Connecticut - Fairfield County

[Daniel Kupper]

Hi Everyone - I’m new to this community but I’m very interested in and eager to learn more about house hacking to create passive income for life. I understand the concept well, but am hoping that people can share their experiences with it. I live in southern CT - Fairfield county and am looking to buy and hold in that area. I’m having trouble finding quality multi-families at a decent price point. Should I consider single family homes? Condos?

I appreciate your input!

[Vishnu Prasad]

Hey Daniel, there are a couple of options for you depending on what you're looking to do. If you're looking to do the "luxury house hacking" method where you buy a duplex or triplex and live in one unit and rent out the rest, then this will be slightly on the more expensive side, as Fairfield county prices are pretty high. However, there are many affordable places once you move closer to New Haven that could make sense for you. I'm not really sure how much you have for a down payment, where you work, etc and I'm only talking about the traditional house buying method by either using an FHA or conventional loan.

Now another option is looking for single-family houses with an in-law unit and living in the in-law unit while you rent out the rest. I think that could make sense in the area. Or you should look for large 2-3 bedroom homes, possibly an unfinished basement, and add an extra bedroom. This is very much a possibility in the area, I've come across many places that fit these criteria. Condos could work since they are a relatively cheaper option but the downside is that they are usually smaller and you'll be stuck in a smaller space with your roommate.  And I'm sure you know but don't forget to add the condo fees when you calculate your expense. I really hope this helps and please feel free to reach out if you want to chat about other possible towns that are on the cheaper side. 

Good luck!

Vishnu