House Hacking in the Bay Area

[George Habash]

Hi Everyone,

I am looking to house hack in the Bay Area. Currently, I am focused in Oakland, but I'm having trouble making the numbers work (hoping to have the tenants pay off the majority of  the mortgage, insurance and taxes) and being in a desirable location. I am already working with an agent. I work in SF and would like to be as close to SF as possible. Any suggestions or ideas would be super helpful. Thanks in advance. 

[Michael Strachan]

Hey George,

House hacking is a fantastic tool anywhere in the country but it can be particularly difficult here in the Bay Area. It's important to remember that even if you can't cover the entirety of the mortgage through monthly rents, you are still saving a huge amount of money by virtue of having a reduced housing expense in one of the highest cost of living areas in the world. At the end of the day, the best way to know a good deal is to keep analyzing every property that matches your criteria. Within the context of househacking, that means boiling it down to exactly how much out of pocket you expect to pay each month for each property. There are plenty of tools on this site that will help you learn to accurately run those numbers. A great local agent who understands what you're trying to do will go a long way here. I hope that helps! Good luck and happy investing!