House Hacking with friends or family? Share your pros/cons

[Cody Anderson]

Anyone here have, or are considering, house hacking with friends or family?

I have a couple buddies in San Francisco who I've been talking to about potentially co-buying a place in Tahoe and I am wondering if anyone has advice on how best to make a meaningful case for sharing in the costs/ownership/use/profit/tax adv/etc.

Curious if anyone has firsthand experience?

[Rick Albert]

I've had clients do it and it has been fine. The big thing is the exit strategy. Are these business partners where you are growing a portfolio together or are you just trying to get your foot in the door? If the later, then set a timeline for say 5 years (don't care how long) and then sell and go your separate ways.

I do have a business partner/friend on the investment side and we have three properties/ten doors together. We outlined our responsibilities and our business philosophies to make sure we are compatible. We both have made compromises along the way.