House hacking in Northern Nevada

[Osvaldo Segura]

Hello and good afternoon everyone! What's everyone's thoughts on house hacking in the Reno/Sparks area? Living in separate units or not? I have been on the hunt for a triplex or quad and will be using an FHA loan for my first house hack.

[Alexander Yates]

Hi @Osvaldo Segura,

It’s definitely doable! I’ll wish you luck finding a multi-unit property to do this with. I put in multiple offers on places in 2019 in an attempt to do the same thing in the Reno-Sparks area, but was outbid by cash offers 10/10 times. The market is even more competitive now. Eventually, I settled on a single-family home and used a rent-by-the-room model. If you don’t mind sharing your common spaces, this can be a very effective way to go. I have since moved out of that property, it’s been appreciating nicely, and am currently remodeling. I expect to cash-out refinance by the end of this year with at least $120k+ taken out to pay off remodel expenses and put the extra amount into another property.

Don’t get discouraged. There’s always a way to make something work if you’re willing to get creative. I’d be happy to chat further if you need help along the way.

Cheers,

Alex