The next phase of our house hacking series is to explore condo house hacking.
Why condos? Well, our clients have been buying condos for investment properties as they are giving the best returns in the Denver market.
If investors are buying condos, then we realized house hackers should look at condos as well. After building a house hacking condo model, we were pleasantly surprised at the numbers!
Here's a quick rundown:
- Buy a condo for less than $15,000 down (3.5% FHA or 5% conventional down)
- Live for free (or close to it)
- At year 2, move out of condo #1 (rent it for positive cash flow) and then buy condo #2.
- Repeat every 2 years until you own 4 condos.
- By year 8, have 4 cash flowing properties with 500k+ equity.
Condo house hacking is a great way to buy property for less than $15,000 down, live for free, and start building your rental portfolio.
Are condos the best way to start your investing career? Maybe yes, maybe no. There isn't a right or wrong answer. But, it's an idea worth exploring! Keep your eye out for future webinars on different house hacking models.
If you want help creating your house hacking model please reach out to us.