House hacking is a real game changer because you get to be a homeowner and essentially live for free, House hacking can be done by renting out a room or portion or some part of your home. Mostly common is buying a multi-family home, living in one of the units, and renting out the others. The mortgage on the property — and other associated housing costs — is covered by the tenants renting out the extra space.
And as name says, house hacking is real game changer, you get FHA loan, so you only had to put down 3.5% of the purchase price. And if you are Veteran then you can do zero down via loan.
I am flipping project in #iselin ( under contract as of April 2022) with extra rooms and we selling it to veteran so to support society and still making money .
Example April 17 2022, I sold 58 Marlboro colonia to my client who is single but motivated . This home has two kitchen and best part , it’s single Family but has separate entrance so right after closing , buyer became owner and asked me to find tenant , this making extra and same time , started updating home so to add value and equity. With this gained equity, He will refinance home after 6 months thus removing PMI (private mortgage insurance) and reducing his payments . House hacking will bring his monthly costs down to only $490 a month out-of-pocket. In today’s market, the unit He could rent to Airbnb for $1800 a month so living almost for half price
I became realtor in 2018 as many of my friends were asking me to teach them as how I started with one home in 2006 and built 4 . Extra income makes life happy as your wife is happy . I was so enamored with the wealth-building process that i carved out a career as a real estate agent helping others become bonafide house hackers. That’s not to say that house hacking, is main mantra and boomed for almost all of my clients . You can check them at sold.njfind.com
“If my clients want cash flow right away then I look at what they have and see what they can do with it — whether that’s renting out a room, or making small upgrades to their home such as converting a door into a wall if privacy is an issue”
One of the biggest challenges is finding the right home in the right location,
Now as my clients need help to right tax planner, lender , home renovator so I started building team of right educated motivators and go getters who do extra mile for clients and understand power of referrals and trust . Check my recommended parters at my website
Beyond the all-important number crunching, house hackers also need to be willing to take on landlord responsibilities, which includes finding model tenants, drawing up leases, and dealing with ongoing maintenance issues. For this, I started sharing stories and phones numbers of those who did it right and willing to share and educate others
“The home sales and rental markets have gotten increasingly ruthless over the last two years, so house hacking is a way to bring a better meal and smile .
I also took Financial classes so I can educate my clients as what investment tools available in market that clients can invest and grow income tax free . Check 4iul.com , a revolutionary new product #iul that’ uses 8 wonder of world called compound interest and locks losses to zero and give capped growth , with major medical conditions covered . On this my clients flocking yo Convert there old redundant whole life insurance to index investments using 1035 exchange . So don’t wait use me today to find your next hack income generating home .