Househacking near Everett WA

[Grant Hasting]

Hello Bigger Pockets! First post on the forum and very excited to get more involved in the community. My wife and I have started to take our first steps towards our first househack! We are looking in Snohomish County in Washington State. My question for you is how relevant is the "1% rule" in this area? I have begun to analyze properties to the best of my ability and have yet to find a multifamily in my price range that meets this rule. Granted, everything I have looked at has been properties on the MLS, but as a first time buyer I am a little overwhelmed on the path to find deals off market. I appreciate any advice!

[Sherief Elbassuoni]

@Grant Hasting, welcome to BP!

House hack is a great strategy for your first property. This strategy can allow you to put way less money down when you finance the property as a primary residence. 

There are different forms of house hack (Accessory Dwell Unit (AUD), Mother in Law (MIL), rent by room, rent one side of a duplex,....) 

For your question about the 1% rule, it is not so easy to achieve the 1% in urban neiborhood (some deals still do, but not many). More deals can fit the 1% in the suburb. 

Feel free to reach out and we can discuss more over the phone or coffee.

Wish you the best!