Can house hacking be done with a part-time day job?

17 Replies

Can someone get into house hacking if they are only earning a part-time salary from their day job? How soon can that person quit their job they hate and go all in with house hacking? If that person's main goal is replace the income from their 9-5 job with the cash flow from house hacking multi-family homes, what would you tell them as much as they want to quit their job and be free from ever having to punch a time clock ever again?

"Can someone get into house hacking if they are only earning a part-time salary from their day job?"

Maybe. You have to live somewhere anyway. If you have enough money to either buy something or qualify for financing.

"How soon can that person quit their day job they hate and go all in with house hacking?"

It depends. How much money can you make off the house hack? You likely need enough to cover all of your living expenses plus generate enough money to put away for expenses and be able to buy another property or 100.

"If that person's main goal is replace the income from their 9-5 job with the cash flow from house hacking multi-family homes, what would you tell them as much as they want to quit their job and be free from ever having to punch a time clock again?"

I'd tell them to keep their day job, live below their means, put all their extra money into investments until it generated enough money to meet all expenses plus future costs on the property and extra funds to continue investing. 

I think house-hacking benefits the part-time worker even more significantly than it would someone working a full-time job or working as a full-time investor. With some of the fundamental principles of personal finance being save more money & find ways to reduce spending, house-hacking meets both of those principles and will help boost them. 

As far as replacing a 9-5 salary with house-hacking cash flow, that might be more difficult and as it is currently worded *nearly* impossible (but could happen!). I think the strategy they are looking for to accomplish this with house-hacking is to house-hack each MFH purchase they make, and consistently acquire and add to their portfolio. Each time you move out of your MFH and rent that unit, you'll realize positive cash-flow (or even more if you were cash-flowing already while house-hacking) and also realize immediate savings from house-hacking your next acquisition.

A feasible and powerful strategy as long as you are willing to move and live like that. At some point, you'll probably want to scale though.

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@JD Martin Good advice, but it sucks for those that want to leave their job like ASAP but are stuck having to punch that time clock a lot longer than they have to. It may not enable them to quit their job as fast as they would like. They do, however, have something to fall back on in case employment take a turn for the worse. 

@Eugene M. That is a tough one when it comes to saving money when that 9-5 job is not paying enough to even began to save money out of pocket. It is not a easy task trying to budget and save money when you get paid different amounts of money every two week pay period. When the employer decides to cut hours and strip away your fixed income you have been earning for years things tend to get a whole lot difficult. That is where I am today. 

Originally posted by @Tony Marcelle:

@JD Martin Good advice, but it sucks for those that want to leave their job like ASAP but are stuck having to punch that time clock a lot longer than they have to. It may not enable them to quit their job as fast as they would like. They do, however, have something to fall back on in case employment take a turn for the worse. 

@Eugene M. That is a tough one when it comes to saving money when that 9-5 job is not paying enough to even began to save money out of pocket. It is not a easy task trying to budget and save money when you get paid different amounts of money every two week pay period. When the employer decides to cut hours and strip away your fixed income you have been earning for years things tend to get a whole lot difficult. That is where I am today. 

You're right, it may suck, but sometimes desire and reality don't meet at the intersection where you'd like to catch the bus. Sometimes you have to walk down the street and wait an hour for the bus that's going in your direction.

I worked a lot of crappy jobs on the way up. Most of them for low pay. I pumped gas; hawked peanuts on the boardwalk; did landscaping grunt work; restaurant dishwasher; prep cook; call center; private driver; golf course greens cutter; etc. Some I hated, some were tolerable. All of them were slave wages. But none of them were ever the final destination. Sometimes you do what you have to in order to pay the bills. 

If your job is that bad, part time and low pay, find another job. 

@JD Martin Agreed. We all want financial freedom and to work for ourselves, but rarely does it come without huge investments in time and effort.

Hard work can have compounding effects just the same as investing. Do it up front (and smartly) and reap the benefits later.

Originally posted by @JD Martin:
Originally posted by @Tony Marcelle:

@JD Martin Good advice, but it sucks for those that want to leave their job like ASAP but are stuck having to punch that time clock a lot longer than they have to. It may not enable them to quit their job as fast as they would like. They do, however, have something to fall back on in case employment take a turn for the worse. 

@Eugene M. That is a tough one when it comes to saving money when that 9-5 job is not paying enough to even began to save money out of pocket. It is not a easy task trying to budget and save money when you get paid different amounts of money every two week pay period. When the employer decides to cut hours and strip away your fixed income you have been earning for years things tend to get a whole lot difficult. That is where I am today. 

You're right, it may suck, but sometimes desire and reality don't meet at the intersection where you'd like to catch the bus. Sometimes you have to walk down the street and wait an hour for the bus that's going in your direction.

I worked a lot of crappy jobs on the way up. Most of the for low pay. I pumped gas; hawked peanuts on the boardwalk; did landscaping grunt work; restaurant dishwasher; prep cook; call center; private driver; golf course greens cutter; etc. Some I hated, some were tolerable. All of them were slave wages. But none of them were ever the final destination. Sometimes you do what you have to in order to pay the bills. 

If your job is that bad, part time and low pay, find another job. 

Trust me. I am looking for another job. Since real estate has turned into a passion, I am now starting to think about having a job in the real estate business. The problem is I don't have a degree nor went to school for anything related to real estate. All I need is enough steady income to pay down my bills.

Originally posted by @Brock Mogensen:

In my opinion house hacking is a good place to start but it will take you a long time to reach financial freedom from just house hacking.  My advice is to continue the house hacking but also build your portfolio aside from that.  

The idea of house hacking multi-family homes has become a huge turn on for me every since I learned what that is and how to profit from it. I get the best of both by having my own place to live, and I get to build up cash flow at the same time.

Originally posted by @Greg Parker:

Let me know if you want details.

Share details. Unfortunately, I am a long way from Montgomery. Something close to Birmingham AL would be my focus.

Originally posted by @Greg Parker:

BP will probably shut down my post if I add pertinent details. But, we are nationwide. Always looking for agents.

Isn't that a commission based salary job? I need something that pays hourly. 

Get your license, then get a job at a big apartment complex,etc., to get your 9-5 paycheck. Then, use your licensed to help you with your side-hustle commission and personal deals. We also allow 2-3 personal deals per year with zero commission.

@Greg Parker How much does it cost to get a license? Do you have information where I go to get this license including the length of time it takes to get the license? 

On-line courses for around 250.00. Lots to choose from. It is a 60 hour class, then you take the test for 100-150. Then you have to take a post license class which is I think 30 hours. You would have 500-600 tied up in it. Contact AREC for exact requirements for Alabama.

Originally posted by @Greg Parker:

On-line courses for around 250.00. Lots to choose from. It is a 60 hour class, then you take the test for 100-150. Then you have to take a post license class which is I think 30 hours. You would have 500-600 tied up in it. Contact AREC for exact requirements for Alabama.

That is going to cost me a lot more time and money than I can spare at the moment. Is it like a requirement to get a real estate license if I just want to work a hourly paying job at an apartment building? For now, I can probably do with just finding a new job. That is my biggest focus for the time being. I don't have work experience working in an apartment complex, so that may cost me a job.