How many people have actually done a house hack themselves?

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How many people have actually done a house hack themselves?

Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

It seems like everybody and their grandma is telling some new person to go do a house hack.  I’m starting to get the idea that many people are  preaching stuff  that never done it themselves..

Come on folk house hack is where you got people /strangers living with you in the same home. 🧐🤨🥺

Some of the people talking about house hacks don’t appear to me like they’re the kind of people that would like to live in those kind of conditions themselves.

Why are so many people telling others to do something they have not and would not do personally???

Telling folks to buy their own residence is one thing… telling somebody to buy a property and move in a whole bunch of strangers is something totally different. IMO 

If you’re one of the minority that’s actually done a house hack you definitely have my respect to go around telling everybody to do a house hack..😁

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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
8mo

@Joe S.

in defense of the recommendation, though, a lot of times they are told to (and I try to say this): save up for a house hack, and then house hack.  including reserves and all the Dave Ramsey things.

in nearly every case, it's a better option than many other harebrained RE schemes... or even than starting out by buying a random "cash flowing" rental property (in which case the cash will flow, but... it will be into the property.)

good thread though

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  • James Hamling
    Real Estate Broker · Minneapolis, MN · Member since 2011 · 5k+ posts · 6k+ votes
    8mo

    I totally get where your coming from @Joe S., and I share in the annoyance. 

    But really, it isn't any different in any form of investing is it? Lot's of never-does selling how-to. 

    We got people calling themselves "Financial Advisors" who only know how to sell the mutual funds there tasked to sell. So called Investment Real Estate Pro's who are actually just leasing agent's who've never owned or operated any kind of investment a day in their life. And real estate agent's who regularly sing the praises of buy's they'd never make. 

    Have i house hacked, yup. My 1st property was a SFH and I house hacked it, to a guy I knew for days, a random co-worker. Had it's days, good n bad. Never did it again, for good cause.

    I have also done live-in reno's. Wife has said after this last one, never again. We'll see, lol. 

    There is merit to the viability of a House-hack. There is also a reality that it's not for everyone and plenty do experience various failure horror stories attempting it, just like every type of investment strategy. 

    How many touted STR to buyers, who never spent an hour of their life in hospitality?

    I don't go into a Ford dealer expecting the sap trying to sell me a new truck only drives a Ford himself, I know he may have a Prius he rocks around in. There is a weight of responsibility people need to take for their own dang actions. 

    This whole thing we've done of trying to idiot-proof life where people can just blindly stumble around going random action too random action, with their brains half-off and everything will always turn out roses is just ludicrous. 

    If a person throws a stick, and get's angry when the cat doesn't fetch, the problem isn't with the cat. It's the dummy who tried playing fetch with a cat....... 

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  • Gregory Chadwell
    Real Estate Broker · Milwaukee, WI · Member since 2015 · 299 posts · 90 votes
    8mo

    I've always lived in Duplexes, then moved up to 4's and pretty much stuck with 4's. 

    When moving from an apt to a house is a big expenditure and renting a duplex with 1/2 your payment made makes it an easy transition from renting.   Also the fact you only have to live there 1 year on an owner occupied loan then buy something else makes it a great way to move up with having to save for the next owner occupied property.  When the equity reaches a substantial amount then i sell and do a 1031 for my next property.

    1Reply
  • Jon K.
    Rental Property Investor · Perry Hall, MD · Member since 2016 · 586 posts · 598 votes
    8mo

    I almost house hacked in a small 2-bedroom townhome when I bought my first house 20 years ago though I didn't know the term at the time. Then I realized that living on my own was one of the best things I had ever experienced and told my friend I had changed my mind.

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  • Tre DeBragaPro Member
    Real Estate Agent · Worcester, MA · Member since 2022 · 107 posts · 48 votes
    8mo

    Well in most cases house hacking refers to multi families. So you are not living in the same unit as strangers. Same idea as living in an apartment complex, multi, condos etc.. 
    Maybe it is just my area and who I surround my self with but I know ALOT of people that are currently house hacking. I am on a RE team with someone who owns 400+ properties and he currently house hacks himself. 
    If you are ok with being somewhat uncomfortable for a couple years it is one of the best ways to get into real estate. (Low DP, off set living expenses, than everything else it comes with as in appreciation, tax benefits etc..

