Gabriela Rico
I’ve been in the real estate world since 2002 as an investor, agent, broker, and even author. Real estate has changed over the years but I still love it and still invest today. Over the years, I have learned many things and evolved from trying to rent and screen tenants based on gut feelings to developing systems that work much better!
Being a landlord can be rewarding, but navigating the world of rentals also comes with its share of challenges. To be successful and avoid unnecessary headaches, it’s crucial to avoid these common pitfalls.
Rushing to fill a vacancy almost always backfires. A proper screening process, including checking references, credit reports, and employment history, helps identify responsible tenants who are likely to pay rent on time and respect your property. Gut feelings are not the best way to choose tenants, even if they are friends or family, especially if they are friends or family! Don’t rush to rent a place to the first people who apply because you don’t have the time. If you don’t have the time, you should not be the one leasing the property.
I use DoorLoop for all of my tenant applications and screening. It makes managing background checks very easy.
You can read more about how I screen for tenants.
A clear, detailed lease agreement is what protects you when a dispute arises, including evictions. If you don’t have a lease or the right lease, it can make eviction take much longer and cost much more money. We try to avoid evictions but that is not always possible even with proper screening.
It must outline expectations, responsibilities, and procedures for rent payment, repairs, maintenance, and dispute resolution. Vague agreements lead to confusion and potential legal issues.
Either get a lease from a local attorney or use a high-quality online legal document generation tool. I use Legaltemplates.com. Using a local real estate attorney will be helpful in case a dispute arises later.
See my tips for the best ways to manage rental properties.
Ignoring leaky faucets, malfunctioning appliances, or minor repairs can snowball into bigger problems down the line. Prompt maintenance not only keeps tenants happy but also prevents costly damage and potential legal action. You cannot rely on your tenants to tell you about every issue. It is also important to schedule regular inspections to see if there are any major issues in the property and that the tenants are taking care of it.
See my article on how to find contractors for house flips and rentals.
Overpricing your property can lead to long vacancies and lost income. Research fair market rents in your area and consider factors like amenities, location, and condition before setting a price. Remember that asking price for other rentals is not always the best way to gauge market value. Those properties could be for rent for months and overpriced. Pay attention to the market to see which ones are being rented and which ones are sitting.
Zillow provides fairly accurate rent estimates (rent is easier to estimate than value).
Once you have an idea of market rent, you can use my Rental Property Cash Flow Calculator to understand your financials.
Communication is key to a healthy landlord-tenant relationship. Be professional, responsive, and address concerns promptly. Ignoring tenant issues or being dismissive can create frustration and escalate into bigger problems. Ignoring tenants can also get you in trouble with the city or county where you reside.
I don’t personally deal directly with issues. I instead chose a great property manager to ensure communication is open and issues are handled promptly. They typically charge a percentage fee, which I simply build into my expenses.
Read my article on how to find a great property manager.
By avoiding these common mistakes, you can create a positive rental experience for both yourself and your tenants, leading to a smoother, more profitable investment.
Build a Rental Property Empire
Source: investfourmore.com
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
A person’s credit score can impact their finances positively and negatively. Entities from commercial banks to auto loan lenders uses credit scores to determine if they’re willing to trust an applicant. FICOⓇ and VantageScoreⓇ, the two most popular scoring models, assign credit scores from 300 to 850—and higher scores typically pave the way for more lucrative deals.
Whether you have no credit history whatsoever or you’re looking to improve your current credit standing, everyone has the power to work on their credit. There is no set timeline for how long it can take to improve your credit, as everyone’s individual circumstances are different. Keep that in mind as we share 15 of the best ways to work to build credit fast in 2024.
Table of contents:
Any kind of loan you secure can help you build credit if you make payments on time and in full. However, credit builder loans specifically exist to help borrowers improve their credit. If approved, applicants will pay into a secured account that they can only access at the end of their term.
Pro tip: A lender will normally approve low- or no-credit borrowers for a credit builder loan, but anyone can apply regardless of their standing.
Building credit with rent payments can be especially effective for individuals with no credit history. Your timely rent payments won’t raise your score automatically, as landlords don’t typically report rent payments to the credit bureaus. Instead, you’ll need to find a rent reporting service that can add your payments to your credit report.
Pro tip: You can enroll in rent reporting services with any of the three major credit bureaus: EquifaxⓇ, ExperianⓇ and TransUnionⓇ.
A person’s credit age, or length of credit history, makes up 15 percent of your FICOscore. This means that closing an old account can lower your score by reducing your overall credit age. If you have an old credit card, even if you don’t regularly use it, it’s usually best to keep that account open.
Pro tip: You can call your credit card issuer and request that the annual fee be waived on an old card.
Stores and online vendors that offer retail credit cards can help you quickly build credit if you’re a frequent shopper, with one important caveat: you must use the card responsibly. These cards may come with unique bonuses like cashback rewards or discounts. Just be careful not to overspend so you’re able to pay your balance off in full every month.
Pro tip: Retail cards can benefit frequent shoppers who also have the funds to pay off their debts quickly.
Credit reports are intended to reflect your spending habits, but no system is perfect. Sometimes, a payment you’ve made doesn’t get reported on time or you notice inaccuracies elsewhere on your report, like an account you never opened. Lexington Law Firm can check your credit report for errors or discrepancies and challenge them on your behalf.
Pro tip: You can request one free credit report annually from each of the three credit bureaus.
Secured credit cards traditionally have lower interest rates and higher credit limits than unsecured cards. The caveat is that borrowers will have to put down collateral to be eligible, but responsibly using secured cards can significantly improve your credit.
Pro tip: For secured credit cards, collateral comes in the form of the cash deposit you make when you first open the account.
Credit monitoring services can help borrowers get a better sense of what’s happening on their credit profile. Many services can also dispute errors and take action if they detect fraudulent activity. Lexington Law Firm offers credit monitoring services and other features like ID Theft Insurance and help with challenging errors on credit reports.
Pro tip: Lexington Law Firm also provides free credit assessments to help you understand which services might benefit you the most.
Payment history accounts for roughly 35 percent of your FICO credit score and about 40 percent of your VantageScore. Consistently making payments on time will display your financial reliability and responsibility to lenders and credit bureaus.
