Househacking Long Term

Everyone plans to househack multiple times but the majority of people make it a one off deal. I've found a few ways to keep going and would love to share them. I have been househacking since 2016 and have made over $400,000 from buying two unit properties, fixing them up, living in them for a year or more and in some cases later on selling them.

1. 1. Know your why. You have to have a big why if you're going to continually househack. Over time you'll continue to see friends, even former househackers, enjoy their nice home with a nice yard. Househacking is very exciting in the beginning but it can lose it's allure unless you have a strong plan and a stronger why! 

1. 2. Have a plan. Househacking deserves having a strong plan or vision for how your next few years are going to look. If you have a partner that lives with you this is even more important. Sit down and plan what you are going to do in the ensuing years and what you need to do to get there. I know exactly what type of duplex I'm moving into next, how many bedrooms and where I'm wanting to be. At the same time, know that your plan is possible! I know I can get a property like this in the areas I'm interested in because I've seen them, walked through them and run numbers on them. It's not a pipe dream, but a specific plan with actions that need to be taken to accomplish the goal.

1. 3. Follow the continuum. In Craig Curelop's book Househacking, he talks about a comfortability scale. On the most profitable end of the scale you're starting in a not so nice place renting out every square inch of the place, on the other end you are living in luxury. I know a guy in Austin househacking a $2,000,000 house with an ADU. This doesn't have to be uncomfortable. I recommend starting as profitable as you can and moving more comfortable as you go to make sure you're able to continue househacking over a long period of time. Those nicer rehabs can pay off too!

There's no reason you can't househack indefinitely, or at least 5 years. If you can pull it off for 5 years you'll be a millionaire in a short time, no problem.