House Hacking Exposed! Is it worth? Is it the right move to do? What are the pros and cons? In this video, we're going to break down the benefits and also the drawbacks of the House Hacking Strategy. Enjoy!
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Housing Hacking is a strategy that involves buying a 2-4 unit apartment building (sometimes larger unit buildings) and living in one of the units so that you can virtually have your own housing expenses covered by other rentable units.
Now, this has many economical advantages as your mortgage payment (if you have any) is virtually covered by the rents that you're collecting from other units that you can rent to. Also, you have the advantage of being able to keep a close eye on the buildings' maintenance needs as well as issues that may come up. You're more likely to fix issues as they come up quicker than managing a property that you don't live in.
But the drawbacks are there...
1. It's hard to scale...
If your goal is to eventually acquire more rental properties, this strategy is limited as it won't allow you to scale just with this strategy alone. You can only use this strategy as long as you're okay with constantly moving or having to live so close with your tenants.
2. Management Issues/Emotions
Another issue is that you're super close to your tenants and if your tenants know that you are the owner of the building, well... kiss your privacy goodbye. You may experience an issue where tenants will knock on your door on a consistent basis to let you know of problems in their unit. So you're having to deal with the maintenance or at least managing the process. This can take up a lot of time or may cost you stress (emotions)
3. Numbers Are Skewed
Again, if your goal is to acquire more rental properties in the future, using the strategy may not reflect the best accurate "numbers" when analyzing. The most common mistake that we see people do is that they forget to deduct their own unit out of the equation when calculating the cashflow & income.
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The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
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Video Created by:
Christopher Dorsano - Creative Director
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---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
House Hacking Exposed: Pros Vs Cons
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