Getting stated with House hacking

3 Replies

Hi everyone,

Im a new investor, and im looking for some advice please. The question is: Can you be successful in the future by starting out with house hacking a duplex where you have to come out of pocket couple hundred dollars to complete the mortgage payment?

@Isamel Jean you sure can. Most people have to pay rent/mortgage if they're living on their own so a couple hundred books to cover a house hack is similar to paying reduced rent (assuming rent is more expensive in the area than what you're covering out of pocket) so you're saving right there. Plus, you will be gaining equity. Also, when you do move out, you will now be able to rent your unit and again, assuming the numbers are right, you would be making money from the rent now.

Yes, that's a great start. If you're open to the idea and your side of the duplex has an empty bedroom, you can also consider having a roommate/tenant in order to speed up your cash inflow. This isn't for everyone because it does come with some cons (loss of privacy, added interpersonal relationship to maintain, etc.) but it can also be a rewarding (financially and socially) experience.