Hello Bigger Pockets members! I'm very excited to announce that I will soon be purchasing my first property ever and want to get a head start on learning to become a landlord by purchasing a duplex and house hacking! I'm making this post today to take in any tips and tricks or general knowledge (the good, the bad, and the ugly) pertaining to purchasing and living in an owner occupied rental property. I live in London, ON Canada so I'm not sure how much different some of the info will be pertaining to that but I'm sure I will still be able to recieve some knowledgeable information from this! Anything at all would be a massive help so please feel free to contribute to this thread! Thanks so much! I look forward to reading some comments.
Hey @Nicholas Smith ! Best of luck to you! I would Pre-Order Biggerpockets new book on the topic of House Hacking! It could help tremendously.
If you really want it hands off, I'd recommend having a property management company manage your renter for you :D
@Jake Stuttgen I will definitely pre-order that book Jake, thank you! And that's a great tip as this is all brand new for me so I could potentially learn about management along the way but not jump into it head on and possibly run into issues right off the bat!
@Nicholas Smith Exactly. There are varying opinions on self managing properties, but I am a huge advocate of outsourcing it to a rockstar manager.
Really hope it all works for you!
Make sure you talk to the current tenants and ask them if the present landlord said they would do anything and they’re not. Make sure that you get their deposit whenever your deal is completed. Make sure you see receipts for however long the tenant has been there if they say six months then make sure you see six months of receipts for rent collected. I have found that however you meet them it’s best to go by Unannounced and that way you get to see inside of their place without them having a heads up
@Robert Biggerstaff Very very helpful Robert, thank you so much for the tips! I will be posting more info in the near future about how my process is going :) Thanks again!
I would speak to your attorney and cpa and see if you can get a LLC setup with EIN and invest via LLC.