There's a bunch of videos on YouTube telling people they need to house hack.. but I haven't come across a single video of someone who's actually been there the whole process of house hacking and gives their full honest experience, fully discloses their costs and financials, and whether or not they'd recommend it to someone else. I really wish someone else would have made this video before I decided to house hack because it would have been extremely helpful. So I figured why not make this video myself for anyone who's thinking about doing a house hack in the near future!
I would love to hear your thoughts in the comments sections if you're thinking about house hacking or if you actually do it yourself and what's your experience has been like.
What is house hacking? - House hacking is typically when you purchase a multifamily property and rent out the other units in order to partially or fully cover the cost for the unit you in, allowing you to live for free or even make money living there! House hacking can also be down in a single family house or even a condo if you rent out the other rooms to pay some/all of the mortgage and/or monthly expenses.
My background - I began the house hacking journey back in the winter of 2018 when I started looking at multi-families houses to house hack in order to live for free or make money! I ended up closing on my first 3-flat property in June of 2019 when I was 24-years old. It's located in the northwest side of Chicago in a part of town called Logan Square. It's been almost two years now since I've been house hacking and I wanted to share my FULL experience and give a FULL financial background of everything to do with the investment property!
Timestamps
0:00 - Intro
0:52 - My story background with purchasing the 3-unit house hack
2:08 - Financial results
2:33 - Purchasing the building
4:15 - Monthly expenses
4:55 - Renovations costs
6:20 - Rent prices
7:14 - Refinanced
8:04 - Do I live for free?
9:15 - Dealing with tenants
9:58 - Things no one warned me about
11:29 - Would I recommend it to someone thinking about doing it?
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Truth About House Hacking (Financial Results) After 1.5 Years!
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