What is house hacking?

House hacking is a strategy where you live in one unit or room of a property or multi unit, while renting out the other units to cover your housing expenses or generate income. This can be a way to reduce your living expenses, build wealth, and start investing in real estate.

For example, you might purchase a duplex, live in one unit, and rent out the other unit. The rent from the tenants can help pay your mortgage, property taxes, and insurance, potentially making it cheaper for you to live in your own home than to rent from a landlord.

Buying a single family property or even a condo is a great place to start, you don’t need a duplex or triplex to get started.

House hacking can also be a way to get started in real estate investing, as you gain experience managing rental properties and building a portfolio. However, it's important to be aware of the responsibilities that come with being a landlord, including dealing with tenants, maintaining the property, and complying with relevant laws and regulations.

3 reasons we love house hacking:

1. It’s a manageable place to start.

2. Your mortgage and living expenses are paid by someone else.

3. You get incredible, real life, hands on, experience! (We cannot teach you everything or even predict what you may experience in the process.)

3 reasons house hacking is wack:

1. You likely lose your privacy by sharing spaces with others.

2. Disagreements with tenants/renters can be hard to manage at times.

3. If something breaks or needs repairs, like a clogged toilet or leaky roof, you must find the resolution and pay for it. Your house, your responsibility.