Pro tip: Using autopay can reduce instances of forgetting to make payments on time.
Your credit utilization ratio weighs your current account balances against your total credit limit. Increasing your credit limit can give you more breathing room when borrowing funds. Borrowing $500 with a $1,000 limit would give you a 50 percent utilization rate. Borrowing $500 with a $2,000 limit would give you a 25 percent utilization rate.
Pro tip: It’s best to keep your credit utilization ratio below 30 percent if you can.
Becoming an authorized user on another account lets you borrow funds on a credit card that you may not have access to otherwise. Positive action on that account can affect everyone who’s linked to it—and the same goes for negative habits. You can become an authorized user on another account even if you have no or bad credit history, provided you have the primary account holder’s permission.
Pro tip: It’s best to only become an authorized user on an account where the cardholder already has good or better credit.
Student credit cards typically have less stringent requirements than their grown-up alternatives. Responsibly using these cards can help new borrowers prove their creditworthiness.
Pro tip: Student card requirements normally include enrollment at qualifying institutions, proof of income or a cosigner and no bad credit history.
It takes varying amounts of time for changes to be added to your credit report. Rapid rescoring for a mortgage can help your credit by quickly updating your credit report with new information. For a fee, a mortgage lender can pay credit reporting companies to expedite the reporting process for someone who’s looking to take out a home loan.
Pro tip: It can generally take roughly 30 to 45 days for a change to appear on your credit report.
While it’s becoming increasingly easy to access financial information, not everyone has the years of experience needed to add context to that information. Financial advisors can offer tailored strategies to help clients reach specific goals and improve their credit standing.
Pro tip: You can find a financial advisor to meet with online if you don’t want to meet with one in person.
Credit-building apps can help borrowers improve their scores in various ways. Some apps can provide custom recommendations based on the data you provide them. Others can offer incentives and in-app rewards to help promote better financial habits.
Pro tip: Many commercial banks offer free apps with credit-building features.
Much like a credit builder loan, this option helps low- and no-credit borrowers increase their standing. Credit builder cards function just like normal cards, but they usually come with more stringent limits like higher interest rates and lower overall limits.
Pro tip: Credit builder cards often have more lenient eligibility requirements than other commercial bank cards.
We’ve outlined some of the best ways to build credit fast in this guide, but there’s still plenty of additional information that could help you increase your financial literacy. Learning how to read a credit report and knowing which factors affect your credit score are vital long-term skills. Lexington Law Firm’s team of professionals can help you gain a better understanding of your credit profile. Get your free credit assessment today.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Source: lexingtonlaw.com
The Nashville housing market has been a hot topic of discussion in recent years. As the city continues to thrive and attract new residents, buyers and renters need to understand the current state of the housing market and rental market in Nashville.
In this article, we will delve into the key factors shaping the Nashville housing market in 2024, including supply and demand, home prices, rental market dynamics and future projections. Grab your cowboy boots and your trusty six-string because we’re exploring Nashville in all its glory.
Known to many as Music City, Nashville has experienced significant growth in recent years. With a healthy economy, a legendary music scene and a desirable quality of life, it’s no wonder that people are flocking to this city in search of new opportunities. However, this rapid population growth has put immense pressure on Nashville’s housing and rental market.
One of the primary drivers of the housing market in Nashville is the city’s population growth. According to the latest data, Nashville has experienced a population increase of over 10% in the past five years. This surge in population has created a high demand for housing, leading to increased competition and rising prices.
While the demand for housing in Nashville continues to rise, the supply has struggled to keep pace. This supply-demand imbalance has resulted in skyrocketing home prices and limited housing options for buyers. As a result, affordability has become a significant concern for many residents, especially first-time homebuyers.
The housing market for homes in Nashville has seen a consistent upward trend in prices over the past few years. This rise in prices can be attributed to a number of factors, including limited inventory, strong demand and other economic conditions. Let’s take a closer look at the pricing trends in different segments of the Nashville housing market.
Single-family homes have experienced substantial price appreciation in Nashville. The median home price in the city has decreased by 6.1% over the past year, reaching an all-time high of $465,000. This price surge can be attributed to the high demand for single-family homes and the limited inventory availability.
The condominium and townhouse market in Nashville has also witnessed significant price growth. With a median price increase of 36.4% in the past year, these properties have become increasingly popular among buyers looking for a more affordable option in the city. However, even with the price appreciation, condos and townhouses still offer a more affordable entry point into the Nashville housing market than single-family homes.
In addition to the buying market, the rental market in Nashville is also experiencing its fair share of challenges and opportunities. Let’s explore the key dynamics shaping the rental market in the city.
Similar to the real estate market, the rental market in Nashville is characterized by high demand and low vacancy rates. With an influx of new residents and a limited supply of rental units, competition among renters has intensified. As a result, rental prices have been on the rise, making it increasingly challenging for tenants to find affordable options.
As the demand for rentals continues to grow, developers have been focusing on luxury rental properties with upscale amenities. These high-end rentals cater to professionals and individuals looking for a premium living experience in Nashville. From rooftop pools to fitness centers and concierge services, these luxury rentals offer a wide range of amenities to attract tenants.
Looking ahead, what can we expect for the future of the Nashville housing market? While it’s challenging to make precise predictions, several factors may influence the market in the coming years.
Nashville’s population is projected to continue growing in the foreseeable future. As more people are drawn to the city’s strong culture and fruitful job market, the demand for housing will likely remain high. This sustained population growth will put further pressure on the housing market, potentially leading to even higher prices and increased competition.
To accommodate the growing population, Nashville has been investing in public infrastructure and large-scale development projects. These initiatives aim to improve transportation, expand housing options and enhance the overall quality of life in the city for all residents.
The Nashville housing market is experiencing significant challenges and opportunities in 2024. With a rapidly growing population and limited housing supply, the market is characterized by high demand, rising prices and affordability concerns. Buyers and renters face intense competition, making it crucial to stay informed and prepared. As the city continues to evolve, it will be fascinating to see how the Nashville housing market adapts and thrives in the years to come.
When you’re ready to stake your claim in the Nashville market, you know where to start your search for a Nashville apartment or house.
