What Is House Hacking? - Total Mortgage Blog
Abstract
House Hacking Explained House hacking is a real estate investment strategy that involves buying a single-family home or multifamily property and renting out portions of the home to generate income. You'll learn how to advertise your property, screen tenants, manage tenants, create rental agreements and contracts, and how to maintain your property and property finances. Possible tax benefits: You may be able to qualify for certain tax deductions through house hacking, such as repair costs and depreciation expenses on the part of the property that is rented out, to lower your taxable income. There's always the option to hire a property manager or property management company to do the job for you. 4 House Hacking Strategies Not every property will work with house hacking. Multifamily Property If you purchase a multifamily property, you can occupy one of the units while renting out the others with the goal of lowering your mortgage and household expenses as much as possible. Apply For Financing Today With Total Mortgage House hacking is a strategy used by investors to rent out portions of their property to generate additional income.
