How is everyone house hack going?

House Hacking

4yFollow

How is everyone house hack going?

Kimothy Bynum

Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes

How is the house hacking experience going? Are you enjoying it? I'm currently house hacking and its been pretty smooth!

11 Reply

68 views

Most Popular Reply

Brenden MitchumBusiness Member

Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes

Hey @Kimothy Bynum, stoked to hear your house hack is going well!

Ours is going great so far. Been a couple years since we bought it and have only had to pay PITI a couple months that it was vacant. We even typically get enough to cover our utilities for the month so living essentially "for free" (until something breaks that is). We'll be moving out soon and renting out our side on Airbnb as a mid/long-term rental and are already booked for 8 months. Having only come out of pocket a small amount for downpayment (5%), closing costs and some repairs, our CoC will easily be in the high double digits (after factoring in repairs/maintenance). This strategy is just a no-brainer, regardless of current market cycle.

What about you? Would love to hear more about your house hacking journey!

[email protected]404-737-0018

5 Reply

See this reply in the discussion

53 Replies

Jump to latestLatest

Sort by

Brenden MitchumBusiness Member
Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
4y
Hey @Kimothy Bynum, stoked to hear your house hack is going well!
Ours is going great so far. Been a couple years since we bought it and have only had to pay PITI a couple months that it was vacant. We even typically get enough to cover our utilities for the month so living essentially "for free" (until something breaks that is). We'll be moving out soon and renting out our side on Airbnb as a mid/long-term rental and are already booked for 8 months. Having only come out of pocket a small amount for downpayment (5%), closing costs and some repairs, our CoC will easily be in the high double digits (after factoring in repairs/maintenance). This strategy is just a no-brainer, regardless of current market cycle.
What about you? Would love to hear more about your house hacking journey!
[email protected]404-737-0018
5 Reply
Jared HottleBusiness Member
Real Estate Agent · Cedar falls IA Waterloo, IA · Member since 2020 · 902 posts · 549 votes
4y
Great here! Times when it gets annoying I just remember I am living for free and reduces my largest expense to nothing in case other income streams are not doing as well.
[email protected]319-288-5382
Jared Hottle Real Estate59 Reviews
Website View Page
4 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Brenden Mitchum:

Hey @Kimothy Bynum, stoked to hear your house hack is going well!
Ours is going great so far. Been a couple years since we bought it and have only had to pay PITI a couple months that it was vacant. We even typically get enough to cover our utilities for the month so living essentially "for free" (until something breaks that is). We'll be moving out soon and renting out our side on Airbnb as a mid/long-term rental and are already booked for 8 months. Having only come out of pocket a small amount for downpayment (5%), closing costs and some repairs, our CoC will easily be in the high double digits (after factoring in repairs/maintenance). This strategy is just a no-brainer, regardless of current market cycle.
What about you? Would love to hear more about your house hacking journey!
That sounds Amazing already booked 8 months out! what market are you in? i was thinking of doing airbnb in our unit when we move out. My house hack has been going great! I lucked out with some really good tenants which i think has made it super smooth. But i am in the Detroit area and dont know how that would work
0 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Jared Hottle:

Great here! Times when it gets annoying I just remember I am living for free and reduces my largest expense to nothing in case other income streams are not doing as well.

Its crazy how much money im saving because i dont have to pay for a mortgage. At this point i dont ever want to pay for a mortgage again its been nice and has freed up so much money which has contributed to a better life for my wife and I.
1 Reply
Brenden MitchumBusiness Member
Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
4y
@Kimothy Bynum
I'm in Atlanta so quite a high demand for housing right now, especially mid-term housing for folks in the medical field. Highly recommend at least getting your space up on Airbnb to test the market. Do this a few months before you plan on moving out and make sure you set your nightly rate comparable to others in your area but be sure to check that your actual net would greater than if you just rented long-term. You'll also want to take into account that you'll need to buy all new furniture for your next place if you're leaving it there for the airbnb. But, the good news is it doesn't cost you anything to test the market like this except your time (make sure you stage for photos so it doesn't look too much like you're living there).
Splitting the two units into slightly different strategies may work better than just doing one or could show that you're better off going with the same strategy in both (obviously this will change with the market cycles). If you have the time to manage, you might even wanna try straight STR on your unit instead of mid-term.
Glad it's going well for you so far though! Are you planning on purchasing another house hack when you move out of this one??
[email protected]404-737-0018
1 Reply
Caleb Brown
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
4y
Going well so far! I have been rehabbing the property. It has taken longer than what I thought but have learned a lot. Close to being able to get an appraisal and pull a HELOC. Plan to buy a STR.
3 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Caleb Brown:

Going well so far! I have been rehabbing the property. It has taken longer than what I thought but have learned a lot. Close to being able to get an appraisal and pull a HELOC. Plan to buy a STR.

