My wife will be the property manager and cleaner of the airbnb. Am i able to hire her and pay her a salary under my LLC so i can write it off? Will it still be valid even though the house isnt under my LLC?

Thank you in advance!

Thanks everyone! 

Hi me and my wife just bought a 5br 3 bath SFR. Its nicely partitioned that 4 bedrooms and 2 baths are somewhat separate from the masters bedroom, which has its own bath. We plan to househack the 4 bedrooms and live in the masters.

Im kind of wary leaving my wife and baby with 4 strangers when im off at work. Is there anyone with this kind of experience and what would be your tips for me?

Thank you in advance!