Hello, does anyone have experience with house hacking, apartment hacking or mobile home hacking in British Columbia. In the Vancouver area the houses are out of my price range for now, that's why im looking at apartments and mobile homes.
Ive been analyzing 2 br apartments but because the strata fees are high it doesn't seem to cashflow. If you have any insight on this matter let me know!
@Stephanie Blouin cashflow in the Lower Mainland is challenging unless you increase the size of your downpayment. Have you considered smaller markets in the north or interior (or investing out of province)?
Cashflowing here in Vancouver is very difficult. I know one person who has a 3BR apartment, and rents out the two extra bedrooms to exchange students. It pays decently well, although he also has to provide dinner for them. I doubt it covers his mortgages payments, but helps a significant amount. Apart from that, I think house hacking in Vancouver, if you have enough for a down payment, can help offset your mortgage costs if you're willing to live with others, but won't work in a traditional house hacking way of having a break even or cashflow positive investment. Unless you put a larger down payment, as Chris mentioned.
house hacking basically impossible with a 20% down, but you can definitely rent hack. My family rents one of those big houses with lots of bedrooms, we rent out the bedrooms and it covers the rent.
Thank you @Chris Baxter for the reply.
For now ill invest in the lower mainland because I want to live near my job. I want to learn how to manage renting from a short distance. If I dont find anything that works for me ill look further.
Thanks for the reply @Brian Dean ! Yes you're right if I had a larger down payment I would be cashflow positive. Since its not the case, having tenants will definetely lower my mortgage payments. Ill have to start with that and save more capital for a second property.
Hi Stephanie! I think you are on the right track. I started house-hacking with my boyfriend (now husband) as it was my condo and I made him pay way more of the mortgage since he didn't contribute to the down payment. It was cheaper than him renting his own place anyway. He's had the larger T4 for years so I guess that's what a marriage is, lol. So that's one strategy, though I never thought of it that way until now :) Another thing we've done always since having a single family home has been to have a suite, which we have always rented furnished to attract a higher quality of tenant or busy students from Justice Institute. Then as our kids have gotten older, we have had homestay students off and on throughout the last 6 years, which has both enriched our family life and given my children access to other cultures that they normally wouldn't have access to, as well helped us to pay down our mortgage. I have to say though, that I don't envy a young person in the lower mainland trying to get into the housing market. Just looking through New West listings on the MLS today for a friend looking to move from a 2 to 3 bedroom was really appalling. PM me if you want and we can talk through some ideas! Cheers, Lena