Learn how to use Treasure Coast real estate to "House Hack" your way to a mortgage-free property and financial freedom.
A growing trend for today's homeowners is a method where you search for real estate with more bedrooms or units than you need so that you can rent out the others to minimize, or even eliminate, your mortgage payment. This strategy, known as "house hacking", allows individuals to own real estate, live affordably, and get on their way to passive income and financial freedom. This real estate investment strategy works for families, individuals, and anyone with zero real estate investing experience. Owning a home, reducing your payments, and having passive income are more achievable than most people think - and house hacking is one of the most powerful techniques to get there.
Getting Started: House Hacking for Real Estate Investing
The first step in house hacking is getting pre-approved for a mortgage; if you haven't, we can connect you with a great local lender. Most income-producing real estate properties rely on a predictable mortgage payment with fixed interest rates. Fortunately, as an owner-occupant, you get ideal financing terms including lower downpayment requirements & lower interest rates.
From that point, its a matter of searching for the best real estate investment that matches your needs. We help our clients analyze the numbers and consult with them on what their income, expenses, and other concerns might be. The more committed and focused you can be on what type of investment property you want, the easier and more successful your search will be.
Creative Real Estate Investing Ideas for House Hacking
One of the most common methods of house hacking is buying a home with extra bedrooms or a mother-in-law suite. If you're a single person or couple, you can take the master and rent out the other rooms to friends, co-workers, or family members. Not every property will work as well for every person, so it's important to think about what's best for you. If you're buying Treasure Coast real estate, another popular route is buying a duplex or other residential multi-family unit (4 units or less). Here are some great ways to get cash flow with your property:
- Multi-family Properties (duplexes/triplexes/quadplexes)
- Spare Bedrooms in your Home
- Trailers or RVs
- Accessory Dwelling Unit (ADU): any functional, rentable space including converted garage, basement, mother-in-law suite, tiny homes, etc.)
- Parking Spaces
This is a basic overview of a growing technique for those that want to invest in real estate on the Treasure Coast. If you have more in-depth questions, contact us today and we can address your questions, thoughts, and ideas.