Steps to House Hacking Single or Multi Family Homes in Houston, Texas

House hacking a single-family home or small multifamily property follows the same general steps:

Follow the same general steps: 

1. Find a good property to house hack.

2. Crunch the numbers before making an offer.

3. Close escrow, move in and make repairs.

4. Find a good tenant.

But there are a few key things that you need to keep in mind if you want to be successful at house hacking. First, you need to understand the different financing options available to you. House hacking a property with conventional loans, FHA loans, or VA loans is going to be different than using all cash. Make sure you understand the ins and outs of each type of loan before you start looking for properties. Second, you need to be mindful of the type of property you're looking for. A property that is a viable candidate for house hacking may have characteristics that are slightly different than a home that the owner will live in year after year. For example, you may want to look for a property with an in-law unit or a duplex so that you can generate rental income from the get-go.

And lastly, you need to be prepared to crunch the numbers before making an offer on a house. Before making an offer, investors should look at the potential income the property could generate, as well as estimated repair costs and carrying costs. This will help you determine whether the property is a good investment.

If you're thinking about house hacking a property, following these steps will help you be successful. House hacking can be a great way to get started in real estate investing and can help you build long-term wealth.

Hello! I'm Jay Thomas, a REALTOR in Houston, Texas. Chances are you and I share a similar passion, Real Estate! I also have a passion for building businesses, working out, inspiring others, technology, sports, and people. Connect with me on Facebook and Instagram!