All Forum Posts by: Will C.

One time I partially ruined the finish on an older cabinet door by accidentally cleaning with a too high concentration of Simple Green solution. Poly started flaking right off. so now one door is flat and stain is less vibrant compared to the rest.

@Javi Chipi one of my goals this year was to start building a relationship with a CPA. Thus far I have been using TurboTax. Thanks

@Louise A. Thanks! Ill start looking for and building that relationship now.

@Nathan G. I purchased a house that had been smoked in for 20+ years. The nicotine was so bad in the hallway that it was dripping down the walls, almost like a kitchen with heavy grease build up. I had luck with simple green and a sponge mop. In this case I think the walls were eggshell because it's was easy to wipe, the ceiling not so much. Once the walls were cleaned I Killzed everything two coats just to be safe but the simple green really cut through the surface stains and build up. I would get a couple different products and try all in small patches. Go with what works best for the whole unit.

@Victor So definitely do a proper screening, after all you will be living with this person. You can have them submit a paper application, I suggest use an online provider for background/credit check, trans union SmartMove is user friendly. When you find someone who meets all your criteria, have a meet and greet to feel out their personality. As mentioned above, M2M lease max and check/be familiar with your local laws. Probably have rules listed in the lease or as addendum and go over them at lease signing. Treat all the formalities as a tenant/LL relationship but day to day living can be treated more as roommates. As long as your expectations are laid out in the beginning, there shouldn't be any major issues. my $.02.

@Chris Mason Thanks! An overlay I hope to avoid or can prepare for.

@Chris Mason so on the other side, if the next property is purely investment then the non owner occ math applies? Potential rental income is netted against PITIA on new property, up to 75% is what I usually read depending on lender. Also with 2 yr landlord history. I basically just inquired about this in a round about way in my post.

https://www.biggerpockets.com/forums/51/topics/461...

@Nick C. @Lance Lvovsky Thank you for the response!

Yes, I would agree the income must be claimed.

I was not clear in my original post. When seeking financing for my next property, I want to include the rental income of my house hack and the estimated rental income of the purchased property to lower my DTI. I have read that, to include estimated rental income from a prospective property towards lowering your DTI, the lenders will require 2 yrs landlord experience proven by your tax returns. Even then, they will only count up to 75% of the estimated income towards your DTI.

I realize that the 2 yr requirement is lender overlays, I guess I just wanted to be prepared to provide landlord history if lender options are limited down the road and DTI was an issue. Starting the 2 yr timer now is easy, IF house hacking is considered landlord experience. Does that make sense?

Hello BP family. I have a few questions that I would like help with. I currently owner occupy a 3/2 SFR in which I would like to rent a bedroom. I would like to rent the room to accomplish two things; 1) extra income and 2) start building landlord experience that is evident on my tax returns. I keep reading that most lenders require 2 years of landlord experience to qualify for investment loans.

If I have a lease/'s (M2M preferably) and claim the income on my taxes, will this count as landlord experience assuming I can keep the room mostly rented for two years? Do lenders even consider house hacking to be a landlord/tenant experience?

What are the pro/cons of claiming or not claiming? I was told by someone in the finance world that it may not be worth it to claim.

Thanks!

@Jonathan Smith Hopewell is a decent rental market, high ratio of rentals. I know a few people with rentals there that cash flow decently. All depends on the acquisition of course like anywhere else. Homes are sub 100k, some sub 50k, my buddy has two renting around 1k/month that he picked up for around 60k. Hopewell has its sketchy areas but in the more decent neighborhood it is quality blue collar.