We are incredibly excited to share with you all of our house hacking tips. Our first one is guaranteed to not only save you money… It will also help pay your mortgage for you every single month!
Did you know that you can purchase a multi-family property as your primary residence?
If you purchase a duplex, triplex, or fourplex as your primary residence, you no longer have to put down 25% AND have an additional 6 months of reserves in your bank account the day of closing.
When you buy one of these properties as your primary, you can put down as little as 3-5% because it will be your primary residence. Now you lock into a primary home interest rate. And you can use the other units monthly rental amount towards your mortgage to qualify for a higher amount.
After you live there for roughly six months to a year, you can rent out your unit, and voila! You now own several doors that pay your mortgage. The tricky part here is analyzing what the areas rents are, property management costs, monthly expenditures for when things break, and any other hidden costs that could arise.
Rinse + Repeat – this is the quickest way to grow your investment portfolio without the additional costs that are required.
Are you ready to expand your investment portfolio with this house hacking tip? We would love to sit down with you or hop on a quick call to discuss everything to expect. We can also customize your very own property search where you’ll receive emails the second a new opportunity hits the market!