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House Hacking to Kickstart Your Successful Real Estate Investing Journey 

Are you interested in diving into the complex world of real estate investing, but lack the funds to buy an investment property right away? Luckily, for you there is a trick to start investing in real estate from the comfort of your own home – house hacking. 

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Are you interested in diving into the complex world of real estate investing, but lack the funds to buy an investment property right away? Luckily, for you there is a trick to start investing in real estate from the comfort of your own home – house hacking. 

When we said that house hacking lets you begin investing from the comfort of your own home, we meant it literally. House hacking allows you to generate investment income by utilizing your primary residence. 

Much like everything else in the world of real estate investing, there is no single way to house hack. So, in order to help you understand how this investment strategy can change your life and help you buy your first investment property sooner, let’s take a look.

However, before we get started if you are looking to secure financing for your first property in order to begin house hacking, look no further. All you need to do is book a free strategy call with my team at the link below.

What is House Hacking? 

House hacking is the act of reducing your own living expenses by using your primary residence as an investment property. For many real estate investors, this is one of the easiest first steps you can take in order to begin your journey. 

Investors do this in a variety of ways such as living in duplexes, finding housemates, or offering extra rooms. Regardless of the method, these are all valid methods of house hacking in order to build wealth quickly and effectively. 

Why Do People House Hack? 

People turn to house hacking because it is a reliable way to reduce living costs when trying to establish your financial position. It also is one of the few ways you can build wealth quickly without any additional investments beyond simply buying your own home. 

House hacking can be used to reduce the immediate cost of living each month to help you put money into savings and buy new properties. While you are doing this, you also continue to build equity in your home which you can later refinance and use to invest even further

House Hacking
House Hacking

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House Hacking Can Help You Qualify For More

Did you know that by hacking a multifamily property, it may be possible to qualify for a larger mortgage. To learn more about how you can use tenant rents to offset your income for a house hack, book a free strategy call with my team today.

House Hacking with Housemates 

If you already own your home and are looking to reduce your monthly expenses while utilizing extra space in the home, getting a housemate can be an excellent idea. Each month you will save money on the mortgage by collecting rent payments and you can save further on utilities and maintenance by splitting these costs with your house mates. 

However, this does come at the cost of some privacy and personal space. After all, by sharing your home with someone else you now have to deal with an additional resident walking around your home. It also means that many of your rooms such as the kitchen, bathroom and living room may have to become shared spaces if there are not alternatives for the housemate to utilize. 

Of course, some people circumvent this problem by converting their basements into an additional suite so that they no longer need to worry about sharing their personal space. 

Multi Family House Hacking

One of the most classic forms of house hacking is house hacking with a multi-family property. Plenty of people who plan on house hacking early on will deliberately buy a duplex or triplex as their first home in order to rent out the remaining units to someone else. This strategy is very similar to converting part of your home into a second suite for a housemate but has the advantage of the home already being divided for you. 

Investors who decide to use a multi-family property for their house hacking strategy often charge enough in rent to their tenants that they can live mortgage-free as long as they stay in the home. This would allow you to drastically increase the rate you can save for a new investment property or primary residence. As well, once you finally move out from the multi-family unit, you can always find a new tenant to occupy your previous unit and increase the cash flow you receive from the property each month. 

House-Hacking with Short-Term Rentals 

If you are not sure you want to commit to house hacking and allowing someone else to live at your primary address long-term, or simply do not have the means to accommodate a tenant in your home for extended periods, you can always try using your home as a short-term rental

Whether you plan to rent an extra bedroom for travelers looking to enjoy a stay in your town or want to rent out your own home while you go away on vacation or on a business trip, this can help cover some of your monthly expenses. Additionally, short-term rentals can occasionally be more profitable than long-term rentals under the right circumstances. So, even though you are not committing to house hacking full-time you may still generate a significant amount of cash flow and profit by doing this. 

Live-In House Flipping/Hacking 

If you are planning to flip a property, sometimes it may be worth it to consider living on-site while the work is being completed. This way you can avoid paying extra each month to cover multiple mortgages and take advantage of the benefits allowed to homeowners for their primary residence. 

This strategy is typically ideal for long-term flips as you do not want to constantly find yourself moving into new properties by following this strategy. 

Check Your Local Real Estate Laws 

Before you begin investing, you should always take the time to read into your local real estate laws to ensure that your strategy is allowed under the regulations in your city or province. 

Any Questions? 

If you have any questions about how you can finance your house hacking solution or would like to learn more about the complex world of real estate investing, do not hesitate to contact us at LendCity. Our expert team will gladly help you get the answers to any of your questions and connect you to our expert network of lenders so that you can get the best rates for your property. 

We can be reached at 519-960-0370 or you can find us online at

Thinking About House Hacking Set Realistic Expectation and Avoid These Pitfalls, w/ Scott Dillingham