Source: rent.com
Whether you dream of a snowbird lifestyle where you spend winter in warm sunshine and summer enjoying gentle breezes, want a lakeside vacation retreat, or hope to establish financial security with income from a rental property, you’ll need a budget and a plan to accomplish your goal of buying a second home.
If you already own your primary residence, you have some experience with the process of buying a home. But buying a second home typically requires more cash up front, a stronger credit profile, and an understanding of the tax implications of the purchase.
Let’s explore what it takes and what you need to know to buy a second home.
Read more: 13 steps to buying a house
A second home can be used for a variety of purposes besides vacations or as an investment. Some people spend time in two locations for work and prefer to own property in both places. Others are preparing for a future retirement in a new location and want to build equity in a home there. Some people buy a second home near a university where their children can live while in school.
While your goals for your second home are personal, how you intend to use the property has tax implications and will affect your mortgage options to finance the purchase.
Just like when you purchased your primary residence, you’ll need to consider all the costs of buying a second home. In addition to the mortgage principal and interest, you’ll need to budget for:
Homeowner’s insurance. Insurance rates vary by location and can be higher in some areas popular for vacation homes, such as coastal Florida or mountain regions in the West. In addition, rates may be higher or lower depending on whether you rent the property for short-term stays or long-term leases or whether the property is often empty.
Property taxes. Get an estimate before finalizing your offer.
Homeowner association dues. Some communities charge homeowners fees for maintenance and amenities.
Maintenance. A common rule of thumb is to save at least 1% of the home’s value for maintenance and emergencies. If your second home is farther away or you have renters, you may need to budget for professional maintenance services.
Property manager. If you choose to rent a property, especially to short-term renters, you may want to hire a manager to handle the details. That typically runs 8% to 12% of your rental income.
Utilities. Your costs will depend on how often the property is occupied.
Vacancy. If you’re counting on rental income, make sure you have the resources to cover expenses when the property is empty between tenants.
Travel costs. If you buy a second home at a distance from your primary residence, consider how much it will cost in gas or airfare for visits.
Your loan options vary according to whether your second home is for personal use or as an investment.
Typically, second-home buyers apply for a conventional loan or a jumbo loan to finance their purchase. Government-backed loans from the FHA and VA are usually not an option for second homes or investment properties.
Lenders usually classify a home as a second home rather than an investment property if it’s rented for a maximum of 14 days annually.
However, if you finance the purchase with a conventional loan, most lenders will allow you to rent the property to tenants for up to six months if you don’t use the estimated rental income to qualify for the loan.
If you need a jumbo loan, most lenders will limit you to renting the property for a maximum of 14 days to be considered a second home.
Both jumbo and conventional loans are available to finance an investment property, but they typically have stricter qualification guidelines than second home loans. However, you may be able to use some of the estimated rental income to qualify for the loan.
If you rent your property full-time to others and don’t use it yourself, that’s considered an investment property by the IRS. In addition, the IRS rules say that your second home can be considered a residence if you use it the greater of either 14 days per year or “10% of the total days you rent it to others.”
The IRS explains it this way: If you use the second home one month per year, it’s considered a residence rather than an investment property, unless you rent it for 300 or more days per year.
Consult a tax professional to estimate deductions for your second home or rental property.
Generally, lender requirements to qualify to buy a second home are stricter than to finance a primary residence. Rates, terms and guidelines vary by lender and according to your individual circumstances, so you should shop around to compare them.
Typical requirements are:
Credit score: A minimum of 620 to 680 or above for a second home loan; 700 or above for an investment loan.
Down payment: A minimum of 5% to 10% for a second home loan; 15% to 25% for an investment loan.
Debt-to-income ratio: 43% to 45% for both loan types.
If you’d rather not apply for a mortgage to buy a second home, there are other options to consider:
Cash: If you have significant savings or investments to sell, you may want to pay cash for your second home.
Cash-out refinancing: Depending on how much equity you have in your primary home, you may be able to refinance that loan and use your equity to buy a second home.
Home equity loan. If you have plenty of equity in your primary residence, you could borrow against it to purchase a second home. However, the interest rates on a home equity loan may be higher.
Home equity line of credit: Alternatively, you could open a home equity line of credit (HELOC) to pay for a second home. Typically, a HELOC has a higher interest rate, but as you pay down the balance you gain access again to your equity.
Source: finance.yahoo.com
Imagine slashing your monthly mortgage payment to zero or, better yet, turning a profit from the very place you call home. This isn’t a daydream for the financially savvy few; it’s the reality of house hacking.
Through the eyes of those who’ve made it work, house hacking transforms your living situation into an opportunity for financial freedom. From young professionals to families, people across the country are finding that their biggest expense—housing—can actually become their biggest asset.
House hacking is a strategy that involves purchasing a primary residence with the intention of living in one part while renting out the rest as a rental property. This could mean buying a multifamily home and living in one unit, renting out the others, or even renting out spare bedrooms in a single-family home. The rent collected from tenants goes towards the mortgage and other property-related expenses, potentially allowing the owner to live for free or even make a profit.
The beauty of house hacking lies in its flexibility. Here are a few scenarios to illustrate its range:
These examples highlight how you can house hack to adapt to different housing markets, personal living preferences, and financial goals. Whether you’re drawn to the idea of living rent-free, eager to dive into real estate investment, or looking for a way to reduce your housing expenses, house hacking offers a practical path to achieving your objectives.
Choosing the right house hacking approach depends on your lifestyle, financial goals, and how comfortable you are sharing your space. Considerations include the type of investment property, your desired level of interaction with tenants, and local market conditions. The key is to find a balance that works for you, ensuring your home remains a comfortable place for you while optimizing its income potential.
By embracing the concept of house hacking, you can transform your approach to homeownership, turning a typically expensive part of your life into a source of income. With careful planning and a bit of creativity, your journey towards financial independence might just start at your own front door.
House hacking isn’t just a real estate strategy; it’s a lifestyle adjustment that opens doors to numerous financial and personal benefits. Let’s dive into the advantages, supported by real-world examples and data, to understand why so many are turning to house hacking as a way to improve their financial health.
One of the most compelling benefits of house hacking is the accelerated path it provides toward financial freedom. By significantly reducing or eliminating one of life’s largest expenses—housing—you can allocate funds towards paying down debt, investing, or saving for future goals.
