House Hack Financing

[Amber Stout]

House hacking is still one of the most powerful ways to build wealth. You can buy a 2-4 unit property with as little as 3.5–5% down, live in one unit, and use the rental income from the others to offset your payment.

After a year, you can move out and repeat and in many cases, that rental income can help you qualify for your next purchase.

My first deal was 3.5% down. I brought $11k to closing (seller covered the rest), and instantly owned a property + had rental income coming in. It’s not always “easy,” but it is simple and it’s one of the fastest ways I’ve seen people start building a portfolio.

What're you all seeing with challenges in house hacking? and what questions do you have on the lending side for house hacking MF? 

[Ryan Spath]

Quote from @Amber Stout:

House hacking is still one of the most powerful ways to build wealth. You can buy a 2-4 unit property with as little as 3.5–5% down, live in one unit, and use the rental income from the others to offset your payment.

After a year, you can move out and repeat and in many cases, that rental income can help you qualify for your next purchase.

My first deal was 3.5% down. I brought $11k to closing (seller covered the rest), and instantly owned a property + had rental income coming in. It’s not always “easy,” but it is simple and it’s one of the fastest ways I’ve seen people start building a portfolio.

What're you all seeing with challenges in house hacking? and what questions do you have on the lending side for house hacking MF? 

 100% agree with this, when I bought my first property, I was never informed or educated myself on this powerful wealth hack!

Some of the challenges in my market (the treasure valley) more so Boise proper, is that when you want to move out the rents may barely cover the mortgage. The price points are fairly high here so this can be a strategy to get into housing and offset housing expenses more so than buy, rent, repeat. It is possible to have this happen, just fewer and further between.