Looking to house hack in today's Market? Here's what to do...

[Chris Mylan]

I've done three successful house hacks in the DC market - granted this was between 2017 and 2021 when rates and prices were a little different, but it's still very possible today. 

In short, buy a 4/5 bedroom house - preferably one that needs a little work and has a basement or other auxiliary entrance. And you're going to live in one room (obviously) and rent the other rooms - or better - AirBnB the other rooms/ basement. Or live in the basement and AirBnB the three rooms up top. 

You can purchase with an FHA loan (or FHA rehab loan) and bonus points if you can find one that's assumable.

The numbers will look something like (I can go into more detail if you msg) -

PITI/ AirBnB expenses: $6,000k per month (assuming about a 700-750k purchase price)

Revenue: $3,000 from AirBnB, ~$2,400 from other two rooms, and you live in one room. So, $5,400 and you would have to cover the other $600+

Plus, tons of loan pay down, tax, appreciation benefits. You're highly leveraged, but very profitable.

Again, I've done this three times and would do it every year if the banks would allow me. 

[Russell Brazil]

The most important thing to remember in the DMV is there are three different states, and many counties that have differing regulations. Just as a quick example the Virginia side of the border generally allows only 4 unrelated people to live together, Maryland 5 people, and DC 6 people. So that can swing a house hacking strategy when DC you can get 50% more people into a house than Virginia.