There’s a lot of conversation going on right now about house hacking, and you might say, “what is house hacking?” To me, I think it’s one of the best opportunities and things, especially first-time homebuyers should be looking into.
I’m Luke Newcomer, with the Newcomer Group where exceeding your expectations is our standard.
So house hacking is a multitude of different things. I think the most straightforward form in my opinion would be to go buy a duplex. You rent out the other side, you live on the other side rent-free. Or, they’re paying your mortgage; you’re living there.
Another one would be great if you’re younger, and you buy a big house – maybe a five-bedroom house – and you get some roommates. You put four roommates in there, and you take the master. You charge your roommates money, and you can live there essentially rent-free. Two years later, you keep that property, rent it out long term, go buy another property, and continuously do that.
Another aspect is buying a property with an in-law suite, and maybe Airbnb vacation renting out that in-law suite. This is literally for everybody, but I would say if you’re 25 – 35 and don’t have kids, you should be really looking into how to house hack. I’ve done it personally; in fact, all of my properties pay for where I live – all rent-free. If you want to learn how to do it, it’s not that complicated – I can help. My team is very understanding of this, so let us know how we can help you.