HOUSE HACKING QUESTION I COULDN'T FIND!!

[Luke Devine]

Real quick question for you, do u think house hacking in a expensive market such as Hawaii especially as a beginner a possibility? I say this because Hawaii RE is good for long term, but still want to hear your option on this. Appreciate all the help!

[Twana Rasoul]

@Luke Devine Not only is house hacking a possibility in high cost markets like Hawaii or coastal areas such as San Francisco, Los Angeles or San Diego; it is the absolute best way to go for beginners especially.

With the right approach, house hacking can be a great way to reduce housing costs for just about anyone even those married with kids.  I'm not a beginner investor but I still house hack with my family.

Types of house hacking:

1. Condo/Townhome/SFR - Live in one room and rent out additional rooms (5% conventional down payment options)

2. SFR with an ADU - Live in SFR or ADU and rent out the other (5% conventional down payment options)

3. Multifamily - Live in one and rent the other(s) - (3.5% FHA down payment options, note that in high cost markets you can usually buy a duplex with FHA loan and not 3-4 units since those have self sufficiency rule)