House Hacking in Richmond, VA

[Zak Leonard]

Hey everyone!

I have identified house hacking as the strategy I want to use to get into real estate investing. I wanted to reach out and see if anyone has had success house hacking in the Richmond, VA area, and if so, what strategy did you use?

I did some some research on Zillow/Realtor, and it doesn't seem like there are a ton of multi-family units available (or within my price range). Therefore, I have been thinking that purchasing a SFH and renting out the other rooms would be my best bet. Additionally, the plan would be to get something I could afford on my own so that I would never have to worry about vacancy. Obviously that would cut into my margins, but it would give me one less thing to worry about. Then after a year or two, move out and have a cash flowing property. I figure I can find this out if I calculate what my income and expenses would be as if I was not living there. 

Lastly, are there any places in the Richmond area that you think would be a good place for house hacking? 

[Jeremy Nault]

Hi @Zak Leonard I don't know much about the Richmond area but I love your plan! House hacking is in my opinion the best way to get started investing in real estate.  Good luck with your investing!