For instance, consider the case of Sam, who purchased a triplex, lived in one unit, and rented out the other two. The rental income not only covered the mortgage but also allowed Sam to save an additional $1,000 a month. This extra savings contributed to Sam’s ability to retire early, a dream that seemed unreachable before house hacking.
House hackers often enjoy more favorable financing terms. Owner-occupants can qualify for lower down payments and better interest rates compared to traditional investment property loans.
For example, an FHA loan might require as little as 3.5% down for a multi-unit property, provided one of the units will be owner-occupied. This lower barrier to entry makes real estate investment accessible to more people. Data shows that owner-occupied financing options can save homeowners thousands of dollars over the life of a loan, making the investment in house hacking even more appealing.
House hacking serves as an invaluable hands-on education in real estate investing and property management. This benefit is difficult to quantify, but incredibly valuable.
Take Angela, who started her real estate journey through house hacking. By managing her duplex, Angela gained firsthand experience in screening tenants, handling maintenance issues, and understanding the financial aspects of real estate investments. This knowledge empowered her to expand her portfolio and become a full-time real estate investor.
House hacking can also lead to potential tax deductions, including mortgage interest, property taxes, and expenses related to renting out part of your home. These deductions can significantly lower your taxable income.
For example, let’s say John allocates 50% of his property’s square footage to tenant use. John can deduct 50% of the mortgage interest, property taxes, and maintenance expenses on his tax return, providing a substantial financial benefit at the end of the fiscal year.
House hacking stands out not just for its immediate financial relief on living expenses but also for its profound long-term impact on wealth accumulation. By strategically applying rental income towards mortgage payments, those who house hack effectively build equity without dipping into personal savings. This method of leveraging other people’s money accelerates wealth building, offering a tangible path to increasing net worth over the years.
Instead of allocating a significant portion of their income towards housing, house hackers can redirect these funds into savings, investments, or debt reduction. This shift not only enhances financial security but also amplifies the potential for future financial growth
While outcomes can vary based on numerous factors like market dynamics and property management, the foundational strategy of house hacking provides a compelling approach to financial independence and wealth building.
The real magic of house hacking comes alive through the stories of those who’ve embraced it. From the young professional who used house hacking to eliminate student debt to the couple that built a real estate empire starting with a single house hack, these narratives underscore the transformative power of this strategy.
By analyzing their journeys, we uncover a common thread—a strategic approach to living and real estate investing that turns conventional wisdom on its head and opens up new possibilities for financial independence.
So, now that you understand what housing hacking is and what the benefits are, how do you get started? Well, depending on your goals, here are four different ways you can go about it.
The most common way to get started house hacking is by buying a home and then renting out a portion of it. For instance, if you bought a two-story home, you could rent out the downstairs. Or, if you buy a home with a finished basement, you could live upstairs and rent out the basement.
This house hacking strategy is good in low-cost living areas because the rental income could actually cover your monthly mortgage payments. However, this may not work out in parts of the country that have a high cost of living.
If renting out a portion of your home isn’t enough to move the needle financially, then you could try renting your entire house. This could be a suitable option for anyone who is young and able to find an alternative, affordable living situation.
For instance, if you could temporarily live in a trailer or rent an apartment with a roommate, you could rent out your home for more money. This would allow you to pay off the house and cover your monthly rent payments.
If you’re just looking for a little extra money every month and don’t want to sacrifice the majority of your home, you could just try renting out one room. For instance, if you have a large four-bedroom home, you could rent out one room.
This gives you some extra money to put toward your mortgage payments, but you still get to enjoy the benefits of being a homeowner.
Many of the options on this list are ideal for young, single people. But what if you’re married and have a family? In that case, the idea of living with full-time roommates might not interest you.
If so, you could buy a multifamily property and rent out the other units. You could also rent out units attached to your home. This could be a unit that either comes with the house or one that you build yourself.
This will take some effort because you’ll need to fix it up and turn it into a space someone would want to rent. But if you have the interest, this could be the best way to house hack your primary residence while still protecting your family’s personal space.
Live-in flipping is a popular real estate investment strategy where the investor purchases a residential property and lives in it while making improvements to increase the property’s value. The investor will then resell the property at a higher price than they originally paid for it, resulting in a profit. This strategy is often used by investors who are looking to build equity quickly.
Living in the property allows you to get to know the neighborhood, research the local market, and avoid paying rent while working on the property. The improvements you make can include anything from painting and landscaping to remodeling the interior of the home.
Venturing into house hacking offers financial benefits but also introduces a set of legal and tax considerations that are crucial for a successful strategy. Here’s a concise overview to guide you through these aspects:
House hacking requires careful planning and consideration. To ensure you’re well-prepared, we’ve compiled a comprehensive checklist. This guide will help you work through the initial stages, make informed decisions, and set you up for a successful house hacking experience.
This checklist is your starting point for a thoughtful and structured approach to house hacking. By addressing each item, you’re laying a solid foundation for your real estate investment journey, poised to navigate the challenges and reap the rewards of this strategic endeavor.
House hacking is a creative way to pay off your mortgage, improve your monthly cash flow, and gain real estate experience. You can begin house hacking as a way to earn a little extra cash every month, or you could treat it like a long-term real estate investment strategy. You can put as much or as little into it as you want.
Just make sure you do your due diligence before getting started. Make any necessary adjustments to the house, choose your tenants carefully, and take your responsibilities as a landlord seriously. This allows you to make the most of your house hacking experience.
Source: crediful.com
Imagine slashing your monthly mortgage payment to zero or, better yet, turning a profit from the very place you call home. This isn’t a daydream for the financially savvy few; it’s the reality of house hacking.
Through the eyes of those who’ve made it work, house hacking transforms your living situation into an opportunity for financial freedom. From young professionals to families, people across the country are finding that their biggest expense—housing—can actually become their biggest asset.
House hacking is a strategy that involves purchasing a primary residence with the intention of living in one part while renting out the rest as a rental property. This could mean buying a multifamily home and living in one unit, renting out the others, or even renting out spare bedrooms in a single-family home. The rent collected from tenants goes towards the mortgage and other property-related expenses, potentially allowing the owner to live for free or even make a profit.
