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Originally Posted by jmecklenborg
In recent years, the term "house hacking" has been popularized by Bigger Pockets, which simply means someone (usually a single man but sometimes a married couple - usually without kids) buys a three or four bedroom house and rents out all of the spare bedrooms to offset the cost of the house. With a year of rental data, the rent covers the cost of the house, meaning the owner is clear from the bank's perspective to go and buy another house.
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I knew someone who did just that. He bought a modest house in his 20's, rented the other two bedrooms which covered the mortgage and then some. Then went on to buy another, nicer house and continued to rent the first one out.
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Originally Posted by Crawford
This is typical throughout the world. One of the reasons the U.S. has a housing crisis is bc we have such odd housing preferences. Renting is for losers, anything less than 3,000 sq. ft. SFH with yard and 2-3 car attached garage means you're poor, you have to leave the family house at 18, and all kinds of other weird crap. In rich countries like Germany and Switzerland, it's very normal to rent a room in someone else's house, or to live with parents forever.
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Who said anything about having to have a big house or that renting was for losers? I rent my place here in the Bay Area. I said renting a room in someone else's house is not ideal. I've done it and hated it. This is not the same as having roomates where their place is as much as yours. If I rented out one of my spare bedrooms in my house in Houston, they would not be roomates with equal say in the household but what people used to refer as boarders.
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Originally Posted by Tom In Chicago
Uh. . . this is basically how I lived until I was 35. . . this is how it always has been in cities that people want to live in. . .
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Roomates or renting a room?