I bought a duplex last year and fixed it up myself. I'm renting one side and living in the other unit. With my spare bedrooms, renting via Airbnb in the summer and short term leases in the winter. I'm living rent-free and I'm able to save 65-69% of my income as an RN. Now I can save up even more money to buy my next property. LOVE bigger pockets!
Maddie I was looking at Buying a Duplex in VA. My question is assuming my second unit covers the mortgage fully, what other expenses are you budgeting for monthly ?? I'm trying to figure if my mortgage is paid what other bills will i end up paying.
I did the first methed at 22. It's really possible for anyone! I would highly recommend learning all you can about about this and FI then just start saving and go for it!
Woah, just realizing I'm house hacking with my multi-fam property! My 2nd unit pay most of our mortgage & we live in a 3 bedroom duplex. Thanks for this!
Another house hack would be if you had a house that had a finished basement. You separate the finished basement from the rest of the house and live in it and rent the existing house out to another family, AirBNB, or rent out individual rooms.
Two bedroom house in my area rents for $1,800/month. If I’d rent rooms in this house to two tenants, each room would go for $600/month max. I guess one needs four or five rooms in a house to get a higher rent from renting rooms vs. entire house. I like your videos and positive energy you are sending to your viewers. Very inspirational and positive thinking.
You are thinking of traditional renting, month by month, Airbnb rooms rental can go from 25 usd per night, to 45 per night, dependending on how comfortable are the roooms for your guests. I guarantee this numbers as I rent 3 rooms with airbb in the Kitchener Area, and live in the basement, each room for 36 cad per nigh, pays the mortgage, and you still get cash flow after house expenses and taxes.
I House hacked when I first started out, living in the front apartment of my 4 family house. I cant see myself making these sacrifices any more, but they do accelerate your progress considerably.
House hacking is OP. If you use MLM tactics it’s even better! You teach the tenets about the process then y’all buy a new property. It scales pretty quickly and best of all it is actually a useful “product”. Most MLMs sell bull but this is housing, we all need housing.
My husband and I have been "slow" investors. Lived in our 1st new home together for 10 years, have been renting it out for the past 11 years. Bought our 2nd house, lived in it 1 year, until our next new home was built, then rented the 2nd house for 2 years. Sold the 2nd house and used the proceeds for fun - had a beautiful inground pool installed in our 3rd new home. We moved back to my home state - sold the 3rd house for a nice profit and bought the next new home. Still have the original home as a rental. Now looking to accelerate purchasing homes. Ideally, find multi-units; however, our local market is flooded with investors looking for them. As a realtor myself, I'm thinking we head out of the central market, north to some small towns that while not as "hot" are solid opportunities to invest at lower price points.
what about using the garage as a room. SFR 1. insulate as cheap as possible 2. cheap flooring or laminate 3. paint and customize 4. rent master at higher rate and modest rate for others
A lot of people do this where I live but check with the city you live in. Many converted garages where I live are considered against the city code and people that have spent a lot of money on garage convertion are being told they cannot rent them anymore.
Awesome stuff, I didn't even consider buying a trailer, that's extreme house hacking, this was a good short video that shows anyone from a single person to a family person can do this with the right strategy.
Trailer hacking is insanely profitable. For $1500 one time payment, you can buy a camper (bathroom, bed, kitchen) and rent out your primary residence for top dollar on Airbnb. We have someone we will be filming who cash flowed $1000 above his mortgage with this strategy!
At the end of the day I am always looking for ways to increase my income or just get extra money and I always keep coming back to Real Estate house hacking. Something that’s actually realistic and not scammy like those videos you see on Facebook.
I have a 2flat building, my tenant covers the entire mortgage however I want to buy a house for my family now with equity build up. Or Would you buy another building first? Also would you touch the equity at all?
We're buying a house that's 1500 square ft on main level and 1500 sq ft basement. We would like to finish the basement and rent out with full kitchen. Is this an effective house hacking method?
I might have to take on method 4 if I get approved for this FHA loan. I don’t care about sacrificing luxurious living. That would be such a hack! Thank you for the great 👍 content!! I enjoyed this video so much
Man house hacking is a lot easier in the US. As a Canadian this is a pipe dream unless your income is well into 6 figures. 1% down...that's nuts, where I am it's 5% if you're a first time buyer, otherwise you need 20% down. Detached houses in my area are typically $1.5M+
I lived in a "million dollar neighborhood" in Alberta for one year. Real estate is so over-rated there!!!!! I am so glad I left and came back to the U.S.A.
German here... and while Canada is worse, it's not by much. My girlfriend and me are planning to try to move to the US, because this is such a great opportunity, to say nothing of the freedom people have over there. The default position in US law seems to be "ok, as long as nobody is infringed upon". The default in Germany is basically "No, and why would you want to?".
jerrydesu I doubt there's a state in the union with zoning laws that permissive. Matter of fact, most, if not all states won't let you park your rv on your own land and live in it full time.
