House Hacking in DMV Area

[Logan Karanovich]

Hi all,

Been trying to get into the real estate game for a while. Really trying to find the best strategy while living in a very expensive market (I.e. Washington D.C.). Based on my research and the advice of others, it seems like the first good move is house hacking.

Struggling to find a good property in Arlington, Alexandria, or D.C. just because of how expensive they are. Doesn’t seem like I will be able to break even let alone make any sort of cash flow.

Started considering buying a place with 1 or 2 bedrooms and adding a bedroom and/or bathroom. Can this be done with condos or townhouses? Is it worth it or should I reconsider the location?

Any advice would be much appreciated. Thanks!

- Gregg Logan Karanovich

[Brad Jacobson]

Hey Logan,

@Russell Brazil's answer was perfect and since he's an agent in D.C. I would immediately look to him as an agent to help represent you!  Having the right agent is mega important when looking for an effective house hack.

Also, consider adding the "nomad" strategy to your plan in which you buy a house this year, house hack it, save all the extra money, and buy another in 12 months or whenever you can afford it.  If you can do this effectively and repeatedly, especially while you're young, it'll set you up for life!  The house hack and nomad strategy got my investing train moving and they are my favorite strategies to date.

Good luck!