The beauty of house hacking lies in its flexibility. Here are a few scenarios to illustrate its range:
These examples highlight how you can house hack to adapt to different housing markets, personal living preferences, and financial goals. Whether you’re drawn to the idea of living rent-free, eager to dive into real estate investment, or looking for a way to reduce your housing expenses, house hacking offers a practical path to achieving your objectives.
Choosing the right house hacking approach depends on your lifestyle, financial goals, and how comfortable you are sharing your space. Considerations include the type of investment property, your desired level of interaction with tenants, and local market conditions. The key is to find a balance that works for you, ensuring your home remains a comfortable place for you while optimizing its income potential.
By embracing the concept of house hacking, you can transform your approach to homeownership, turning a typically expensive part of your life into a source of income. With careful planning and a bit of creativity, your journey towards financial independence might just start at your own front door.
House hacking isn’t just a real estate strategy; it’s a lifestyle adjustment that opens doors to numerous financial and personal benefits. Let’s dive into the advantages, supported by real-world examples and data, to understand why so many are turning to house hacking as a way to improve their financial health.
One of the most compelling benefits of house hacking is the accelerated path it provides toward financial freedom. By significantly reducing or eliminating one of life’s largest expenses—housing—you can allocate funds towards paying down debt, investing, or saving for future goals.
For instance, consider the case of Sam, who purchased a triplex, lived in one unit, and rented out the other two. The rental income not only covered the mortgage but also allowed Sam to save an additional $1,000 a month. This extra savings contributed to Sam’s ability to retire early, a dream that seemed unreachable before house hacking.
House hackers often enjoy more favorable financing terms. Owner-occupants can qualify for lower down payments and better interest rates compared to traditional investment property loans.
For example, an FHA loan might require as little as 3.5% down for a multi-unit property, provided one of the units will be owner-occupied. This lower barrier to entry makes real estate investment accessible to more people. Data shows that owner-occupied financing options can save homeowners thousands of dollars over the life of a loan, making the investment in house hacking even more appealing.
House hacking serves as an invaluable hands-on education in real estate investing and property management. This benefit is difficult to quantify, but incredibly valuable.
Take Angela, who started her real estate journey through house hacking. By managing her duplex, Angela gained firsthand experience in screening tenants, handling maintenance issues, and understanding the financial aspects of real estate investments. This knowledge empowered her to expand her portfolio and become a full-time real estate investor.
House hacking can also lead to potential tax deductions, including mortgage interest, property taxes, and expenses related to renting out part of your home. These deductions can significantly lower your taxable income.
For example, let’s say John allocates 50% of his property’s square footage to tenant use. John can deduct 50% of the mortgage interest, property taxes, and maintenance expenses on his tax return, providing a substantial financial benefit at the end of the fiscal year.
House hacking stands out not just for its immediate financial relief on living expenses but also for its profound long-term impact on wealth accumulation. By strategically applying rental income towards mortgage payments, those who house hack effectively build equity without dipping into personal savings. This method of leveraging other people’s money accelerates wealth building, offering a tangible path to increasing net worth over the years.
Instead of allocating a significant portion of their income towards housing, house hackers can redirect these funds into savings, investments, or debt reduction. This shift not only enhances financial security but also amplifies the potential for future financial growth
While outcomes can vary based on numerous factors like market dynamics and property management, the foundational strategy of house hacking provides a compelling approach to financial independence and wealth building.
The real magic of house hacking comes alive through the stories of those who’ve embraced it. From the young professional who used house hacking to eliminate student debt to the couple that built a real estate empire starting with a single house hack, these narratives underscore the transformative power of this strategy.
By analyzing their journeys, we uncover a common thread—a strategic approach to living and real estate investing that turns conventional wisdom on its head and opens up new possibilities for financial independence.
So, now that you understand what housing hacking is and what the benefits are, how do you get started? Well, depending on your goals, here are four different ways you can go about it.
The most common way to get started house hacking is by buying a home and then renting out a portion of it. For instance, if you bought a two-story home, you could rent out the downstairs. Or, if you buy a home with a finished basement, you could live upstairs and rent out the basement.
This house hacking strategy is good in low-cost living areas because the rental income could actually cover your monthly mortgage payments. However, this may not work out in parts of the country that have a high cost of living.
If renting out a portion of your home isn’t enough to move the needle financially, then you could try renting your entire house. This could be a suitable option for anyone who is young and able to find an alternative, affordable living situation.
For instance, if you could temporarily live in a trailer or rent an apartment with a roommate, you could rent out your home for more money. This would allow you to pay off the house and cover your monthly rent payments.
If you’re just looking for a little extra money every month and don’t want to sacrifice the majority of your home, you could just try renting out one room. For instance, if you have a large four-bedroom home, you could rent out one room.
This gives you some extra money to put toward your mortgage payments, but you still get to enjoy the benefits of being a homeowner.
Many of the options on this list are ideal for young, single people. But what if you’re married and have a family? In that case, the idea of living with full-time roommates might not interest you.
If so, you could buy a multifamily property and rent out the other units. You could also rent out units attached to your home. This could be a unit that either comes with the house or one that you build yourself.
This will take some effort because you’ll need to fix it up and turn it into a space someone would want to rent. But if you have the interest, this could be the best way to house hack your primary residence while still protecting your family’s personal space.
Live-in flipping is a popular real estate investment strategy where the investor purchases a residential property and lives in it while making improvements to increase the property’s value. The investor will then resell the property at a higher price than they originally paid for it, resulting in a profit. This strategy is often used by investors who are looking to build equity quickly.
Living in the property allows you to get to know the neighborhood, research the local market, and avoid paying rent while working on the property. The improvements you make can include anything from painting and landscaping to remodeling the interior of the home.
Venturing into house hacking offers financial benefits but also introduces a set of legal and tax considerations that are crucial for a successful strategy. Here’s a concise overview to guide you through these aspects:
House hacking requires careful planning and consideration. To ensure you’re well-prepared, we’ve compiled a comprehensive checklist. This guide will help you work through the initial stages, make informed decisions, and set you up for a successful house hacking experience.
This checklist is your starting point for a thoughtful and structured approach to house hacking. By addressing each item, you’re laying a solid foundation for your real estate investment journey, poised to navigate the challenges and reap the rewards of this strategic endeavor.
