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All Forum Posts by: Lauren N.

Lauren N. has started 6 posts and replied 8 times.

Post: House Hacking after buying property abroad

Lauren N.Posted
  • Posts 8
  • Votes 3
Quote from @Laura Shinkle:

The only real benefit of being a first time buyer is you're able to put less down. With conventional loans, you can put 3% down instead of 5%. You can househack regardless of if you're a first time homebuyer or not. 

I don't actually know the nuances of the answer to your question, but does the difference of 2% change what you'd want to do? 

Are you living outside the US currently and wanting to buy a home where you live now? Or is buying outside the US a vacation/investment property? I think more information would help us give advice on your circumstances. 


 I'm not currently living outside of the US but I'm thinking about it.  Good point on the 2% difference....  I thought there were more benefits to being a 1st time home buyer here in the US with a house hack but I haven't looked at my notes on the subject recently.  Thanks!

Post: House Hacking after buying property abroad

Lauren N.Posted
  • Posts 8
  • Votes 3

Will I still qualify for the benefits of a first time home owner/ house hack in the US if I buy outside of the US first?

Or should I hold on buying outside of the US until I have my first house hack here in the US?

Post: Renovations while house hacking

Lauren N.Posted
  • Posts 8
  • Votes 3

Am I allowed to convert a garage to an ADU or add bedrooms to the house while doing a house hack and having tenants?

Post: House Hacking and traveline abroad

Lauren N.Posted
  • Posts 8
  • Votes 3

I know it's a year requirement to live in the house hack.

How much time can I spend traveling abroad while doing the house hack?

I am self employed and will work in different parts of the country for weeks or a month at a time.  Is this acceptable with a house hack?

Post: Tenants for a househack

Lauren N.Posted
  • Posts 8
  • Votes 3

Is there a certain amount of time I'm given to find tenants for a house hack?  Am I penalized if I don't find tenants quickly?

Is the PMI a deduction on the tax return? How is it treated in the accounting?

Is there a point when the PMI goes away? If so when does that happen?

Post: House Hacking- are the rents tax exempt?

Lauren N.Posted
  • Posts 8
  • Votes 3

Hi Everyone!

I'm just learning about house hacking.  How do the finances work?  If I collect 40k in rents from the house hack in a year do I have to pay taxes on the rents first and then put it towards the mortgage?  Or is the 40k an expense and tax exempt?