It's incredibly inspirational to see some of the members here, or people my age (33) or younger, successfully buying a 2-4 unit property and living without housing costs out of pocket. I read their posts and watch their videos about how they purchased one of these properties for $200k-$400k with 5% down and their renters pay off the mortgage and then some.
I don't doubt that this strategy is viable, but I'm not certain it's as accessible everywhere. Perhaps I'm not as familiar with real estate and might need some more guidance.
I live in a particularly expensive part of Canada (even more so due to the recent housing cost increases), where the lower end of multifamily homes are typically around $800k, and more reasonable ones where rent could cover the costs are around $1.1m-$1.4m. Any property above $500k requires a 10% down payment, and anything above $1m requires a 20% downpayment. If I compare the average rent within the neighborhoods these properties are in, the rent for all units doesn't cover the full cost of the mortgage.
I'm not certain if this strategy works well in my location, or if I'm missing a step where it would be applicable.
Is House Hacking viable in this kind of situation?
I don't doubt that this strategy is viable, but I'm not certain it's as accessible everywhere. Perhaps I'm not as familiar with real estate and might need some more guidance.
I live in a particularly expensive part of Canada (even more so due to the recent housing cost increases), where the lower end of multifamily homes are typically around $800k, and more reasonable ones where rent could cover the costs are around $1.1m-$1.4m. Any property above $500k requires a 10% down payment, and anything above $1m requires a 20% downpayment. If I compare the average rent within the neighborhoods these properties are in, the rent for all units doesn't cover the full cost of the mortgage.
I'm not certain if this strategy works well in my location, or if I'm missing a step where it would be applicable.
Is House Hacking viable in this kind of situation?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