House hacking is a creative way to pay off your mortgage, improve your monthly cash flow, and gain real estate experience. You can begin house hacking as a way to earn a little extra cash every month, or you could treat it like a long-term real estate investment strategy. You can put as much or as little into it as you want.
Just make sure you do your due diligence before getting started. Make any necessary adjustments to the house, choose your tenants carefully, and take your responsibilities as a landlord seriously. This allows you to make the most of your house hacking experience.
Source: crediful.com
It’s not uncommon to hear the words “apartment building” and “apartment community” used interchangeably for this type of dwelling unit. In this article, we’ll look at the difference and explore the features that make up an apartment complex.
An apartment building is a complex full of apartment residences. It’s simply the physical structure built by property developers.
Apartment buildings are more than simply homes, though. They contain many important rooms and features that are essential to running the complex.
When you move to a new apartment, you’ll have to get to know your neighbors and the apartment community you’re joining. Here’s what you can expect to see at a typical apartment complex or building.
The leasing office is where the administrative tasks happen. It’s the office that your property manager works in and where you can find leases, maintenance requests and other important documents. The leasing office is also where a resident can go if they have any issues with rent or are in need of other services surrounding living units.
If your apartment building has more than one floor, the building will have a stairwell to get to the ground level. These stairwells are typically located along the edge of the building, at the end of the hall. Buildings will also have elevators as an accommodation for those who cannot use the stairwells in apartments.
The curbs surrounding apartment buildings should be well maintained and not coming apart. These will create space between the sidewalk and the road, so you can walk safely.
When you’re parking, be sure to look at the color of the curb. Concrete curbs painted red or yellow are often no-parking zones.
Apartment complexes contain many street lamps that come on at night. This way, you can safely walk from your car to your apartment building.
Apartment buildings usually have designated parking for residents and guests. If you are assigned a parking spot, it will likely have a number painted on the space so it’s easy for you to find. Apartments in major cities or urban areas usually charge an additional fee for parking.
Every apartment building will also have a few handicapped parking spaces near the complex. Parking in these spots requires a handicapped parking plaque or license plate. These spots are reserved for people who have mobility difficulties.
Patios are attached to ground-floor apartment buildings. Usually, they’re a concrete slab on which you can put outdoor furniture and plants.
If you live on an upper level, you might have a balcony which gives you some outdoor space. Even if your patio or balcony is very small, there are ways to decorate it so that you can relax and enjoy some fresh air on a nice evening.
The dumpster is where people who live in the apartment buildings can drop off their bagged garbage.
If your apartment allows for pets, they may provide dog waste bags. These bags are for your pet’s waste when you take them outside and put the trash in the dumpster when you’re finished.
Your key card is an electronic card that will unlock many of the common rooms and entrances of the apartment building. Examples include the security gate and fitness center. These are only issued to residents and staff and are a part of the building design to keep residents safe.
The electronic gate is located at the entrance of the parking lot. These are in place for your security so only people allowed to come to the apartment can enter.
While an apartment building provides you with a place to live, an apartment community makes it feel like home. A community is alive. It’s the residents, pets, guests and staff that live and work in the complex. They’re the friends you’ll make from down the hall and the property manager who maintains your apartment building and unit. They’re the reason you’re glad you rented there instead of somewhere else.
Apartment amenities, in a residential property that encourage people to interact, will make it easier for you to get to know your neighbors and feel like part of the community. If you’re looking to live in a socially active neighborhood, look for an apartment that has some of the following features and amenities that add value to resident life.
An apartment building’s swimming pool often becomes a community gathering space. In warmer climates, it can be an especially great place to hang out on a warm day.
Many apartment buildings include a fitness center as an amenity, although some charge a monthly fee to use the equipment. The fitness room is for residents only and requires a key card to get in. They include things like free weights, treadmills, ellipticals and stationary bicycles.
Instead of paying for a monthly gym membership and spending time driving to the gym, you can exercise in your apartment building and perhaps get to know some of your neighbors.
This is a common room in upscale apartment complexes. It will likely have a TV, a small kitchen, tables, chairs and possibly some game tables like pool or darts. Often, the property manager will allow a tenant to rent this room out for parties or special events.
This may be the same thing as the clubhouse. It’s a common area that’s large enough for a group to meet and relax. Some lounges have Wi-Fi and workspaces.
Some apartments have designated lawn spaces for dogs and their owners to play. Apartments that offer pet-friendly housing tend to attract pet owners.
It’s easy to find some common ground with other dog lovers, so if you have a playful dog, look for a pet-friendly apartment. Some apartments will even host pet-friendly events in these designated areas, making it a great social activity for tenants (and their furry friends)!
All apartment buildings have different amenities and newer apartment listings are adding some cool modern spaces to woo new tenants and enhance resident life.
While modern features are great, to make new friends and become a part of the community, it’s important to spend some time talking to the residents before signing a lease.
No matter where you’re looking to live, the perfect place awaits, where you can find a community to live, work and play as one of the perks that come with apartment living. Start with our extensive listing of apartment buildings and communities here.
Source: rent.com
The Miami housing market has been a topic of interest for both buyers and sellers in recent years. With its lively vibe, beautiful beaches and booming economy, Miami has become a desirable location for people of all walks of life looking to invest in real estate.
In this article, we will delve into the current state of the Miami home prices, exploring key trends, average home prices and market competitiveness. Whether you’re a prospective buyer, seller or simply curious about the Miami real estate scene, this is the place to be to gain valuable insights you need to enter the market with confidence.
Miami’s housing market has experienced significant growth in recent years, with rising home prices and increased demand. In December 2023, the median sale price for homes in Miami reached $570,000, reflecting an 11.8% increase compared to the previous year. This price surge indicates a strong market and a favorable environment for sellers.
One important factor to consider in the Miami housing market is the average number of days homes stay on the market. Homes in Miami sell after an average of 69 days, which is a slight decrease from the previous year’s average of 71 days. This suggests that the market is relatively quick-paced, with buyers actively searching for properties and pulling the trigger when they see something they like.
