House Hacking Research - Tell Me Your Story!

[Craig Curelop]

Hey everyone! 

I am doing research for a house hacking project and need some stories of fellow house hackers. Could you please reply to this thread with your house hacking story?

Please include your location, strategy (rent by room, Airbnb, duplex/triplex, etc.), and numbers associated with the deal. 

Thanks!

[Joe Sadusky]

My first house hack was done accidentally. 

I was required to move from PA to NJ for a new job right out of college. After looking a places to rent, I quickly realized that renting a 2 bedroom apartment would be more expensive then a mortgage on a 4 bedroom house in the same area!

My first property was in Edgewater Park NJ, technically South Jersey. Its a large 2300 SF twin house. Bought for $30k cash (borrowed money from family), put about $20k into it (got a high interest personal loan)- all in for $50k... apprasied for $140k and I pulled out $115k. 

After paying back the $30k I borrowed and the $20k private loan, I had $65,000 for another deal.

With the money I received my the cash refi, I was able to purchase the attached twin house that came up for sale. Bought with the $65,000, and also put $20k into this one.  $85k all in.  appraised for $150k, and did a refi for $115,000 again leaving some more $ back in my pocket. 

I lived in the first house while fixing it up, and it was super convenient to fix up my first rental after my 9-5 job (since all I had to do was walk next door). 

After completing the rental, I advertised, screened, and found great tenants for the property.  

After paying off the mortgage, I was able to cash flow over $500/month.  

Since I saw such great returns, I decided to move out and rent the side that I was living in as well. 

Both properties currently bring me in over $1,100 a month in passive cash flow.