What's an STR? And nice are you doing the rehab yourself? Is it a live and flip?
1 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Brenden Mitchum:

@Kimothy Bynum
I'm in Atlanta so quite a high demand for housing right now, especially mid-term housing for folks in the medical field. Highly recommend at least getting your space up on Airbnb to test the market. Do this a few months before you plan on moving out and make sure you set your nightly rate comparable to others in your area but be sure to check that your actual net would greater than if you just rented long-term. You'll also want to take into account that you'll need to buy all new furniture for your next place if you're leaving it there for the airbnb. But, the good news is it doesn't cost you anything to test the market like this except your time (make sure you stage for photos so it doesn't look too much like you're living there).
Splitting the two units into slightly different strategies may work better than just doing one or could show that you're better off going with the same strategy in both (obviously this will change with the market cycles). If you have the time to manage, you might even wanna try straight STR on your unit instead of mid-term.
Glad it's going well for you so far though! Are you planning on purchasing another house hack when you move out of this one??
Yea I’m looking to purchase another house hack with my wife but I want a 4 family time around. I checked airdna it showed the profit would be double my rent. But not sure how accurate that can be. And that’s a good idea I can still set everything up take pictures and see how much traffic I get I like that! Thanks for the advice we have a lot of nurses here as well. Thanks for the advice.
1 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Kimothy Bynum:

Quote from @Caleb Brown:

Going well so far! I have been rehabbing the property. It has taken longer than what I thought but have learned a lot. Close to being able to get an appraisal and pull a HELOC. Plan to buy a STR.

What's an STR? And nice are you doing the rehab yourself? Is it a live and flip?
Is it short term rental.
0 Reply
Brenden MitchumBusiness Member
Rental Property Investor · Atlanta, GA · Member since 2019 · 1k+ posts · 872 votes
4y
@Kimothy Bynum, a 4-unit would be awesome. Then you could test out LTR (long-term), MRT (mid-term) & STR (short-term) and see which fits the market and location best. All while you're still living there in the 4th unit!
Let us know how it all goes!
[email protected]404-737-0018
2 Reply
Caleb Brown
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
4y
Quote from @Kimothy Bynum:

Quote from @Caleb Brown:

Going well so far! I have been rehabbing the property. It has taken longer than what I thought but have learned a lot. Close to being able to get an appraisal and pull a HELOC. Plan to buy a STR.

What's an STR? And nice are you doing the rehab yourself? Is it a live and flip?

Short term rental. There is a fun vacation market 3 hrs South of KC I like. My wife's father is a GC so he did some work, I had a GC gut both bathrooms. We are painting and doing the cosmetic things ourselves. It is a live in flip. We did some work before moving in
0 Reply
Eric Yu
Real Estate Agent · Seattle, WA · Member since 2019 · 243 posts · 246 votes
4y
Going well! Primarily do Airbnb house hacking & it's been cash flowing really nicely (~$2.5-$3k a month per property). Moving on to try a house hack + building on a split lot as the next project.
1 Reply
Rick Albert
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
4y
So far so good!
I live in Los Angeles and on my second house hack. I've learned a lot and been fortunate to have good tenants along the way. Right now my wife and I live in a 3 bedroom house and paying almost the same as my tenants in the studio Accessory Dwelling Unit. Super wild but took time to get there.
1 Reply
John Teachout
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
4y
We're empty nesters and live in a house much larger than what we need so we rent out 3 airbnb spaces. 2 upstairs bedrooms and a larger space in the walkout basement. All three are filled tonight. It's a lot of work for my wife that does all the cleaning but it generates enough income to pay all our property taxes, utilities and insurance for the year. It cash flows as much as a 3/2 SFR.
1 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Brenden Mitchum:

@Kimothy Bynum, a 4-unit would be awesome. Then you could test out LTR (long-term), MRT (mid-term) & STR (short-term) and see which fits the market and location best. All while you're still living there in the 4th unit!
Let us know how it all goes!

That sounds really good actually I’ll keep you all updated!
1 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Eric Yu:

Going well! Primarily do Airbnb house hacking & it's been cash flowing really nicely (~$2.5-$3k a month per property). Moving on to try a house hack + building on a split lot as the next project.
How is it house hacking with an Airbnb? Does it seem like a lot of foot traffic or rowdy people?
0 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Rick Albert:

So far so good!
I live in Los Angeles and on my second house hack. I've learned a lot and been fortunate to have good tenants along the way. Right now my wife and I live in a 3 bedroom house and paying almost the same as my tenants in the studio Accessory Dwelling Unit. Super wild but took time to get there.
Is that because the cash flow from your first property?
0 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @John Teachout:
We're empty nesters and live in a house much larger than what we need so we rent out 3 airbnb spaces. 2 upstairs bedrooms and a larger space in the walkout basement. All three are filled tonight. It's a lot of work for my wife that does all the cleaning but it generates enough income to pay all our property taxes, utilities and insurance for the year. It cash flows as much as a 3/2 SFR.

