House hacking at 43? Does it makes sense?

[Claudio Golia]

Hello all. 

I've been bouncing around BP for about three years now, listening to podcasts, reading, and sucking in all the REI information I could get my hands on, but have yet to take any real action. Mostly due to lack of savings, fear, and unconvinced spouse.

After saving a bunch, seeing a healthy increase in my salary over the last few years, having the support of my spouse, and seeing some appreciation in my SFR, I feel like I'm ready to make a move.

I currently own a SFR residence in CT, but would like to get out of it within the next 6 - 9 months. I don't personally want to live on CT long term. I'd like to be gone and living somewhere on the SE (FL, SC, NC, TN) in 10 years. Ten years is important, as that's when my daughter would leave for college and allow my wife and I to move. We don't really want to uproot her at this point in her life.

In the interim, I thought I would use these 10 years wisely and instead of buying another SFR or renting, perhaps buy a multi-family and house hack with my small family at 43 years of age. I know this is typically a strategy for younger investors, but after listening to "Set for Life" I see no reason why some of the same concepts can't be employed by someone like myself?

I thought I might sell my SFR, purchase a multi, and live in one unit for 3-5 years. Subsequently move out after that time, rent my unit, and then purchase another multi and repeat the process. After I moved out of the second multi, my daughter would be off to college and my wife and I could buy the home we would eventually live in down South. I would keep the properties here in CT, and use a property management company to handle them locally.

I haven't thought beyond 10 years, if my experience went well perhaps I would want to scale my portfolio further. However, initially I want to generate some wealth to allow my wife and I to have the home we would like for our later years in life, travel, and help my daughter with college expenses. I thought this house hacking some properties in the next ten years would allow this to become possible.

I haven't run any real numbers just yet, but I plan to start analyzing costs of real world scenarios. I just wanted to throw the notion out her of house hacking later in life to see what the experience has been of others, and if there were any insights/tips, or suggestions to be shared.

Appreciate your time.

Claudio

[Larry Turowski]

@Claudio Golia if another three years go by without any action you'll be wondering why you didn't house hack when you were just 43!  The big difference between you and a single 20-something person is you have to put your family first.  It has t work for them.  If it does, go for it!