All Forum Posts by: Luciana W.

@Melissa Ford

I’m no CPA, so please take this with a grain of salt.

But I would make a check with the grocery cost from the personal account to the LLC account so is registered that as a repayment.

@Aziz Usmanov

Mostly I use the basic, but you can mix and match for each property.

@Aziz Usmanov

For a larger portfolio, I heard that AppFolio and Buildium are a good option. For me they were a bit pricey.

I have been using Hemlane for a almost a year now and enjoy it. It is very intuitive. Easy to market, and keep track of tenants.

@Hector Melendez

First think, I believe , is figuring out what type of house hacking you are interested in doing;

Are you planing on buying a small multi family, live in one unit, rent the other (s)

Or you are planing on buying a bigger house and rent rooms? Your tenant will be your roommates.

I have seen people do “live and flips”, live as your primary residence while renovating and selling after a couple of years, saving a ton of money in capital gain taxes.

There are many ways of house hacking into real estate. Educate yourself, learn how to run the numbers and just do it. There will be a lot of learning on the process!

Good luck

@Allende Hernandez

Great discussion!

I’m not sure if someone pointed this out already, but if you plan on selling it, keep this in mind.

If this was your primary residence for at least 2 year in the last 5, you might be eligible for a large capital gain exclusion when you sell. A tax break is always a great incentive!

@Carlo Dacanay

In my experience, a big pro I notice with collage students, specially with units that accommodate roommates is that when one roommate graduates move out, the remaining tenants tend to fill out the roommate spot quickly. Avoiding the turn over of the whole unit on my end.

I do make clear to them that I’m not renting rooms but a whole apartment and they are responsible for the whole units rent.

Also, co-signers since they won’t have the necessary credit to rent on their own.

Best of luck!

 When tenants pay me via ACH, the first time takes a bit longer, I don’t remember exactly the amount of days but about a week for the money to transfer in. But the next time in about 2 days you see the payments in the account. Also as soon as the tenant payed you get notification that that transaction was made so you know they are on time.

I have been using Hemlane for a few month now and has been great. Their customer service is amazing.

I have market my properties with ease and my tenants pay me from their portal inside Hemlane, and things have been working as seamlessly.

@Steve LeBlanc

Hi,

I'm kind of a Newbie here, I was looking at this tread because I'm planing on cash out refi my first BRRR soon. My question is, when you refinance, if your property is inside a LLC, do you pull it out refi and than put back in, or try to find a lender that can lend inside the LLC avoiding this hassle?

@Paul Smythe

The first thing that came to mind is adding a fence between the two areas so each tenant will have their own backyard space, a tall one for privacy or a shot one to limit racehorses space. Not sure if this is possible.

Adding some color on the walls will be nice too