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  • Tj FlorosPro Member
    Real Estate Agent · Chicago · Member since 2025 · 95 posts · 74 votes
    8mo

    I'm on my second house hack now working towards my 3rd. My 1st one was somewhat turn key, 2nd was one was BRRRR and this 3rd also working towards another BRRRR. Happy I made the decision to house hack and really would not do it any other way. Chicago was built for house hackers a ton of 2-4 unit inventory so it is a lot easier and lot more common to do it here then in other markets.

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  • Mike ZinsPro Member
    Lender · Gilbert, AZ · Member since 2018 · 48 posts · 21 votes
    8mo

    I definitely think it depends on each person's preferences and their season of life. House hacking can be a valuable tool! But you are right, there are pros and cons to it. 

    We currently house hack by purchasing a home that we could house my parents (who were having some health issues). They live in an attached guest house of sorts (it is a converted garage). Then we also have a tiny house on the property that we rent out to someone else. 

    I have three youngs kids so I am in the stage or season where it definitely wouldn't be my preference to rent out rooms in my house to strangers. BUT thankful that I can house hack with my parents (and help care for them as they age), as well as rent space out to someone else on our property but not in our actual house. 

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  • Jay Kauffman
    Real Estate Agent · Chicago, IL · Member since 2015 · 2 posts · 2 votes
    8mo

    I did my first house hack years ago when I bought my first house just outside of Detroit, before I had ever even heard the term "house hacking." I had a roommate that paid rent, which is the only way I could've made it work back then. As others have stated though, there's more than one way to house hack. Now, I have a multiunit in Chicago that we live in, and will be looking for the next one in the near future.

    With respect to your question though, some poeple get stuck in analysis paralysis or just have a fear of succeeding, or of the unknown, however irrational that may be. And they may not even realize it. You can take their house hacking encouragement with a grain of salt, but I actually think if it helps someone else succeed, then that's a good thing. They may completely understand the benefits of house hacking and how that can jump start building wealth, but maybe the journey just seems too daunting or intimidating to do it themselves, or maybe they're just "waiting for the right time."

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  • Ervin Alex
    Miami Beach, FL · Member since 2013 · 24 posts · 3 votes
    8mo

    If you’ve ever had roommates, you’ve already house-hacked — you were just splitting rent. The only difference now is that instead of covering a landlord’s mortgage, you’re paying down your own.

    0Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    8mo
    Quote from @Joe S.:

    It seems like everybody and their grandma is telling some new person to go do a house hack.  I’m starting to get the idea that many people are  preaching stuff  that never done it themselves..

    Come on folk house hack is where you got people /strangers living with you in the same home. 🧐🤨🥺

    Some of the people talking about house hacks don’t appear to me like they’re the kind of people that would like to live in those kind of conditions themselves.

    Why are so many people telling others to do something they have not and would not do personally???

    Telling folks to buy their own residence is one thing… telling somebody to buy a property and move in a whole bunch of strangers is something totally different. IMO 

    If you’re one of the minority that’s actually done a house hack you definitely have my respect to go around telling everybody to do a house hack..😁


     Have done a Househack twice!

    Really not a big deal living with "strangers". College kids do it all the time when they're paired up in their dorms.

    I made some pretty decent friends from these strangers that I still keep in contact with 2 decades later.

    Just need to screen them well and make sure you can all get along. 
    Had 4 bedroom house the one time and as I added roommates, had the existing roomies meet the new person and "vote" if we should let them move in. Worked out well as no roommate issues whatsoever!
    FYI: if you're living in a 1-4 family property, most Fair Housing requirements do NOT apply.

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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    8mo

    @Joe S.

    You are indeed correct to say so house hacking is a hotly debated topic mainly because it looks so great theoretically but a lot of people have never actually lived with tenants. The truth about house hacking is that it has been even recommended by seasoned investors because if done perfectly it is one of the quickest and least risky paths to real estate with little investment. However it is still not suitable for all and being truthful about one's willingness to cohabit or deal with tenants is as important as making mathematical calculations.

    Good luck!

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