0:17, that's not house hacking my guy, that's RENT hacking, because the payments take more significance than the actually property. House hacking would imply a 'house' (typically single family home vs a 4-plex) is being hacked in some gain other than the payments, if its already paid off then maybe it's house hacking since the asset is already paid for technically. Where as the outsiding loan means the intent to repay a rent via hacking is a much more approachable explanation just for future reference.
Should I be buying as Primary house or Business to do House hacking with Roommates.. Can I take Tax benefits of depression with Buying as Primary house?
Thoughts on like kind exchange house hacking? I make $40k-50k per $180k flip I do. (buying land- putting mobile home on it- I print money as fast as I can find the land) But I don’t need to pay taxes on that $100k a year I make 💯 I can buy a house for 250k (50k down) and rents for $1500 all day or 250k I could find a 4 bed 3 bath easy and rents for $600 a room easy. I need to look into it more but I’d have to crack out fha and conventional and if I want to live there or not (I could buy 2 a year in theory) Living off 75k-80k a year I make selling real estate
What is the best deal if you have your own house to begin with? I have a three bedroom one bathroom house. How can I do this? House hack my house which I own free and clear and still qualify for a substantial loan at a VERY low interest rate to buy another house?
My Lender is waiting for me to have a signed lease with deposit in escrow to buy my next property, I need to make sure I close first before putting it on the market. Is there something else I can do?
My husband and I are going to do this but we are worried about the FHA loan not going through because they are so strict. How do people use FHA loans with older multifamily homes from the early 1900’s?
Kirky mention a 203k loan to them. That's what it's the for. You can read about it in the bigger pockets book "how to invest in real estate with no or low money down." By Brandon Turner.
I want my own house soooo bad it hurts. My situation is all screwed up. I don't get paid enough money to live on, AND I am drowning in student loan debt. Is house hacking a bad idea based on my current situation? I really want my e place to stay. What happens if I can't get or keep tenants living in one of the units at all times? Vacancies are what scares me.
I've just purchased my first house hacking property. It is a 3 bedroom 2 bath condo. I will be living in it, preferably in the master bedroom. Should I be listing it as 3 bed 2 bath, or 2 bed 1 bath, or even 1 bed 1 bath as rent by the room? I've received a lot of questions regarding this issue on Facebook Marketplace so far.
Go on craigslist and look in your immediate area for the prices ppl post for their spare bedrooms. Try to look at something that would be similar to your place. If all the listings offer less than what you offer in terms of amenities, you can safely charge more. Next thing to do is make a listing of your place, if you get a lot of interested renters, remove the listing and up the price again. If you hardly get anyone listed to begin with, or no one at all, then look to reduce either your price or add an additional incentive to justify the price you want. Good luck :)) I'm going to be doing the same thing once my renovations are complete
S R IDK, they have their ways. If they do find out you can get in allot of trouble. If your not wanting to live in the property just buy one subject to the existing mortgage.
I spoke to my bank about this, and what my rep told me was as long as the payments are coming in we have no reason to check up on you. However, if you miss a payment (or late payment whatever) here or there, that'll give them a reason to look. And if your address doesn't match LOL gg mate. Also, once you live there for a year, you can refinance the loan and that will free up the FHA. Buy another house with the FHA and move in. Wash rinse repeat. On bigger pockets they call it the BRRRR but I'm missing a few R's -- you can look it up for more details.
This is impossible to do in the UK, since there is no such thing as houses with multiple units. 😞 it really sucks. If anyone knows a way to house hack in the UK, please let me know🙏🏻
Craigslist & Facebook Marketplace are great starting points. But just like finding a good real estate deal, finding a good trailer for a good price will take some time :)
BiggerPockets I work for a real estate developer with over 1000 units, and my mom and I work directly with him. Not a connection I want to lose. He isn't preventing me, I just can't house hack. I'll be doing 2 deals this year yet hopefully. Small deals albeit
USDA does a 0 percent down, and they allow you to roll your closing costs into the loan. But the property has to be within their parameters, I think that’s the only draw back to a USDA loan.
My husband and I will start doing this by Airbnbing a spare bedroom to easily cover our mortgage. We’ll get to live in our dream house for free and expand from there.
1% down? 3% down?? Damn the states have it good. In Canada we have 10% MINIMUM down payment for first time home buyers. After your first purchase, it’s 20% down.
Not a house hack this is common sence. Before you made this video they have mutli family homes hahaha so this is stupid home owners already now this plus they hire people to do this hahahah
Thoughts on like kind exchange house hacking? I make $40k-50k per $180k flip I do. (buying land- putting mobile home on it- I print money as fast as I can find the land) But I don’t need to pay taxes on that $100k a year I make 💯 I can buy a house for 250k (50k down) and rents for $1500 all day or 250k I could find a 4 bed 3 bath easy and rents for $600 a room easy. I need to look into it more but I’d have to crack out fha and conventional and if I want to live there or not (I could buy 2 a year in theory) Living off 75k-80k a year I make selling real estate
