You may be wondering, what the heck is house hacking? Well, it’s a style of real estate investing that many people are already doing without knowing it.
House Hacking
The simple definition of house hacking is when you are living in a property and renting out either rooms or another unit to tenants.
It’s a live-in rental if you will.
House Hacking Scenarios
- You want buy your own home, but you would also really like to own a rental property.
In this case there are a couple of things you can do.
Here is a hint: Purchasing a single family home is actually an option, along with a multi-family or course.
There are pros and cons to both.
Come check out the post for all details...
Here is the link:
http://scaredycatguide.com/house-hacking-101/
Best Regards,
Your ScaredyCatGuide
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real estate is a great investment if you are smart, I bought a condo in san diego for 175,000$ and on zillow it says its worth 220,000$. listed it for 230,000$ because I am not in a rush to sell
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Nice! Yeah, that is why I preach to people to "buy right" and explain how to go about doing that. If I owned something in L.A. or San Diego I don't know that I would ever sell...lol. Probably never going to see those prices again there.
If you are in no rush, then yeah ride the wave. You should also take a look at what the actual sales prices are coming in at for similar units to see what you can get. That info is on county appraiser site or even zillow provides completed sales I think too.
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It works unless this guy moves in:
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"Yo, guy on the couch! You kill my dog?"
Shakes head, No.
"I believe him man. Don't know why, but I believe him"
LOL....great movie!
P.S. - and that is why I wrote the 5 steps to finding good tenants :-)
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LOL Because you never know..
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I recently purchased a home and need to finish my basement, but was thinking about renting it out as a suite to a friend or friend of a friend once it's done to help pay off some bills and hook someone up with somewhat "cheaper" rent compared to what they would get elsewhere.
Great article, thanks for sharing = )
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Great idea! Basements are the norm where I'm from (NY) and so many people I know have basement apartments they rent out. Heck, most of them couldn't afford the taxes and mortgage there without it.
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You got an awesome website! Actually interesting information
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Thanks - I try to provide value add both here and on the site.
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Awesome topic choice! If I owned a home right now (and found a roommate I could tolerate) I would definitely look at using this strategy to help defray my cost. As the economy starts to tank and home sales start to slow and dry up, I would foresee a lot of homeowners going to these kinds of strategies to help pay the mortgage.
Rates aren't bad, but I think some folks may have overextended themselves again with the assumption that home prices will continue to rise. Also, we might expect AirBNB to continue to grow over the next several years. Awesome post @scaredycatguide!
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Thanks! Yeah, we are starting to see a little over leveraging again but nothing like 2008. AirBnB is the route alot of people are going so they don't have to have full-time tenants, but still bring in some money.
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IN some cases, depending on location, it can be a lot more lucrative due to the rates they can charge. Either way, it's a good option to make a little more money out of an asset.
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Where are you seeing the hottest markets in the US?
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San Francisco and Denver have been absolutely bonkers in recent years and hands down are the most crazy.
South Cali and New York will always be the top expenses markets but maybe not growing the fastest.
Austin, TX blew up over the last 5 years as well other cities sprinkled across the nation.
Overall nearly the entire housing market has rebounded over the last 7 years. It's starting to get a little toppy is some areas now though.
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Awesome information. Just purchased a multi family to do this exact thing. I learned a lot from the Biggerpockets website and community. :)
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