All Forum Posts by: Satish Subramanian

@Vincent Incopero Wow thanks for the note - I totally forgot about that 250k gain rule (probably one of the most important things for me to understand as a house hacker)!

Any CPAs? Anyone? Anyone?

I went under contract for a 3-flat in Jefferson Park that closes in a few weeks. I’m planning on living in the top floor with my girlfriend, but purchased the whole building solely under my name. Not sure how depreciation will work or how to get the best tax savings. Also, I’m working a 9-5 as well. Any recommendations for CPAs who have experience with house hacking situations? Also looking to set up an LLC but unsure if or how it will work since I had to buy the place in my personal name in order to get the loan and there is a due on transfer clause. Any recommendations for attorneys who have dealt with this situation before? Thanks!

Congrats! I was in a very similar situation in terms of offer turnaround. The Chicago N/NW side is going like crazy. Way to be prepared to immediately pull the trigger on a deal.

Hi Everyone!

I've been a longtime lurker of Bigger Pockets, but I've never gotten into the real estate game since I was moving around during to a 2-year rotational program. Now that I've settled in Chicago for the foreseeable future, I've been aggressively looking for a buy-and-hold/house hacking property and have luckily gone under contract for a 3-flat in Jefferson Park. The plan is to live in the top-unit and rent the other 2, while working my 9-5 marketing position. The goal is to use this as a practice run for more rental properties in the future.

We have 30 days to close, and it's going to be tight, but looking forward to finishing the process. We just did inspection, and I have so many questions about this place that I'm sure will start many discussions in the future. Looking forward to connecting with you all!