House hacking allows individuals to reduce or eliminate housing costs by renting out part of their property while living in another portion. It can be applied to multi-unit dwellings or single-family homes. Essential considerations include zoning laws and HOA regulations. The strategy offers benefits such as reduced mortgage costs, faster equity building, gaining landlord experience, lower down payment options, tax benefits, and increased financial flexibility. This method appeals to aspiring homeowners and real estate investors looking to turn their property into an income-generating asset.
House hacking is a real estate investment strategy where you live in one part of a property while renting out the remaining space.
This strategy can either be done with a multi-unit dwelling or in a single-family home.
It's important to review zoning laws and HOA regulations when searching for a house to hack.
House hacking offers numerous advantages, including reduced housing costs, faster equity building, landlord experience, lower down payments, and tax benefits.
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