Looking to House Hack?

Question

We have all heard about house hacking. Few actually are bold enough to try it out. Even fewer utilize house hacking as a consistent tool to achieve financial freedom. Are you looking to house hack your first deal? It can make the numbers on deals finally pencil out.

Stephen Gibson Jr · Answer

Yes I'm in search of a duplex in Philadelphia. Its pretty difficult to find an area with enough upside that is safe within my price range (600k or less), some areas are pretty rough around here. It seems most of the stuff in obviously nicer locations is already 800k+. I'm wondering how it is for people in other locations. One reason I'm interested in something within Philly proper is the 10 yr tax abatement for new/rehabbed properties, I will just be paying taxes on the lot for this period.

My goal is to find a deal where I can live cheap for 1-2yrs then move to rent the whole building, and hopefully purchase another.

Thanks for reading

Alecia Loveless · Answer

@Julius Clark I house hacked two B&Bs for 25 years living right alongside my guests. I finally sold the second one s couple of years ago and now house hack a duplex. I would have my third bedroom rented to a tenant as well but my partner never got used to sharing the B&B space.

It’s definitely a great source of income but not a model that’s for everyone. For me and my Ex it was just 25 years of a party that never ended. There were always new people to talk with and share drinks with and have afternoon snacks with.

The final 2 years when my new partner was in the picture she just couldn’t get used to having strangers in her space and in the kitchen wanting to talk or sit down and have dinner together. Lol. She still sometimes has a hard time sharing the second side of our duplex with our tenant who is quiet as a church mouse.

Sharing your actual living space with roommates is one part of house hacking that’s definitely not for everyone. Owning and house hacking a 2-4 unit apartment building is much easier if you’ve ever lived in a shared building before.