22 January 2025 | 14 replies
Quote from @Zara Massoud: Your new PM is correct and the old ones were wrong.The property manager must have your social security or tax ID number on file.
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22 January 2025 | 9 replies
I used to live in the city and the taxes and water bills are nightmares.
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21 January 2025 | 7 replies
Use umbrella insurance as an additional safeguard, especially if you opt not to form an LLC.Avoid S-Corp taxation for rentals, as rental income is passive and not subject to self-employment tax. S
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5 February 2025 | 5 replies
And that is probably what has saved me over the last year or two.
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4 February 2025 | 2 replies
Also, I'm not sure how you're paying attention to it on the tax side, but the unit that you are living in's profit at sale is calculated differently than the other unit that you're renting out.Once you move out, that unit is officially available for rent so from that point forward, any profit gained at future sale will be calculated starting from that point and will be taxable.
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22 January 2025 | 13 replies
I would just make sure you're saving for reserves and expect that first year to be really about learning the house.
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4 February 2025 | 1 reply
Income would be from hunting dues and timber harvesting, expense would be conservation management, taxes, and the mortgage.
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24 January 2025 | 2 replies
Attend local builder associations or networking events, and focus on small contractors or businesses without in-house permit expertise.Highlight how you save time and ensure compliance—it’s a big value-add.
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1 February 2025 | 1 reply
However, I’d like to have a space of my own before living with others again (I plan to house hack again with my next property).I’m seeking advice on how to move forward, as I need to consider things like utilities, taxes, landlord/umbrella insurance, and managing the property, especially with someone renting my garage.Specifically, I’m curious about renting out individual rooms and living on my own for a little while.
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11 February 2025 | 15 replies
The sum total of taxes of each of the 4 units will usually be higher than if it were apartments.