All Forum Posts by: John Lyszczyk

The benefit is simply having the opportunity to bargain/exchange real estate like we have for the past 100 years. Getting rid of it means a less free market, and the Dems will do anything to funnel more money to the Fed government. Who cares if the majority of the US doesn't use it? It doesn't hurt them. It's not malicious. It helps the people that most likely (not all) have worked very hard to be able to take advantage of something like this. 

In a free market, you can be as poor or as rich as you want. That should be up to us and not the government. Removing a tax deferring benefit from real estate owners only hurts the American people.   

Nice man! Looks like a great home to live in and once a tenant is in there you'll have the best of both worlds. Glad this deal came together for you. 

I bought a duplex in a nice area on the East side of Michigan and house hacked that for almost 2 years. I was responsible for $125-$150 per month and it allowed me to save money for future investments. 

Once again, congrats on your acquisition and good luck with your future endeavors!   

@Kyle J. Is correct. There are different standards for residential or small multifamily dwellings. In the state of Michigan, if you're claiming that the property you plan to rent out/house hack is your primary residence and you're actually living there, then you're exempt from FHA. Owner-occupied housing is an exempt property.

@Devin Rambali You can certainly write off repair expenses and anything related. Keep all your receipts for proof. I'm not a CPA, but I've been advised by several to be aggressive with writing off expenses. Consult with with more than one CPA for further advice on this, but the more you're able to write off the less you give to Uncle Sam. #taxationistheft

@Ahmed Seck Considering everything that is going on, I would wait until the beginning of next year to start looking at "Rent by the Room" homes. Colleges seem to be waffling at the idea of bringing everyone back. 

I bought a duplex to live in the upper unit and rent out the bottom unit. My brother moved in with me and was able to chip in on bills/rent. On average, I was responsible for $125-$150 per month for my cost of living there. This allowed me to save money and invest in other real estate opportunities. If you can find a duplex or 3-4 unit, look at it hard because it's a great way to not only save money, but it gives you a taste of what landlording is like. You'll learn about how to be a landlord and likely figure out if you want to continue to go this route on your real estate investing journey. Good luck! 

Nice! Congrats on the successful deal! My brother and I are doing the same thing right now (Live-and-Flip). Currently splitting the mortgage payment and utilities between the two of us. For the first 6 months we had a third roommate, but he moved out. Your success is inspirational. Thanks for sharing!

30 with 6 rentals (2 duplexes and 2 SFR). Short-term goal is to have 10 cash-flowing units within the next 10 months.

@Rachel Hughes Nice! Love the bathroom :) 

When you say 80% occupancy what does that mean? 80% of the month? Week? Year? I am not familiar with Air BnBs. 

I think @Randall Alan hit it on the head. If you're looking to buy your first property a duplex to house hack would be a great first step. This will give you an idea of what landlording is like, and you can determine if you want to continue to buy rental properties or not. House hacking is a great strategy and significantly reduces cost of living. Save, save and save for you next rental and you'll have a well built portfolio in no time. 

The LTV isn't preventing you from moving out. That just determines if you pay PMI or not. After 1 year you can legally move out and apply for another loan that could be FHA or conventional and call it your "primary residence".