4 ms·
Here on Long Island, NY, renting with one roommate is infinitely more profitable than owning a house: Renting = $1,900 a month for brand new construction, cent
by anoncoward111 8y ago
Here on Long Island, NY, renting with one roommate is infinitely more profitable than owning a house:
Renting = $1,900 a month for brand new construction, centrally located 1br apartment including utilities
Owning = $3,300 a month for 2br dilapidated house, inclusive of property tax, home owners insurance, massive utility bill, and I haven't even factored in repairs of equipment from before 1960
Sure, you could rent out your basement and your bedroom for an extra $1500, but now you are running a hotel and have to report that income :)
- voicedYoda 8y agoJust as a slight clarification, if you set yourself up to rent part of the house, you could convert ownership of the house to an llc, or soon legal entity, and then that organization collects rent from you and tenant, which pays the mortgage, property taxes, utilities, etc. Do this only if you intend to rent portions out, as it can reduce liability. Ymmv and ianaa
- anoncoward111 8y agoNice house hacking! Just be sure that you can quickly and easily prove that you as a personal entity still have ownership over the deed to the property, which is owned by your sole-partner LLC or etc
- delinka 8y agoI don't understand the warning here. The LLC is registered with the state, the owner of the LLC is registered with the state, the LLC is the property owner of record with the local/regional government. Can you explain what you're warning about?
- lostmsu 8y agoWhy do you need an LLC for that? Apart from liability.
- lallysingh 8y agoYeah owning there only makes sense if you want to live there a long time.