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House Hacking

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Shane Insang
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My Revamped House Hack Strategy

Shane Insang
Posted Mar 3 2024, 21:15

Hey Guys. I need to change my house hacking strategy in the Bronx. Originally I was hoping buy a 2-4 multifamily property and rent out the other units. I would not be able to afford an FHA loan on such property in the Bronx. My other alternative would be to save several years for a down payment. I don't want to go with either of these options and have been considering other strategies to finally invest in real estate.

I think a strategy that would serve me well is one where I buy a 2 (or 3) bedroom house with 1.5+ bathrooms. It would be a house where I could afford the monthly payment without renting by the room. I would rent the extra room(s) similarly to a medium term rental property. This would give me income and give me an example of renting by the room if I decide to do it in the future. I would use an FHA loan with 3.5% down and I would move refinance and move out (to rent the entire house) when I am ready to look for another investment property.


Thats the general plan. I have other considerations like quality of the house at purchase, neighborhood, renting room specifics etc. I was hoping yall could critique my plan. Maybe be give me more things to consider and whatnot. Thanks :)

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