All Forum Posts by: Jacob Holt

@Thomas Giganti I just bought my first home on the 100 block North of Patterson park and I enjoy the area quite a bit! There is a large mixture of young professionals, health professionals, and young families. I bought this house with the intention of house hacking because its where I wanted to live and it was not difficult at all to find renters interested in my place. I know in this area rents go between $1400-1700. Personally, I'm renting each room out at $725. Hope that gives you an idea.

Hi everyone, I recently purchased my first house in Baltimore, MD. It is a 3 bedroom 2 bath single family row home. I currently reside in one bedroom and rent out the other two bedrooms. I want to create a new checking account to keep all my house income expenses separate from personal expenses. I decided to buy the house in my name to qualify for a homestead exemption. My plan is to move out in two years after I qualify for the possible capital gain tax exclusion so then I can either decide to keep it for 3 additional years (or maybe longer, and forgo the exclusion)and move the home into a LLC. I question if there is any benefit to creating a LLC now and opening the bank account in the LLC name. I'd really appreciate any suggestions from anyone that has had a similar experience. Thanks!