Have you ever wanted to live without paying rent or mortgage? Do you also like the idea of building wealth over time? Then House Hacking is probobly for you.
House Hacking simply means renting out part of a house that you are living in to offset the expenses. There are several ways to do that, but our plan is to buy a triplex, complete some necessary work, and rent out the other apartments. This is commonly referred to as the BRRRR method:
- Buy, with a low down payment
- Do some light to moderate Rehab
- Collect Rent from the other people in the house
- Use that money to pay the mortgage and expenses –and–
- Get more money from the bank to buy a second house! (Refinance and Repeat)
There is a one year live in requirement, (some unforeseen circumstances allow for early move out), in order to use the preferable (low down payment, lower interest) primary residence financing. After that we will move on to the next house and rent out the space that we were occupying.
If all of that peaks your excitement, you know how to get in touch with me!