How to get started with house hacking.

[Nick Bradshaw]

Hi, I'm new to the real estate investing world and I wanted to give it a test run with house hacking. So just want some advice or tips, just anything at all you can tell me from a personal standpoint about house hacking for me to get started in the future 

[Wale Lawal]

@Nick Bradshaw

Congratulations for choosing to start with house hacking as your entrance point into the world of real estate investing! As it enables you to live in one unit of a property while renting out others to pay your housing bills, house hacking is an excellent strategy—especially for first-time homebuyers. To help you get started with home hacking, consider the following advice:

1. Establish Your Goals: Make sure your objectives for house hacking are clear. Establish your budget, the kind of property (duplex, triplex, or fourplex) that interests you, and the degree of property management participation you desire.
2. Budgeting and Financing: Determine how much you can afford by taking stock of your financial situation. Investigate your choices for financing, such as FHA loans, which sometimes have lower down payments. Talk to mortgage lenders
3. Examine Transactions: Gain expertise in evaluating real estate transactions. Be familiar with calculating ROI, prospective cash flow, and other important measures. Guidance can be obtained via tools such as the 1% rule.
4. Form a team: Assemble a trustworthy group of experts, such as a mortgage broker, property inspector, real estate agent, and maybe even a property manager. Establishing connections with nearby experts is crucial.
5. House Hacking Strategies: Examine various house hacking techniques, such as renting out individual rooms or residing in one flat and renting out the others. Select a plan of action based on your objectives and lifestyle.

Remember, every real estate investment journey is unique. Start small, gain experience, and use each property as a learning opportunity. House hacking can be a powerful strategy to build wealth and financial independence. 

Good luck!