What is house hacking?
House hacking is a real estate investment strategy that involves purchasing a property with multiple units, living in one of the units, and renting out the remaining units to cover a significant portion, if not all, of the mortgage and other expenses. The concept behind house hacking is to leverage the income from rental units to offset the cost of owning the property and potentially generate extra cash flow.
Now that we have a definition, let’s explore how to house hack in Denver. That’s why you landed on this post!
How to House Hack in Denver:
To house hack in Denver, start by identifying multi-unit properties suitable for your budget and needs. Research local regulations and financing options, ensuring you can secure a favorable mortgage. Evaluate potential rental income and expenses carefully to ensure positive cash flow. Finally, find reliable tenants and manage the property diligently to maximize your house hacking success in Denver’s competitive real estate market.
Sounds simple right? But you might need a coach, guide and mentor to help you get started with your first Denver house hack. That’s what The FI Team is here to do! We’ve house hacked too, most of us still do! We’ll walk you through how to make it happen, but also teach you some of the insider tricks along the way!
Oh, and help you find the right type of property that fits your investing strategy. So if you want to rent by the room, we’ll look for a house we can add more bedrooms to, or if you want a non-confirming duplex we’ll find a property where you can create two separate entrances.
Check out some more of these resources to help kick start your journey to become a Denver house hacker!
-
- Read the best selling book, The House Hacking Strategy by Craig Curelop. As Brandon Turner says “House hacking has the power to forever change your financial position in life, and this book is your road map to get there!”
- Read a case study to dive into the numbers an see how this strategy can work for you.
- Get inspired by listening to other’s stories of how they got started in house hacking and learn from their mistakes, so you’re a pro the first time!
- Work with an experienced agent whose house hacked themselves! Reach out to a FI Team agent to work with an investor friendly realtor here in Denver whose rocking the house hacking game.