Hey BP Community,
I'm brand new to REI and am under contract for my first property. It's an outdated 3/2.5 SFR two minutes outside Downtown Houston. I intend to update it to rent standards (all cosmetic repairs I intend to do myself-wish me luck) and live in one bedroom while renting out the other two. I read Craig Curelop's book on househacking, but was wondering if any of you had some firsthand experience with doing so yourself, particularly in regards to tracking expenses and boarder income (by the room), following and making the most of tax laws (I'm completely clueless), and just overall getting the most out of your househacking experience.
I look forward to hearing whatever you all have to say, and hope you're all well and safe in these trying times.
Won't comment about tax laws, but I recommend opening a dedicated checking account and debit card for all real estate-related expenses and income, to make bookkeeping easier. You probably don't need to purchase accounting software (e.g. Quickbooks Self-employed) at this point.
Hi Fernando. Welcome to BiggerPockets!
Congratulations on your first investment property! And of course, thank you for reading my book! You may also try to read on my other BP blog posts and forums insights. As an introduction, I would like to share with you some helpful tips for your further searching here in BiggerPockets site:
1. Subscribe to the BiggerPockets Money and Rookie Podcasts
2. Attend the FREE WEBINARS
3. Attend a Meetup in Your Area after quarantine
4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy
5. Peruse the forums! Ask questions! Answer Questions!
Please connect with me for more knowledge sharing. Let us keep ourselves safe and healthy first!
@Damian Bialonczyk Thank you for your prompt reply! I will definitely look to do so.
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