All Forum Posts by: Misael Herrera Granados

Hello all, quick question. I purchased my house in September of this year, I am in the middle of updating my house to rent the rooms and make money from them next year. Since I have not made any income in the year of 2022 from the rooms, is there any point in going to a CPA to find deduction on the house? I have so far spent close to $20k on the house (down payment, loan fees, costs to remodel) . Not sure if I can use any of these as deductions this year since I have not made any income from the house and it was purchased as a primary residence. 

Thoughts? This house is in the KCMO area. 

Thanks a bunch!

@Mohammed Rahman I like the idea to divide the costs by sq. footage! I can even apply that to charging more for rent to cover utilities if I chose to go that route. 

Thank you all for your responses! I figured I would have to keep them under my name, but thought I might try to see if there were alternatives I simply didn't know about. 

Hello all, 

I have vacated one of my properties and where I use to house hack. Since the other two rooms are currently rented by the room, I will be renting out the room I use to stay in to a different person and continue renting it by the room. 

My question is: now that I will be renting out the house by the room and all renters are individuals, how do I go about having them pay for utilities (Wi-Fi, water, gas, electric, water)? 

My initial thought was to keep the utilities in my name and connected to my credit card, and having them pay me directly for the utilities, but maybe there's a more efficient way to go about this? I want to continue managing the property, so I don't want to hand over management responsivities to anyone else. I feel that I cannot expect one of them to take care of the bills and having the other roommates pay him for utilities because he may see that as a type of property management and charge me for it. 

Any ideas on a more efficient way to go about this?

Hello,

Who do I contact to get logged into the bookstore? I have 3 books purchased but can't access any of them through the book store. I have the correct password and email to log in because I was able log into the general bigger pockets website (as I'm in right now while I'm typing this), but when I log into the book store it doesn't even say that there's an account under my email address. Which is not true, since all my emails from bigger pockets to that very email and I've used no other email. Before anyone asks, yes, I've double checked my email address and password several times. 

Thank you in advanced!

Thank you both! @Dave Skow and @Nathan Grabau. I actually did not think of house hacking by the room. This is something I'll have to run the numbers on. And so far, it doesn't look like the multi family properties will be providing any cashflow.

I'm currently applying for pre-approval to purchase my first ever property. Since I'm 24, and don't have much behind me I'm planning on using an FHA loan and taking on the PMI expense. I have a good credit history and I make solid income.

My original plan was to house hack a duplex in the area (Kansas or Missouri), but the real estate agent I'm working with informed me that I'd have a better cashflow and appreciation chance if I purchase a single family unit. The reason why is that in this area there is a lot of competition among the multifamily properties, thus, not making them cashflow efficient. However, he also stated that the multifamily unit is a better option if I'm thinking on a long term hold (which I am) and it will have two units rather than one when I move out to the next property. 

Any advise on things I may be missing in my though process? Should I consider a single family home and eat the cost of owning it for a year while I fix it cosmetically and then rent it out when I move out?