I am in the Northern Virginia area outside of DC. I am looking to house hack (duplex or 2br condo or SFR). However, it seems like a difficult feat in this market with housing prices so high and the scarcity of multi-family units in the area.
For those not familiar with the northern Virginia market, 2br condos go for 450k-500k and rent for $2800. So if I were to house hack, the numbers just don't work out. Duplexes are far out of my budget at around 550k-700k.
I'm opening to short-term rentals as well via Airbnb. However, the challenge with short-term rental is all the HOA regulations prohibiting rentals fewer than 30 days.
Heres my question:
What is your opinion on the best route to go for house hacking in this market given the constraints? Is there something I'm overlooking? Any ideas or suggestions?
Any thoughts are much appreciated.
Not sure what you mean by the numbers dont work out. You are paying rent correct? You can pay rent and make someone else money or you can buy and make money for yourself. 10 years from now your rents going to be $1,000 higher than it is now, but if you have a mortgage its only going to be slightly higher from tax and insurance increases.