House Hacking Calculator
No matter where you are in your house hacking Journey a unique calculator to house hacking is needed to making sure your financials are correct for future growth. Your overall goal should be to cover ALL OF YOUR EXPENSES if possible. It is usually very rare to pull it off. Depending on the market it can be possible. In most of the cities or mini-cities, it is very challenging to find traditional house hacking properties that do such of a great wealth-building way of allowing the other unit or a 3 units cover all the utilites, PITI, and all the other operating expenses. Usually you might have to be flexible and creative about ways to make it happen. Maybe you rent out the garage sepeately to get more money or maybe you charge cars to park in your driveway for more monthly income. To read up on some out of the box ways to fully leverage your primary residence to make money check out this page of the site, Types of House Hacks to see the innovative ways to rent out or make money off your house.
About this House Hacking Calculator.
This calculator is unlike the other real estate calculators on the internet. It is free! At the bottom of this page, there is a preview of how the calculator works.
How to Download This Unique Real Estate Calculator
All you have to do is subscribe to our site and click the link in the email to the calculator. It is on Google Sheets. In order to use the calculator, you will need a gmail account and be logged in to view this google sheet on your account. Then after logging in you will need click file download then as an excel file format (.xlsx. If you do not have excel it is okay, do not stress. If you can view it in google sheets with your Gmail account all you have to do is upload the file in your account. The preview below is read-only (so no one can alter the formulas).
Subscribe Here to Get the Real Estate House Hacking Calculator
Quick House Hacking Calculation (for when you move out)
- Take the rent you’d be making from the property when you move out and subtract 18% (vacancy at 8%, repairs at 5%, and capital expenditures at 5%) from it. Note: you can use Rentometer to find rent in your area.
- Also, subtract PITI (principal interest and insurance)from the rent too.
- Note: the principle and insurance can be found by filling out the mortgage calculator below and it will be the monthly payments. The taxes can be looked up in a state record database. As for insurance, typically it is from $50-100 per month.
- Ideally, you’d want it to cash flow $150-300+ to start off. Of course, if you put down a higher down payment on the property it will make the cash flow better.
