I bought my second property to house hack in May 2022 and moved out of my condo to rent fully and here is why:
1) My first property will now be a full rental cash flowing $400. Not only do I generate cash flow but I have someone else paying down my monthly mortgage and have generated about $50k in appreciation this past year.
2) My next property is a 3 bedroom, 2 bath, and a 1 car garage in each unit! Also, it is placed perfectly on the ideal westside of town to have good access to downtown, hiking, and beautiful mountain views. Location, location, location!
3) One unit is currently rented out as a longer term rental. I moved into the other unit and found two roommates to live with me and minimize my mortgage costs. I currently pay $0 towards principal, interest, or taxes. I do have to pay for utilities and a personal loan from a family member that I took in order to make the deal work. Roughly $850 out of pocket.
4) This property has a great value add! It was built in the 1980s and could use a remodel. This will increase the overall value of the property and future rent prices.
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