House Hacking with a Family

[Bryant Patterson]

Hey all!

I'm just learning/starting my journey into this world and very quickly I came across the "house hack" concept. However, it seems like the success stories I've seen so far (and maybe I'm not digging deep enough) are all singles or couples with children. I have two toddlers and a baby on the way. Anyone have any suggestions for house hack options for our situation, or is there another approach to our first investment which may be a better option? 

Love the site! Thanks!

[John Warren]

Hi @Bryant Patterson

I totally understand your situation! My wife and I wanted to buy a multifamily, but when we were looking we were unable to find one with a 3 bed unit that made sense. Additionally, my son was already in the Riverside school district, which is in one of the best school districts in Illinois. 

We ended up buying another fixer upper house, which is allowing us to pull equity from our home to buy another property. It is not quite as simple as the "house hacking" strategy, but ultimately is meeting our needs better!