House Hacking

So you want to House Hack huh?

What is House Hacking?

Simply put, House Hacking is a strategy that involves renting out portions of your primary residence to generate income that is used to offset the cost of your mortgage and other expenses associated with owning a home. When done correctly, it allows people to live in expensive areas completely for free, or even generate positive income through home ownership. Not too shabby right? ~ David Greene Forbes.com

To begin, I recommend that you find a broker that can help you meet your investment criteria. Buying a home can be stressful for a first time investor: 1. because you still have to train your mind to look for deals instead of the best looking house. 2. you have to find your purpose, what are you investing for? When you keep that in the forefront you will succeed.

For house hacking you have to determine your comfortability level. Are you okay with buying a small single family house and having a roommate. Are you comfortable having a larger single family house and having multiple roommates? Are you Comfortable having a multi-family home (duplex-triplex-quadplex) and renting out the other units? (many more factors can go into play like: location, affordability of homes in your area, etc..)

Two books I always recommend is Robert Kiyosaki (Rich Dad, Poor Dad) and Brandon Turner's book (Investing in Real Estate with No (and Low) Money Down) to get started with house hacking.

Jacques Ikolo