5 real-estate investors who 'house hacked' to afford their first properties explain how the strategy works and can help anyone build wealth
One strategy that first-time homebuyers looking to break into the market could consider is called"house hacking." It involves renting out a portion of your home and essentially having rent-paying roommates.
Keane-Rivera moved into the smallest room in his house and rented out the other two for $725 and $900 a month, he said. That dropped his monthly housing payment to $375. He and his girlfriend at the time moved into the master bedroom and rented out the four other rooms, which more than covered his monthly mortgage. It meant finding compatible roommates and having significantly less space, but it allowed him to save more money to put toward a second property.
His goal was to buy a place as soon as possible but he didn't have enough savings to do so immediately. After nearly a year of living frugally and setting aside the majority of his paycheck, he had enough savings for a down payment. He and his girlfriend moved into the downstairs unit. It was a two-bedroom and they found a roommate for the other room. His girlfriend paid $400 in rent for her half of their room and the roommate paid $800 for his room.
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