New to House Hacking

[Jonathan Castillo]

Hi Everyone,

I am currently undercontract for a duplex in Austin, Texas. I plan to live in one unit and the other is already rented out.

I have a few questions as to what I should get done sooner than later.

1)) Do I need a new bank account to collect this rent?

2) Lease ends 3/31/20 what contracts do I need to keep them in there with a rent increase?

3) what other things would I need immediately that I wouldn't in a single family?

4). In case they want to leave, how would I go about getting a credit check or screen a potential tenant?

Thanks in advance

[Tim Herman]

@Jonathan Castillo 1. yes don't commingle funds treat like a business. it can still be in your name but run all business expenses and income through the account. 2.BP has state specific leases that you can get for free BP perk. Send notice of increase at least 30 days prior to lease end. May be more in certain areas. Study land lord tenant law. 3. Need landlord insurance policy vs homeowners. 4. Read the ultimate tenant screening guide under tools:landlord resources. Several places to get credit and background checks. I have used rent prep in the past but thinking about switching to cozy.co. This is just the beginning, Use some keywords to notify you of renters discussion and study.