How We Made Our Family House Hacking Work

Create a powerful vision: Make your children your reason not your excuse

If we stayed in our single family getting to where we want to go would have been difficult and slow. We had zero intentions of paying a mortgage for the next 30 years out of our own pocket, that thought really bothered me. We couldn't do it so we committed to finding a way out even if it meant going backwards. Wanting to provide for our children made them a huge motivator. The day my first son was born created a massive drive inside for us to push forward and create the life we wanted.

Create a Point of no return

Go all in. When starting out you are interested, interest grows to the point where you keep researching and get nowhere or you make the decision of being committed where there is no turning back. If you are committed, make a point of no return. For my wife and I our point of no return was selling your single family home and moving back in with my parents. It sent a message to all that we are serious. Most importantly it sent a message to ourselves this is real. Moving into our first multi family we needed tenants, we could not stay long paying a mortgage alone.  The forces us to find a way to renovate and get tenants quick.

Low Money Down Finances, preferably conventional loans

Liquid cash is huge, keeping it in your pocket is crucial for this process. Finding properties that need work and have the potential to give you the advantage you want in terms of forced equity and increasing rents. Using all of your finances as a down payment can leave you in a risky spot. Using an FHA loan means added costs in the form of PMI and sellers are way more likely to go with a conventional offer. Tough to find but 3% conventional mortgages exist for owner occupied multi family properties, they are what I recommend but this varies for every situation.

Commit to the process every day and have a schedule

No matter the size of the task, commit to moving forward. I made the choice that no matter what I would apply 15 minutes to real estate every day. I love 15 minutes because it was never less and always more, it's a goal that you can easily achieve and turns into momentum. From reading books to physically doing the work. When renovating our house hack I would commit to 15 minutes of work everyday, some days simply sweeping the floor would turn into tackling a large project. Once I would start moving it was tough to stop, my advice is to commit to 15 minutes minimum and see where it takes you. Make sure to set time aside for work, family, and renovating. Stay loyal to it.

Make memories

Our photo albums are so much fun. On a weekly basis my wife and I are looking back remembering all we did during our time house hacking. The kids had a blast helping us, even at such young ages. Our Children constantly asking us about our old properties and if we can go visit them.