I just purchased my first home and it is a Triplex multi-family unit home. I am looking into renting out/ being the landlord for the other two units, but am worried about legal issues even if I require Renter's Insurance.
Any one have any experience with their properties and house hacking? I plan on hiring a property manager, if creating my own LLC is recommended to prevent any legal issues.
You don't need an LLC or a PM for house hacking. Just make sure you have good insurance.
@Anthony Wick I'm in the same boat. I have homeowners insurance (I bought in May 2020) is landlord insurance much higher or is it an insurance you add for an extra prime?
@Anna Marie Nguyen Definitely get your own legal advice with the LLC, but why are you hiring a PM? If you live there it shouldn't be hard to manage, save yourself the 5%-8% a PM costs and put it into reserves. You can always contract out the repairs to a handyman. Then when you move into the next rental you can create an LLC for this one and hire a property manager.