If you’re just starting out and considering buying your first house hack, check out my free ebook: The House Hacking Success Checklist. It will go over 7 things that you should be working on and making sure you do BEFORE you buy your first house hack!

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Join my Free House Hack Mastery Group over on Skool.com, link here:
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Stop wasting your money on renting and owning single family homes. Do this instead!

DISCLAIMER: Please note, this is not financial advice. Information provided is for educational and entertainment purposes only. Consult with your own advisor before making any legal or financial decisions.

Affiliate / Video Links and Free Giveaways:

Rental property analysis video playlist: [ Ссылка ]

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My attorney profile and contact information:
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Facebook pages:
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So, we all have to live somewhere. But, what kind of living arrangement makes the most financial sense?

For the sake of simplicity, let’s assume no inflation and no cost increases.

Let’s say you rent an apartment for $1000 per month and let’s say your utilities cost you another $200 per month. Your total housing payment for the year would be $14,400.

After 3 years, you’ll end up spending $43,200. And if you rent for 30 years it will cost you a whopping $432,000. All of this money goes only to expenses. No equity building at all and you have nothing to show for it after 30 years.

Let’s now assume that instead of renting, you buy a single family house for $200,000. You spend $15,000 on the down payment and closing costs.

Your $190,000 mortgage at 4% interest amortized over 30 years will cost you $907 per month. Insurance another $100 per month. Taxes $400 per month. Utilities $250 per month. For a total monthly cost of $1657 per month.

This will cost you $19,884 per year. $59,652 after three years. And $596,520 after 30 years.

But, since your mortgage is completely paid off after 30 years, you will still own the house which would be worth $485,452 if you factor in 3% annual appreciation. Still a net loss of $111,068.

Now let’s assume that you buy a duplex for $200,000. Rent one of the apartments to a tenant for $1000 and live in the other apartment. Same down payment and mortgage costs as with the single family house.

Offsetting your housing costs by the $12,000 per year that you get from your tenant, your total out of pocket expenditure would be just $236,520 after 30 years. And you would own a property worth $485,452 for a net gain of $248,932.

Moral of the story: You Should Househack!

#Househacking
#RentvsOwn
#Succeed REI

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