To assess the competitiveness of the Miami housing market, we can look at multiple offers and sale-to-list price ratios. In Miami, multiple offers are relatively rare, indicating a less competitive market compared to other cities. On average, homes in Miami sell for about 4% below the list price.
Miami’s median sale price of $570,000 is 41% higher than the national average. This significant difference highlights the desirability of the Miami real estate market and the premium prices buyers may expect to pay. Additionally, the overall cost of living in Miami is 19% higher than the national average, further emphasizing the city’s appeal to those in higher tax brackets.
The number of homes sold in Miami provides valuable insights into the overall market activity. In December 2023, there were 495 homes sold, representing an increase from the previous year’s 472 homes sold. This uptick indicates a strong housing market with a healthy level of buyer demand.
Apart from the housing market, Miami’s rental market is also a crucial aspect to consider for anyone seeking temporary or long-term accommodations. 2024 has already proven a positive year for renters as prices have slowly dipped in several key markets, and landlords are willing to offer valuable renter incentives. Let’s explore the average prices and trends in Miami’s available rentals to provide a comprehensive analysis.
The average rent prices in Miami vary depending on the type of apartment. For studio apartments, the median price started at $2,644 in January and gradually decreased to $2,210 by December. On the other hand, the median price for one-bedroom apartments remained relatively stable throughout the year, ranging from $2,579 to $2,726. For two-bedroom apartments, the median sale price fluctuated between $3,872 and $3,600.
Month
Studio | 1 Bed | 2 Beds | |
---|---|---|---|
Jan 2023 | $2,644 | $2,579 | $3,872 |
Feb 2023 | $2,579 | $3,009 | $3,972 |
Mar 2023 | $2,633 | $2,986 | $3,908 |
Apr 2023 | $2,615 | $2,938 | $3,790 |
May 2023 | $2,615 | $2,952 | $3,811 |
Jun 2023 | $2,435 | $2,927 | $3,702 |
Jul 2023 | $2,423 | $2,921 | $3,728 |
Aug 2023 | $2,355 | $2,770 | $3,675 |
Sep 2023 | $2,249 | $2,719 | $3,504 |
Oct 2023 | $2,274 | $2,700 | $3,401 |
Nov 2023 | $2,270 | $2,684 | $3,565 |
Dec 2023 | $2,209 | $2,658 | $3,552 |
Jan 2024 | $2,210 | $2,726 | $3,600 |
Understanding Miami’s rental market trends can help landlords and tenants make informed decisions. Let’s take a closer look at the changes in average rent prices over the past year.
In the past year, the average rent in Miami experienced slight fluctuations. Studio apartments saw a 16% decrease in rent, starting at $2,644 in January and ending at $2,210 in December. Similarly, one-bedroom apartments experienced a 9% decrease, with rent ranging from $2,579 to $2,726. For two-bedroom apartments, the rent decreased by 7%, fluctuating between $3,972 and $3,600.
Apartment type | Avg. rent | Annual change |
---|---|---|
Studio | $2,210 | -16% |
1 Bed | $2,726 | -9% |
2 Beds | $3,600 | -7% |
For those looking for more affordable housing options in Miami, certain neighborhoods offer lower rent prices. Let’s explore some of the most affordable neighborhoods in Miami and the average rent prices for one-bedroom apartments.
Neighborhood | Average rent for 1-bedroom apartment |
---|---|
Allapattah | $1,700 |
Little Haiti | $1,700 |
Model City | $1,700 |
Little River | $1,700 |
Shore Crest | $1,700 |
Different neighborhoods in Miami may have varying rent trends, making it key to consider location-specific factors when searching for rental properties. Here is a breakdown of rent trends for studio apartments in various neighborhoods in Miami.
Neighborhood | Studio Avg Rent | Annual Change |
---|---|---|
Lower Brickell | $3,810 | -7% |
Miami Financial District | $3,500 | +32% |
Brickell | $3,159 | +17% |
Miami Urban Acres | $2,940 | -27% |
Riverside | $2,828 | +21% |
Riverview | $2,813 | +20% |
West Brickell | $2,660 | -2% |
Brickell Village | $2,619 | +9% |
Downtown | $2,584 | -4% |
Riverfront | $2,550 | N/A |
If you’re considering Miami as a potential relocation destination, it’s helpful to understand how it compares to other cities in terms of rental prices. Here is a comparison of studio apartment average rent prices in Miami and several other cities.
City | Studio Avg Rent | Annual Change |
---|---|---|
Coral Gables | $2,723 | -15% |
Miramar | $2,370 | +76% |
Sunny Isles Beach | $2,350 | -2% |
Doral | $2,142 | -2% |
Boca Raton | $1,972 | -16% |
Plantation | $1,930 | +21% |
Fort Lauderdale | $1,920 | -14% |
Coconut Grove | $1,800 | +3% |
Hialeah | $1,800 | +4% |
Miami Beach | $1,766 | -12% |
The Miami housing market is a fertile environment for buyers, sellers and renters alike. With rising home prices, a relatively quick sales process and increased demand, Miami proves to be an attractive real estate destination.
The rental market provides a range of options, from affordable neighborhoods to upscale areas. By understanding the current trends and market conditions, anyone can make an informed decision when navigating the Miami housing and rental market. So, whether you’re looking to buy, sell or rent, Miami is a great place to call home.
The Miami housing market has been a topic of interest for both buyers and sellers in recent years. With its lively vibe, beautiful beaches and booming economy, Miami has become a desirable location for people of all walks of life looking to invest in real estate.
In this article, we will delve into the current state of the Miami home prices, exploring key trends, average home prices and market competitiveness. Whether you’re a prospective buyer, seller or simply curious about the Miami real estate scene, this is the place to be to gain valuable insights you need to enter the market with confidence.
Miami’s housing market has experienced significant growth in recent years, with rising home prices and increased demand. In December 2023, the median sale price for homes in Miami reached $570,000, reflecting an 11.8% increase compared to the previous year. This price surge indicates a strong market and a favorable environment for sellers.
One important factor to consider in the Miami housing market is the average number of days homes stay on the market. Homes in Miami sell after an average of 69 days, which is a slight decrease from the previous year’s average of 71 days. This suggests that the market is relatively quick-paced, with buyers actively searching for properties and pulling the trigger when they see something they like.
