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The term house hacking may sound odd or like a scam, but it’s actually legitimate and is used by both new and experienced investors as a way to build wealth. Now house hacking can even be used by a homeowner to leverage their buying power. Is house hacking worth it?
For many investors, the house hacking strategy is a relatively easy way to get into real estate investing. Low-cost financing, reducing or eliminating your cost of living and positioning yourself to take on more advanced real estate investments are just a few of the reasons house hacking can be an excellent strategy–especially for beginners.
What Is House Hacking?
House hacking is where you buy a single-family or multi-family property as a primary residence, live in one of the units and rent out the others. The goal of this investment strategy is to live for free or at a reduced mortgage, using the rental income generated from your tenant(s) to cover a portion or entire mortgage payment.
House Hacking properties could include a duplex, triplex or fourplex. It’s also possible to House Hack with extra rentable space, like a guest house or basement apartment.
When you move out, you can hold onto the property and continue generating rental income every month. This income can even be used to afford your next real estate purchase.
How To Plan & Find A Good House Hacking Option.
Set up an appointment today with Your Home Your Dream Team to talk about your financial goals & we can help determine your Home Hacking options that would best meet your goals.
House hacking investment properties that usually produce the best cash-on-cash returns may include:
Properties with sellers looking to offload a property aka “motivated” sellers
Foreclosed homes
HUD homes
Fixer-Uppers
Home with a layout that can be utilized or room to build what it needed to pull off your plans
Investor Tip: Don’t buy a property in a bad neighborhood just because it’s a killer deal. Location alone will make or break your investment.
Conclusion
Utilizing the house hacking investment strategy is one way to get into real estate and build lasting wealth. Even if you already own the house you live in, there are several creative ways to make money by renting out your extra or unused space. While it may not work for everyone, house hacking can be an extremely successful and lucrative investment strategy.
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