Is it the right rime to Househack?
Is now the right time for you to buy your first or next househack?
It's never not the time to househack in our opinion!
For your own purposes you need to answer a few questions. The first is what are your current living expenses and can you reduce those by househacking? Second, do you have the down payment or ability to get a gift or down payment assistance through any programs? Lastly, are you ready to start building assets and passive income?
Househacking can seem like a huge responsibility or even an impossible task. It can even seem like a huge risk to take. All you have to do to make yourself comfortable is to change perspective. Househacking is a combination of buying a home and buying a rental property. People don't look at buying a home as a risk and you have to pay all of that mortgage payment. With househacking you only pay a small piece! If anything, househacking is less risky that buying a home! It's probably the least risky and most powerful financial decision you'll ever make, so take advantage of it when you can.
So you've decided that you could live for less while househacking, what are the next steps? We highly recommend that before you start looking for your first househack that you start by analyzing some deals. Look at what the property would look like after you move out to understand if it will be a good rental property. Don't expect to make money while you're in it, just reduce your monthly housing expenses, although you can get very creative and profit. It has to work well as a rental unless you plan to stay there for a long period of time. Most people plan to stay for a year or two.
We always think it's the right time to househack and agents on our team are taking advantage of this. No matter what's going on in the world it's never a bad time to reduce your living expenses and buy cashflowing assets for very low money down!