This is how you can use house hacking to your advantage in this market.
“House hacking” is a term for strategies you can use to cut down on your monthly housing expenses. There are many different ways to house hack.
One strategy is buying a multi-family property of two to four units, living in one unit, and renting the other units out. With an FHA loan, you can buy one of these properties with a low down payment and start bringing in cash flow.
Another option is to buy a house that has another property on it, a basement apartment, or a garage unit. A lot of people have access via a walkout basement or through the garage, so you can turn that space into a unit and rent it out either on Airbnb or to a long-term tenant.
A lot of beginner investors use house hacking to decrease their monthly expenses. Many times, they’re making a positive cash flow while also having their mortgage covered from the rent they’re paid. It’s a great way to leverage your equity in this market. If you have any questions about house hacking or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.