Your thoughts on house hacking?

[Lane Cooper]

Just wondering what everyone’s thoughts are on house hacking. I have a few friends that tried it out and it worked really well for them. If someone was to do this should they shoot for a duplex or Quadplex? Is it worth it?

[Joe Miller]

Hi @Lane Cooper I am currently in the process of house hacking! I did a ton of research on different areas near where I am working and after looking at many many properties I came across one that met all of my marks. It's a large duplex in a good school district but needed a little work to make it look less dated. I am renting one side to a nice family who lives in the area to get their kids into those good schools. On my side I am also renting one of my extra bedrooms to a co-worker and I am looking for a second person to fill my other spare room. 

From my perspective house hacking takes some work especially if you plan to manage the property. However, when you pay the mortgage and none of the money is coming from your own account that is a really good feeling. In addition to that the money that I am saving from previously paying rent, electric, internet etc... I am now setting aside to look for another investment property. 

Duplex, triplex, quadplex is really going to be up to you and what your market has to offer and what income each "door" provides you with. It might sometimes make more sense to go with a smaller unit with a lower price or better margins. 

Good Luck!