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House Hacking
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Updated almost 2 years ago on . Most recent reply

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Wilexis Ventura-Matos
  • New to Real Estate
  • Elizabeth, NJ
4
Votes |
4
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What is House Hacking exactly?

Wilexis Ventura-Matos
  • New to Real Estate
  • Elizabeth, NJ
Posted

Hey guys, I’m 23 with my own business. Saved enough $ and now turning to RE for my path to financial freedom. I keep getting recommended to house hack but I just don’t know what that is exactly can you guys help explain it to me, thank you.

Most Popular Reply

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165
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78
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Edward Stephens
  • Realtor and Investor
  • Leawood, KS
78
Votes |
165
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Edward Stephens
  • Realtor and Investor
  • Leawood, KS
Replied

Hey @Wilexis Ventura-Matos, it means that you buy a property and live in part of it and rent the other part out to make some income.  It's popular with first time home buyers who might struggle to pay a house payment all by themselves.  I've house hacked myself, in three separate ways.
1) Bought a duplex and lived in one unit while the other unit was rented to another family.

2) Within the unit I lived in, I got a roommate that I rented a room to.

3) I rented my basement of my unit to someone who needed a place to store their belongings (it was cheaper for them to rent from me than to rent a storage unit)

It's a little extreme the way I did it, but any of those individually would classify as househacking by themselves :)

Hope that makes sense.  Message me privately and we can talk about how to get started if you need help.

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