Rebecca Richardson - Mortgage Consultant
How Do You House Hack?
Alright, so you're ready to buy a house, but you're a little freaked out over the payments? How do you house hack?
If you haven't heard of that term, it's something where basically you look to purchase a house that you qualify for, but then also look to have that payment subsidized by having renters. Either maybe that looks like purchasing a three or four-bedroom house and renting out those rooms, to friends or colleagues. You can collect extra income that helps that housing payment be a little bit more comfortable while also taking advantage of the market and building an equity.
The other thing that you can do is you can purchase a duplex triplex or four Plex. And that's where you live in one of the units as your primary residence and you actually rent out the other units like apartments to other people. That way, you can also have extra income coming in. It's great to know that you can actually purchase a duplex using FHA with only three and a half percent down. It can be a great option for a first time homebuyer that wants to dip their toe in investment or just make the housing payment a little bit more comfortable for your cash flow.
If you have any questions about how to house hack or make sure that the payment is right for you, I'm here to help and I would always love to talk to you.