All Forum Posts by: Matt Michaels

@Basit Siddiqi Yes I am looking to house hack the duplex! I need to thank @Scott Trench and @Brandon Turner for their guidance in this initiative. I listened and attended multiple seminars that Brandon had through BP and then as well as reading Scott Trench's book Set For Life helped inspire me to take this step!

@Jay Helms Thanks so much for the level of detail! I had no idea about needing to hold security deposits in a separate account. I will need to look into this rule in more detail for PA.

In regards to #2 I love the acronym you used! This is really great to be able to summarize quickly and effectively the financial hiccups I may encounter.

Thanks so much again, I really appreciate the advice!

@Lance Lvovsky Thanks for the detail about the CPA concept. I did not think about engaging with a CPA as I start my RE journey. That is definitely great advice.

@Daniel Hyman thank you for the insight about keeping rental finances and personal finances separate.

Hi all - I am in the process of buying a duplex property within the Pittsburgh area, and wanted to gain expertise from the members of the BP community. As I am looking to start financing the deal, I was wondering if you had insights about starting a new checking account with my bank, specifically for real estate? I would imagine you need to open a new checking account or put the property into a LLC, but was wondering if you could provide a few nuggets of expertise.

Thanks in advance for the help!

MJM

Matt,

Thanks so much for the info and appreciate the advice. Always good to hear another perspective on the topic and get an idea of someone  else's experience. 

MJM

Hi BP Community!

I am currently in the process of buying my first place! I started the process in December after listening to multiple podcast episodes and attending a few of the online webinars. 

One of the things I was hoping I could gain your expertise on is shopping around for various mortgage loans. I am working with one of the large, national real estate services companies and they pre-approved me for a loan. But, I was hoping to explore online platforms such as Rocket Mortgage (for example) to see if I could get better terms and potentially a lower interest rate. I figured it would be beneficial to see mortgage loans from a few options, and then compare/contrast.

Has anyone used Rocket Mortgage before? Does it tap your credit report when going through the loan process? My main concern is that if I shop around a few places and my credit report keeps getting tapped, it will lower my credit score and resulting in a higher loan interest rate.

Please let me know if I can provide further clarification, and thank you in advance for your help!

MJM