All Forum Posts by: Nikash Rajeshbabu

Hey there! Great question! My husband and I started househacking 3 years ago (both in our mid to late 20's at that time) and we use a rent by the room strategy, meaning we live in one of the bedrooms and rent out our other bedrooms. So essentially our roommates pay our rent.

This strategy breaks about even for us at this time, but we kept looking for more househacks and once prices went up we weren't able to get a house that would even break even for us. If we were just starting out, this might have still appealed to us as it was a way to get our living expenses down while owning an asset. However we used the money we've saved from having roommates to buy more Airbnbs so we weren't in a position to take on a loss by buying another househack.

BASICALLY what I'm trying to say is that even if you aren't making money on a househack, it can still be a great way to get into a property, start building equity, and learn how to become a landlord, as long as you aren't losing more money than you can afford to monthly! :)

I bought my first house-hack in May this year, 3 days before graduating from college. I just turned 22. I don't have a cosigner and saved all of the money myself. It has been extremely successful as I am now getting PAID $200 to live in my home. It's a bit crowded but I knew what I was getting myself into.

From the massive increase in savings with my job I plan on buying another by May/June of this year. I don't know your specific market, but PM if you have any questions. 

I'm not familiar with the market at the shore because I'm more on the Northern end. The investment group I'm part of HAS been able to make the numbers work in this market. Me personally? Not so much lol. I'm able to stretch my buck further going over the boarder to the Lehigh Valley area of PA because of my personal financial situation. But don't be discouraged, it can be done in Jersey. Most of the people in my group up North were ready to force appreciation to command higher rents, so you may want to prepare to do the same. This isn't much info but I hope it helps, good luck!

Hey Nikash, 

It's a completely viable option, one that I definitely recommend. Will it be profitable right away? Maybe, maybe not. It depends on how uncomfortable you're willing to live. For example, if you buy a duplex and rent a unit, and keep the other one to yourself you'll probably still have to cover a chunk of the mortgage. If you buy a SF you may be able to profit by renting out each room or break even. It really depends on your market. 

I'd think of it like this. House hacking is by far the easiest way to get into real estate investing so check that off, you need a place to live, and you're buying an asset. Don't just buy any random property, but take the time to learn and it will be one of the best decisions you ever make.