What Is House Hacking?

What is house hacking?

House hacking is the process of purchasing a property and living in it while renting out extra space to tenants in order to offset your mortgage payments. This strategy can be an excellent way to get started in real estate investing, as it allows you to build equity in a property while also earning rental income.

There are a few things to keep in mind if you're thinking about house hacking. First, you'll need to make sure that you're comfortable living in close quarters with tenants. Second, you'll need to be prepared to manage the property and handle any repairs or maintenance that may be needed. Finally, you'll need to make sure that you're purchase price is low enough that you can still make a profit after accounting for all expenses.

If you're considering house hacking, do your homework and talk to a real estate professional to see whether it's a good fit for you.

If you're thinking about house hacking, it's important to do your research and make sure that it's the right strategy for you. There are a lot of moving parts when managing this, however, if done correctly, house hacking can be an excellent way to get started in real estate investing and build equity in a property.

If you're interested in learning more about house hacking, there are a few resources that can help! I recommend the book "House Hacking: How to Use Your Home to Achieve Financial Freedom" by Whitney Sewell is a great place to start.

So, what do you think? Is house hacking right for you? Only you can answer that question, but hopefully this article has given you some food for thought!