Sounds like a pretty sweet deal. How is it living with people you don’t know?
0 Reply
Eric Yu
Real Estate Agent · Seattle, WA · Member since 2019 · 243 posts · 246 votes
4y
Quote from @Kimothy Bynum:

Quote from @Eric Yu:

Going well! Primarily do Airbnb house hacking & it's been cash flowing really nicely (~$2.5-$3k a month per property). Moving on to try a house hack + building on a split lot as the next project.
How is it house hacking with an Airbnb? Does it seem like a lot of foot traffic or rowdy people?
Got a property with an ADU. Lived out the ADU and airbnb'ed the main house :)
1 Reply
Rick Albert
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
4y
Quote from @Kimothy Bynum:

Quote from @Rick Albert:

So far so good!
I live in Los Angeles and on my second house hack. I've learned a lot and been fortunate to have good tenants along the way. Right now my wife and I live in a 3 bedroom house and paying almost the same as my tenants in the studio Accessory Dwelling Unit. Super wild but took time to get there.
Is that because the cash flow from your first property?

Actually I used a HELOC from the first to do $0 down for the second. LA isn't about cash flow, it is about appreciation. Rents have gone up about 20-25% over the last two years.
1 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
4y
Quote from @Kimothy Bynum:

How is the house hacking experience going? Are you enjoying it? I'm currently house hacking and its been pretty smooth!

We've been in ours since 2007. It's just a MIL apt down in the corner vs a typical plex and the only househack in our neighborhood.

Househacking has helped us tremendously. It helped pay off our mortgage and literally pays us to live here- all taxes, insurance, utilities, maintenance, etc completely covered.

Is it a pain sometimes? Sure. Do I wish we had extra parking and could use the extra yard I take care of? Yes. Does my son wish he didn't have to look down and see if his basketball court has a car parked in it or not so he can shoot some hoops? You bet.

But if it's freedom and options you're after, you can't beat not having a housing expense. Smal cost, large benefit.
0 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Rick Albert:

Quote from @Kimothy Bynum:

Quote from @Rick Albert:

So far so good!
I live in Los Angeles and on my second house hack. I've learned a lot and been fortunate to have good tenants along the way. Right now my wife and I live in a 3 bedroom house and paying almost the same as my tenants in the studio Accessory Dwelling Unit. Super wild but took time to get there.
Is that because the cash flow from your first property?

Actually I used a HELOC from the first to do $0 down for the second. LA isn't about cash flow, it is about appreciation. Rents have gone up about 20-25% over the last two years.

That’s the thing about where I invest in Detroit there is not much appreciation but the cash flow is not bad
0 Reply
Kimothy Bynum
OP
Real Estate Agent · Detroit · Member since 2020 · 127 posts · 63 votes
4y
Quote from @Steve Vaughan:

Quote from @Kimothy Bynum:

How is the house hacking experience going? Are you enjoying it? I'm currently house hacking and its been pretty smooth!

We've been in ours since 2007. It's just a MIL apt down in the corner vs a typical plex and the only househack in our neighborhood.
Househacking has helped us tremendously. It helped pay off our mortgage and literally pays us to live here- all utilities, maintenance, etc completely covered.
Is it a pain sometimes? Sure. Do I wish we had extra parking and could use the extra yard I take care of? Does my son wish he didn't have to look down and see if his basketball court has a car parked in it or not? You bet.
But if it's freedom and options you're after, you can't beat not having a housing expense. Smal cost, large benefit.

Wow since 2007 what is an MIL apartment? Have you purchased other properties or are you happy with what you have and the freedom it gives. Yea I love how much money we can save! It takes care of our biggest expense and because of that the money we would’ve spent on the mortgage can go to other things like student loans or more properties. I never want to pay for a mortgage again honestly.
0 Reply
Tim Miller
Rental Property Investor · Laurel, MD · Member since 2016 · 378 posts · 382 votes
4y
We bought our house in 2008 and we have paid over $150k...... let me rephrase that. Our roommate and downstairs tenant have paid over $150k of our mortgage. With rent increases we now have a nice monthly surplus. Financially it's great and from time to time to gets on your nerves but we would do it any other way.
1 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
4y
Quote from @Kimothy Bynum:

Wow since 2007 what is an MIL apartment?
Have you purchased other properties?

MIL apt = mother in law apt. A smaller place tucked out of the way.

Actually we were living cheaply in a trailer park while we acquired 3 dozen rentals prior to our househack.

Then another dozen or so consolidating, selling /buying lease optioning etc since.

Now I'm 93% out after selling most on contracts and grabbing a chair and popcorn. Interesting times...
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.