Thank you for the feature REDx News!
I’m trying to demystify this real estate game for folks, and help people figure out how to make it work.
Not everyone wants to buy a house….but some people do. And I just don’t want you to feel discouraged that it’s not for you, especially if you’re first in your family to buy, or work at a non-profit, or have otherwise been marginalized from the wealth-building potential of real estate stewardship.
House hacking is not new y’all. People have been doing it forever, teaming up to make homeownership more affordable, or buying property with income potential.
The difference is just the mindset shift — instead of just the shiny instagram houses, you are thinking strategically about how to build equity while not breaking the bank.
The term “house hacking” refers to the practice of living in a home and renting out a portion of it to help pay the mortgage.
How does it work?
Instead of buying a house just for yourself or your family, think about how you can make it cash flow. For example, you may own a single-family home, live in it, and rent out rooms as long-term or short-term rentals.
You could also purchase a 2- to 4-unit multifamily property and live in one unit while renting out the others. In certain places, such as California, you could buy a 1–4 unit residential structure, construct an ADU (accessory dwelling unit/granny flat), and rent it out as well.
In expensive cities like Los Angeles, you may not always be able to cover the whole mortgage with house hacking, but you may be able to significantly reduce it!
I’d love to chat with you about ways to make your homeownership dream come true.
You can always schedule a free call at www.lyonideas.com/call
Read the full article at: https://redxmagazine.com/real-estate-expert-sammy-lyons-approach-to-house-hacking-in-la
Sammy Lyon
REALTOR®️
DRE #02113227
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