Hey everyone, I recently graduated and started my job as an analyst at one of the large brokerage shops. I've been calculating my expected expenses and realized I'm able to save a decent amount of money. Has anyone house hacked before within their first year of working (bought a house and lived with other people that pay rent to you so you can live rent free)?
I live in LCOL city where 3/4bdr houses/row homes sell for $200-450k in desirable neighborhoods. Also am going to try to get a conventional loan where I can put 3-5% down as my city has a first time homebuyer program.
Curious if anyone has done this and what their experiences doing it?
No but go for it. See if you can get a duplex because maybe at home point you’ll want to live alone. also as first time buyer who is living in the house you’ll have an advantage over an investor with the interest rate and downpayment requirements.
No, but I'm graduating in a year and have thought about it. Only problem is that I don't think I can pull it off in NYC lol. If I was going to do it, I'd probably hack a duplex so that way I could live alone in of the units and have the other one pay for the whole thing. Obviously, learning to be a landlord and finding time to manage the property, deal with tenants might be challenging. Fred Fredburger could help, I don't know if he househacks but he is an investor and could give you a better idea of what it all might entail.
yeah i totally get that... originally from NY and that's one of the main reasons I decided not to be NYC based because of the HCOL and high barrier to entry with property values. but of course the city investors get way more value from appreciation than cash flow like LCOL cities do so it's really a give and take
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