House hacking in Birmingham Al

[Jacqueline Jackson]

Hello all, newbie here looking to get started via house hacking. Stay in the 35205 area but wanted opinions from an investor standpoint on how feasible it is to househack in the surrounding areas. Have found duplexes etc that are less pricey and the numbers work but is it worth it? Doesn't seem possible to buy in the 35205 area which for me is a goal also.  Any help would be greatly appreciated. 

[Rob Drum]

@Jacqueline Jackson

Every market is different. In Birmingham, house hacking most likely looks like buying a single family house in a fast appreciating area (like 35205) and getting a roommate to help with the mortgage.

Put a minimum down-payment down, and let the benefits of property ownership take over.

My wife househacked without knowing what that was. She'll even admit, she overpaid for the property. But she turned a 4k down-payment into cashflowing single family rental with 60k of equity in about 8 years.

Not a cash cow, but super easy to manage. In the next few years, we'll 1031 exchange that house into an apartment building or a beach house.

Nothing fancy, just owning quality property over time, and having tenants pay for it.