All Forum Posts by: Elvin Torres

Hi everyone.  if you allow two people at a time to occupy a single room for rent in your home, do you have both of them fille out the same paper work, meaning the lease and everything else? how do you go about collecting utilities? Is it better to just split it up when the bill comes in?

Hi Everyone. I just called the city this afternoom and they told me that I will only be able to file for property tax exemption for  my new home, only after I have lived there for one year, meaning that I am going to have to pay the full amount of taxes with no exemptions for the first year I I won the property. just wanted to put that outthere for the first time home buyer. The earliest I can claim the tax exemption is MAR 1st 2026. Since I have to wait a year before I can claim the exemption, I guess it does not matter what time a year you buy the property in. does it?

Hi steven and thanks for the response. I dont quite understand your response. I just called the city this afternoom and they said that I will only be able to claim property tax exemption, only after I have lived in the residence for one year to beguin with, so to even get any benefit from my first residence, I will have to live there for at least another year. as far as tax portability, I will move from one residence to another, making the second residence my new primary residence. at which point I would need to apply for property tax exemption in my new residence, therefore annuling the first residence, as fas as tax exemption goes. As far as I am concerned, you can only claim residence in your primary residence, so how does tax portability plays a part in all this? 

Hi Remisola.Thanks for bringing this question up. I just posted a similar question because I just bought a home that has high property taxes, and I was wondering what to do if I decide to live there for 2 years while house hacking, then buy another property and do it all over again. Those taxes from the first home will put a dent on my savings/cash flow when I move, since i won't be able to claim a tax exemption there. So far, I am thinking of selling or get a property with much lower property taxes when I move. 

Thanks chris. I will be house hacking from the beguining. i am not sure if I will sell after a few years. more than likely I will rinse and repeat. I have to wait a year to claim my property tax exemption anyways! so yeah.2 years or more at least before I move on to the next. we will see.

Thanks. I appreciate it! I am reading the book. I guess I have not gotten to the part where the link is at.

Thanks Nicholas. that is definetly an option. I am thinking i will rent out one room only to get my feet wet and learn the ropes a little, then rent the others and go from there.

Hi Christine. I just purchased a new home with D.R Horton. no money down. 3.990% interest rate, all closing cost covered, they even paid the fee for breaking my lease early, and it is a brand new home with everything new in it. warranty for all the appliances etc. since I found the house myself, instead of using a realtor. i called the realtor when i was ready to buy, and they agreed to give me a monetary gift.(1, 1.5, or 2% of the purchase prize) you have to work that out with them. Not only i came out with no money out of my pocket, but I got a few thousands dollars out of the deal! I also asked D.R. Horton to waive the HOA for 1 year, which they did.