Is House Hacking Worth Doing?

Is House Hacking Worth Doing? After 3 years of house hacking here's my honest review if I would recommend other people considering to house hack for the first time.

There’s tons of videos are articles explaining how and why to house hack… but no one ever talks about how possible it is or even if house hacking is worth doing. This video will discuss from the perspective of someone who’s gone through the entire process from start to finish and been living in the house hack for over 3 years now. I will give an honest review if I would actually recommend house hacking to someone considering to do it for themselves.

Links:
1) Walkthrough before the renovations - https://youtu.be/j6m8gYCHEK4
2) Financial breakdown to purchase renovation costs - https://youtu.be/G-oP72_EXrw
3) Financial results after 1.5 years of house hacking - https://youtu.be/sj9H0-dB_6g

Timestamps
0:00 - Intro to House Hacking
0:30 - What is House Hacking?
0:45 - Background on Chicago 3-Flat House Hack
1:11 - Is House Hacking Worth Doing?
3:45 - Issues with House Hacking
4:33 - How Possible is it to House Hack?
5:24 - What's Your Goal with House Hacking?
5:45 - Recommend House Hacking

#HouseHacking #househack #RealEstateInvesting #realestateinvesting101 #personalfinance #househacks

For background, I bought a unit 3 property over 3 years ago now in Chicago back in the summer of 2019. I renovated two of the units with kitchens, bathrooms, flooring, and much more to increase the value of the property and increase the rent price. At the time I spent basically my entire lifesavings buying my three flat and spending over $80,000 in renovations.

In my case, I make on average around $400 more than my mortgage, insurance, and taxes. So in the end I was able to actually make money to live in my 3-unit, but it wasn’t all rainbow and sunshine. I basically had to live through a renovation for 4 plus months. In the end, I am very glad I house hacked and I think it was extremely worth it. Not only because I can live for free, but the freedom and flexibility it gave me. So overall my house hack has given me so much flexible and freedom.

Even if you don’t plan to live in the house hack long-term it has dramatically increased my net worth with the amount it has appreciated. Which gives me even more flexible and freedom if I want to sell it in the future or refinance and take out money.

There will always be issues that pop up with owning a property, especially when you’re house hacking. Trust me I had to deal with my fair share of issues of the last 3 years. I dealt with water leaking from the ceiling, air conditioners not working in 90 degree weather, people getting locked out, homeless man eating cake on the couch in one of the units (yes that actually happened), and main pipe lines getting clogged.

House hacking is still possible, but you are going to have to be more creative these days. Even when I was buying in 2018 and 2019 there wasn’t too many properties that made sense to house hack. With today’s rates and low inventory it’s even more difficult but… still possible.

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