House Hack Update

[Anthony Swain]

Hey BP gang, 

I wanted to check in to give a house hacking update. Our recent mid-term rental guests moved out and left the place immaculate. *wipes sweat off brow (THANKFUL).

 It was a solid five-month booking, so it was nice not having as frequent turnover with shorter-term rentals. I think "mid-term" rental guests tend to take care of the place a little more since it's a little home away from home. 

We raised our monthly rate slightly and were able to lock in a $2700/month booking to start this month. 

This leaves us with a little over $1000/month for our housing costs split between my wife and I. 

I'm sharing this to encourage others that house hacking is possible even in a growing/desirable city. It can be a great option to subsidize your housing costs, gain appreciation, and benefit from someone else helping to pay down your loan. 

I'd love to hear from other house hackers. What has been the biggest benefit and/or the greatest challenge?

[Benjamin Sulka]

Ant

I love this update!! Glad that your previous tenants left the place in great shape for you. 

Biggest challenge for me has been finding a property that fits my narrow criteria. Had one that we found off-market but things fell through during the inspection (electrical and plumbing issues that we didn't have the capital to pay for and the seller wouldn't budge on). 

Lots of old properties where I'm at, so it isn't unusual to expect $10k+ of capex out of the gate for water heaters, putting in central air possibly, and other old property issues. It has been hard finding a place that
1) Doesn't get bid up by cash buyers that we can't compete with

2) Doesn't have 10's of thousands of capex out the gate

3) Is in an area that I'd grade as C+ or better. Really trying to find something where I'd feel comfortable with the fiance walking the dog at night or just being by herself. 

Love to see you crushing it in your journey. Let's hop on a call soon & touch base!

-Ben