House Hacking: Is It A Good Idea?
The rental income option many are considering one of the easiest strategies the get rich and grow your portfolio.
House hacking is very popular nowadays. Many are doing it with successful outcomes and the lucrative alternative is being promoted to newbie investors as a lowkey risk option to invest in real estate. House hacking is mainly being able to rent portions of your home (a unit in multi-unit building) for a profit to help cover expenses. According to forbes.com home sales prices are continuing to rise but surprisingly, rental rates have increased dramatically after covid lockdowns came to an end which could increase home sales in 2022 and on.
In the beginning house hacking was a great way to slash your housing costs or as many would say, to live for free but in the past decade, house hacking has been on the rise with no sign of slowing down. Why own one asset when you can own two or three to increase your cash flow. Savvy investors advise that you can start owning assets by purchasing affordable homes at the beginning that are in your price range then gradually invest in more luxurious-looking houses. The more bedrooms the better.
Is House Hacking For Me?
House hacking is highly recommended to those looking to earn a passive income and it’s considered a valuable option as a means to retire early. It's all about being able to generate a cash flow to cover all your monthly expenses, this method can also generate additional revenue to build your wealth. Successful house hacking depends on location and security. It does have a lot of benefits but there are also other details to consider first before deciding if this is the best option for you.
Who Can Help Me?
As a expert in residential real estate, real estate investments, and a house hacker herself; Ri is your local expert who can guide you through every step of the process. Contact her today to set up a quick 15 minute appointment to begin your journey to rela estate investing.