All Forum Posts by: Valerie King

@Jason Bottthank you!!!

Just bought a duplex with two addresses. One unit upstairs and the other downstairs. They both have completely different gas, water and electric meters. You can get from one unit to the other through the basement. I plan to househack eventually, but no time soon. It’ll likely be at least two years until I start renting one unit out and in the meantime I do not want to pay landlord insurance—just homeowners. My insurance company’s guy finally made it to the house a week after I closed and now they left a message asking if it’s still two addresses or one. So, is it possible for me to get one homeowners insurance policy on two addresses that make up the same building? I’m worried that when I call back my homeowners insurance will double because of the separate addresses. Thanks for the help!

Thank you @Sung Park!

When house hacking, my understanding is that an LLC or business entity isn't possible, which makes perfect sense. Of course, you're still making money off of the other unit(s).

• Just want to confirm that you report that income at tax time and that's it, right? 
• My other question is: Do the repairs and expenses associated with the other unit(s) in the property count as tax breaks even though there is no business entity?

Thank you Jeff!

How does insurance coverage of a rental property work. Are there special forms of homeowners insurance that take tenants into account? Or is there a separate form of insurance that landlords should have? What about in the case of house hacking?

thanks Ryan!

Thanks Ken!

Thanks for the advice!

thanks for taking the time!