How to House Hack Your Way to Wealth

How to House Hack Your Way to Wealth

Here are 3 ways to do it.

Tierra Mallorca
There’s little else to compete seriously for the top spot of “best wealth building tool” than real estate.

Real estate provides cash flow, appreciation, tax write offs, etc.

But, it’s harder to get into than ever.

There’s the obvious- purchasing residential or commercial property to rent out or use as an Airbnb.

But here are 3 ways pretty much anyone can house hack their first (or second, third, etc.) property.
House Hack #1

Buy a single family home, preferably with 3 or 4 bedrooms. Then find roommates.

If you do this right, they pay your entire mortgage and you split your utilities 3–4 ways.

House Hack #2

Buy a duplex or multiplex. You live in one side while renting the other side or units.

The goal here is to have your tenants paying your mortgage. But your utilities are on you.

Of course, eventually you’ll move on and you’ll be able to rent both sides or all units.

House Hack #3

Live with your parents and buy a house you rent out.

I’ve seen people do this where they purchase a single family and rent it out to a family while they live at home. I’ve also seen people purchase a beach home (or mountain cabin) and rent it for a week at a time as a vacation home or Airbnb.

If you can keep it occupied often, a vacation home brings a lot more profit in. It can also be riskier than a single family long term rental.
There you have it. 3 relatively easy ways to get started in real estate.

CONTRIBUTED BY Cait Mack

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