{"id":565,"date":"2019-12-10T14:40:23","date_gmt":"2019-12-10T14:40:23","guid":{"rendered":"https:\/\/www.all-real-estate.com\/blog\/?p=565"},"modified":"2019-12-10T14:53:06","modified_gmt":"2019-12-10T14:53:06","slug":"what-is-house-hacking","status":"publish","type":"post","link":"https:\/\/www.all-real-estate.com\/blog\/2019\/12\/10\/what-is-house-hacking\/","title":{"rendered":"What is House Hacking?"},"content":{"rendered":"\n

When I first read about house hacking, I\nwas very surprised. I thought this was a new thing, but I discovered that I\u2019m\nactually already doing it for years.<\/p>\n\n\n\n

House Hacking is a great new name for a concept that has been around for a long time. Although it isn\u2019t new, the popularity has increased dramatically. While owning real estate has becomes less affordable \u2013 especially in city centres, inventive home buyers are finding new ways to own a great property.<\/p>\n\n\n\n

Basically, House Hacking is a tactic that includes\nrenting out portions of your property to generate income. This income is used\nto pay your mortgage and other expenses linked with owning your real estate. If\ndone properly, it lets you live in a great location completely for free, or\neven generate some profit. <\/p>\n\n\n\n

Of course, although it gives you some financial\nrelief it doesn\u2019t come work free. You must be willing to become a landlord and\ntake on all duties that come with it.<\/p>\n\n\n\n

Ok, so how can I House Hack?<\/h2>\n\n\n\n

The entire idea of an effective House Hack is to find real estate with as many rentable spaces as possible to generate income. These can be a multi-family building with several apartments, extra bedrooms in a single-family house, additional space that can be converted into liveable space or even a garage. <\/p>\n\n\n\n

That\u2019s basically what I did. I bought a\nmulti-family house with a garage. The property had 4 apartments. I moved into\none apartment and rented the other three units and the garage. Like this I was\nable to live for free and the rents that I received paid all expenses of the\nproperty.<\/p>\n\n\n\n

Best is to make some calculations before you go house hunting to see what you actually need. First question you need to tackle: How many units do I need to rent to pay the mortgage and other expenses of the property? <\/p>\n\n\n\n

Also keep in mind that the location is very\nimportant. A great location will give you a better rent and you will find\ntenants quicker.<\/p>\n\n\n\n

If you don\u2019t like to consider a Multi-family\nproperty, what about a single-family house with a granny flat? Have a look\naround in the real estate market and see what could work for you.<\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

If you like to be an inventive real estate\ninvestor but doesn’t want to pay the mortgage out of your own pocket, House\nHacking could definitely work for you. Your real estate isn’t just your residence,\nbut it’s also providing you with an income.<\/p>\n\n\n\n

Start looking for your House Hack property.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

When I first read about house hacking, I was very surprised. I thought this was a new thing, but I discovered that I\u2019m actually already doing it for years. House Hacking is a great new name for a concept that has been around for a long time. Although it isn\u2019t new, the popularity has increased … Continue reading What is House Hacking?<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[235],"tags":[258],"yoast_head":"\nWhat is House Hacking? - all-real-estate.com<\/title>\n<meta name=\"description\" content=\"House Hacking is a great new name for a concept that has been around for a long time. 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