All Forum Posts by: Derone Patterson

Thanks for the info 👍

Hello B.P. members I have a duplex that I own for about four and a half years. Brought the house for $94,000 back in 2015 I owe about 85,000 on the house now I think the house is worth about 125 to $130,000 today this is my first and only house my mortgage is $625 a month I rent out the two units and live in the basement I get 800 for the first unit 850 for the second unit. I want to move out the basement and buy another duplex. my question is will the banks allow me to take out equity from my duplex to purchase another duplex?

will I'll be able to get a 3% conventional loan even if I already have a 3% conventional loan I plan on buying a duplex and living in it. the first house I have is already a duplex I live in the basement but I want to buy another duplex. Been living in this duplex for  4 years now.

Can anyone tell me how do i go about evicting a tenant that l let stay in my duplex for a period of time. We had a verble agreement but now she dont wanna go no where. I dont want her money. I just need her out. Thanks for reading

Yeah I'm gonna need it.

Just wanted to let people know that just because a tenant pays rent on time, doesn't mean that person is a good tenant. I just brought a duplex about a year ago to live in. I rent out the upstairs to a single working 50 year old man. The upstairs tenant is great, but i decided to rent out the first floor unit to a co-worker with kids and a cat. Long story short. She is the sloppiest worst tenant ever.She is 21. Kid cries all the time. She's has men sleeping over almost every night taking showers. Cat eats my window shades. A lesson for me. I am never taking up front money for a year lease ever again. On the flip side the best tenants are older guys with good jobs. Does anyone agree?

yes , hope so

Yeah I just brought a duplex to live in as an owner occupier about 8 months ago. In about 5 to 6 month after I brought the house, I decided to rent out the top 2 floors and live in the basement. It's a nice semi detached property. Anyway I just have advice for anyone thinking of doing this. One of my tenants is a co-worker with a kid & a cat. If you want your house looking like a mess never never rent to co-workers friends or family. I don't care how close you are. I just destroyed my friendship with my co-worker because we had an argument over her having people in my house that's not on the lease she has people sleeping over almost every night. I pay all the utilities. Her company is always here taking showers cooking & leaving the kitchen a mess. My advice is always rent to people you don't have personal history with.

Yeah this is a area I'm clueless on. How do I report this as taxable income?

Just purchased a duplex as an owner occupier with me living in the basement and renting out the top two floors. Just got my taxes done and I'm confused on how I go about getting my rental income reported to the IRS