House hacking is one of the easiest and best ways to get started investing in real estate. No only does it help you keep your living expenses low, but it also gives someone else a place to live at a cheaper price than they would have paid had they rented an entire unit. If you enjoy this post, be sure to check out our other posts and, as always, don't hesitate to don't your feedback below in the comments. Let's get started!
It's always good to give some definitions at the start. What is househacking? Househacking occurs when someone buys a property with multiple rooms like a single-family home or a 2- or 3-bedroom condo, lives in one of the rooms, then rents the other rooms out to others. With househacking, tenants have privacy with their own bedrooms (and sometimes bathrooms) and then share the common areas like the living room and kitchen. Doing this makes living much cheaper and makes better use of the real estate.
This post should serve as a complement to Todd's House Hacking: What to Look for when Buying your First Property. As always, we recommend using both to help learn more!