I am very new and I want to start with house hacking

3 Replies

I am very new to real estate investing, I am in the reading books and listening to podcasts stage. I know I have to learn all I can before I dive in, but what can I start with now in order to be ready for a house hack? How do I go about house hacking? I know its a pretty broad question but anything and everything will help. Thank You!

@Alex Gallardo , basically, the idea is your primary home purchase will be a duplex, triplex or quad, bought for as close to the price of an SFR as you can find, without catering so much to your own lifestyle / pool? / backyard space preferences, because you want to think like an investor, not a consumer. So, your accommodation expenses are aimed to be as close to zero as possible, (if you can't find a deal that gets you paid to live there). Value increase over time is a bonus!

The lower the deposit you have, the harder it is to achieve lower-than-rent outgoings, but at least FHA will let you get into the game (even up to a quadplex) for as little as 3.5% deposit! You won't get that as a non-house-hacker! Good luck...

@Alex Gallardo don't limit yourself to duplexes, Triplex's etc you could buy a big house and room it out. House hacking is all about living for free, nothing less. That means your rent and your bills. Also real estate investing is all about thinking outside the box. Find a way to make money from a property and then go for it. Good luck

@Brent Coombs @Tim Hall thank you guys both! I will definitely take your advice into action and consideration.

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