Olivia explains house hacking: buying a duplex, triplex, or fourplex, living in one unit, and renting out the others to cover your mortgage. An FHA loan lets you put down just 3.5% to get started.
3.5% down
You kind of house hacked. So talk me through for people listening who may not know what house hacking is, talk me through how that came about. Olivia Basically.
House hacking is when you buy a property, it could be a single family home, it could be a duplex. So the thing that I guess is most common is people will try and buy either a duplex, triplex, or fourplex. So a small multifamily property. The cool thing about that, at least in the us is you can use an FHA loan where you put 3.5% down, which is awesome because it's not that much money, and then you rent out the other units, or you rent out other parts of your house, and then you live in part of it to decrease your living costs.
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