In order to find deals or to work with a realtor or do your own outreach, you need to know what you want to obtain. This helps for your realtor to send you houses you want to actually go see and the more people you know what you are looking for, the higher the odds of getting an off-market deal.
Why It pays to know The Desired House You Want
Having the desired house hack investment property “profile” information makes life easier for you so you can easily turn houses away and focus on houses that are worth your time. After all, you will be living in this house and it is not just an investment property. You want to be happy with your house you will be living in.
Criteria of Different House Hacks
The information you should be asking yourself is should it be a duplex, a fourplex? Should it be a single-family with an in-law suite? Should it be in a high-end type A area? What is your price range? Do I need a driveway? A garage? a yard? How many bedrooms should be in my apartment/unit? If you want to do a single-family house hack then what would be the sweet spot for your market for each room? Do you want a fixer-upper or a turnkey property?
A-Pro Tip When Looking For a House Hack
A lot of times a 5 bed 4 bath or a 3 bed 2 bath or a 3 and 3 condo is very doable for a single-family (rent by the room) house hack. One lesson to take away from this section is that each market is different, each street can be different than the street next to it. The one side of the train tracks can be a more expensive area than the other side. The one side of the river can be a bad part of town.
In Conclusion
know your market before investing. You will be living in it and this house hack will be the start of a long term investment for years to come. The rent is dependent on the market, how much a house can be fixed up is based on the market for rental value. Understanding your criteria of what house you desire will save you time and money in the long run.
