All Forum Posts by: Account Closed

I'm interested in house hacking a 3 bedroom home. Most of the deals that I've analyzed would have me break even or contribute $200 or less towards the mortgage each month.

I am wondering how this would be taxed come income tax time? A friend of mine told me that I would have to list the rent contributions from tenants as income. Is this true?

Can some house hackers provide insight into this?

0 Votes

friendly bump for more info about this topic

0 Votes

@Christopher Gilbert

I will look into that. Thanks!

0 Votes

@Brian Tremaine can you please PM me the name of the broker as well?

0 Votes

Originally posted by @Alvin Neal:

@Account Closed Hello. I am a Realtor with Keller Williams Realty in Novi. I got my license to help further my investing career also. There are monthly fees, board fees, mls fees and a percentage split until you reach your cap. In the past year I have learned alot and have taken classes about hud, short sales & foreclosures, REO's and many others. If your goal is to help people and to make money don't let the fees scare you away.

Hi Al, I am actually not interested in practicing real estate. I just want my license for myself. I'm not interested in listing or selling homes for other people.

0 Votes

Originally posted by @Jean Bolger:

There are also brokers that only charge a fixed amount when you do a transaction, rather than a monthly fee, and will not require joining the realtor assoc. Ask around at your local investor clubs, you'll probably find others that are licensed but not working with clients.

I will do that, thanks.

0 Votes

Originally posted by @Jay Hinrichs:

@Account Closed

very simple.. google flat rate brokers they are the rage these days.. on the west coast you can get them for as cheap as 199 a month they don't care what you do... they may charge you a small transaction fee on your deals.. but they have to eat to.

I took your advice and did a search for flat rate brokers in Michigan, but everything that came up was related to listing homes.

0 Votes

Hi everyone,

I'm looking into getting my RE license in Michigan in order to further my investing career, access the MLS, better negotiate with selling agents, etc.

I know that I will have to find a broker to hold my license, but I'm not sure how to go about that? I am fully aware that there are a lot of fees (MLS, office, Association) that come along with brokers and I was wondering if any non-practicing REI agents have had experience finding a broker to hold their license?

I have no idea how to go about finding a broker that will discount the fees since I have zero interest in actually selling or listing homes. I just want to do it for my personal gain. Can anyone offer any advice?

1 Vote

All Forum Posts by: Account Closed

Account Closed has started 2 posts and replied 14 times.

Post: Jacksonville Path of Progress

Post: Light Rehab (WITH PICS!) - Rental Property Purchase Story

Post: House Hacking + Income Taxes

Post: House hacking taxed income

Post: Becoming Licensed Agent Without Actually Practicing

Post: Becoming Licensed Agent Without Actually Practicing

Post: Becoming Licensed Agent Without Actually Practicing

Post: Becoming Licensed Agent Without Actually Practicing

Post: Becoming Licensed Agent Without Actually Practicing

Post: Becoming Licensed Agent Without Actually Practicing