House hacking has been a buzzword within the real estate investing community for a while but understandably has become more popular to the mainstream population due to the current market. This Yahoo News article, Some Americans Are House Hacking Their Way To Homeownership And Rent-Free Living, highlights the stories of individuals who are on their house hacking journey.
Some of the highlights from the article include:
- different strategies of renting by the room or renting separate units
- taking on landlord responsibilities
- being motivated to not rent anymore but not wanting to cover the entire mortgage
- utilizing a low down payment
- being creative with changing a home’s layout for more privacy
The article brought up some great points. It obviously couldn’t include every benefit of house hacking but we wanted to be sure to include a few more points about house hacking and the power it holds.
- rents will increase over time while your monthly payment stays the same
- tax benefits
- being able to add value to the property through upgrades
- protection from inflation- What did your parents pay for their first home?
- tapping into equity for future investments
- being able to utilize a low down payment primary loan every year to repeat the process
- building your net worth and not your landlords
House hacking is one of the best ways to build wealth, especially in the current market.