If you’re a beginner investor and are looking to save money on your initial investment, house hacking may be the way to go. As you can guess by the name, it is a tactic that seems too good to be true—but it’s a genuine practice. Here’s how you can use house hacking strategies to kickstart your real estate investment career.
What is house hacking?
House hacking is a real estate investment strategy where the investor rents out a portion of their primary residence so that rental payments cover the costs of the mortgage and expenses.
In most cases, the investor purchases a multi-family property and lives in one unit while renting out the others. That is why it can be highly desirable for many because even though you share a property with others, you still have the privacy of an entire unit. [Read more…]