To assess the competitiveness of the Miami housing market, we can look at multiple offers and sale-to-list price ratios. In Miami, multiple offers are relatively rare, indicating a less competitive market compared to other cities. On average, homes in Miami sell for about 4% below the list price.
Miami’s median sale price of $570,000 is 41% higher than the national average. This significant difference highlights the desirability of the Miami real estate market and the premium prices buyers may expect to pay. Additionally, the overall cost of living in Miami is 19% higher than the national average, further emphasizing the city’s appeal to those in higher tax brackets.
The number of homes sold in Miami provides valuable insights into the overall market activity. In December 2023, there were 495 homes sold, representing an increase from the previous year’s 472 homes sold. This uptick indicates a strong housing market with a healthy level of buyer demand.
Apart from the housing market, Miami’s rental market is also a crucial aspect to consider for anyone seeking temporary or long-term accommodations. 2024 has already proven a positive year for renters as prices have slowly dipped in several key markets, and landlords are willing to offer valuable renter incentives. Let’s explore the average prices and trends in Miami’s available rentals to provide a comprehensive analysis.
The average rent prices in Miami vary depending on the type of apartment. For studio apartments, the median price started at $2,644 in January and gradually decreased to $2,210 by December. On the other hand, the median price for one-bedroom apartments remained relatively stable throughout the year, ranging from $2,579 to $2,726. For two-bedroom apartments, the median sale price fluctuated between $3,872 and $3,600.
Month
Studio | 1 Bed | 2 Beds | |
---|---|---|---|
Jan 2023 | $2,644 | $2,579 | $3,872 |
Feb 2023 | $2,579 | $3,009 | $3,972 |
Mar 2023 | $2,633 | $2,986 | $3,908 |
Apr 2023 | $2,615 | $2,938 | $3,790 |
May 2023 | $2,615 | $2,952 | $3,811 |
Jun 2023 | $2,435 | $2,927 | $3,702 |
Jul 2023 | $2,423 | $2,921 | $3,728 |
Aug 2023 | $2,355 | $2,770 | $3,675 |
Sep 2023 | $2,249 | $2,719 | $3,504 |
Oct 2023 | $2,274 | $2,700 | $3,401 |
Nov 2023 | $2,270 | $2,684 | $3,565 |
Dec 2023 | $2,209 | $2,658 | $3,552 |
Jan 2024 | $2,210 | $2,726 | $3,600 |
Understanding Miami’s rental market trends can help landlords and tenants make informed decisions. Let’s take a closer look at the changes in average rent prices over the past year.
In the past year, the average rent in Miami experienced slight fluctuations. Studio apartments saw a 16% decrease in rent, starting at $2,644 in January and ending at $2,210 in December. Similarly, one-bedroom apartments experienced a 9% decrease, with rent ranging from $2,579 to $2,726. For two-bedroom apartments, the rent decreased by 7%, fluctuating between $3,972 and $3,600.
Apartment type | Avg. rent | Annual change |
---|---|---|
Studio | $2,210 | -16% |
1 Bed | $2,726 | -9% |
2 Beds | $3,600 | -7% |
For those looking for more affordable housing options in Miami, certain neighborhoods offer lower rent prices. Let’s explore some of the most affordable neighborhoods in Miami and the average rent prices for one-bedroom apartments.
Neighborhood | Average rent for 1-bedroom apartment |
---|---|
Allapattah | $1,700 |
Little Haiti | $1,700 |
Model City | $1,700 |
Little River | $1,700 |
Shore Crest | $1,700 |
Different neighborhoods in Miami may have varying rent trends, making it key to consider location-specific factors when searching for rental properties. Here is a breakdown of rent trends for studio apartments in various neighborhoods in Miami.
Neighborhood | Studio Avg Rent | Annual Change |
---|---|---|
Lower Brickell | $3,810 | -7% |
Miami Financial District | $3,500 | +32% |
Brickell | $3,159 | +17% |
Miami Urban Acres | $2,940 | -27% |
Riverside | $2,828 | +21% |
Riverview | $2,813 | +20% |
West Brickell | $2,660 | -2% |
Brickell Village | $2,619 | +9% |
Downtown | $2,584 | -4% |
Riverfront | $2,550 | N/A |
If you’re considering Miami as a potential relocation destination, it’s helpful to understand how it compares to other cities in terms of rental prices. Here is a comparison of studio apartment average rent prices in Miami and several other cities.
City | Studio Avg Rent | Annual Change |
---|---|---|
Coral Gables | $2,723 | -15% |
Miramar | $2,370 | +76% |
Sunny Isles Beach | $2,350 | -2% |
Doral | $2,142 | -2% |
Boca Raton | $1,972 | -16% |
Plantation | $1,930 | +21% |
Fort Lauderdale | $1,920 | -14% |
Coconut Grove | $1,800 | +3% |
Hialeah | $1,800 | +4% |
Miami Beach | $1,766 | -12% |
The Miami housing market is a fertile environment for buyers, sellers and renters alike. With rising home prices, a relatively quick sales process and increased demand, Miami proves to be an attractive real estate destination.
The rental market provides a range of options, from affordable neighborhoods to upscale areas. By understanding the current trends and market conditions, anyone can make an informed decision when navigating the Miami housing and rental market. So, whether you’re looking to buy, sell or rent, Miami is a great place to call home.
A local home goods store that stocks recycled glass and furniture as well as merchandise from nonprofit groups is now open for weekend shoppers.
Diggs, at 228 S. Tucson Blvd., recently leased a 1,200-square-foot shop, south of Broadway.
From tables constructed from discarded doors to bottle scrubbers made from coconut shells and potholders crafted with corks, owner Dawn Elliott has hand-selected the inventory.
Indoor houseplants are a central theme in the shop, and she hopes to eventually add an outdoor plant area for shoppers.
A thrift store frequenter, Elliott buys glassware that she finds and makes decorative plants with rock décor.
She also shops flea markets and estate sales, and her husband, Patrick Trimarco, has found some throwaway gems in brush-and-bulky piles to transform into furniture.
The store also sources items from nonprofit groups and friends have brought Elliott items from estate sales.
“My ideal customer is someone who wants to make their home cozy,” Elliott said, “And, do some good.”
Already working full-time, she hopes to grow and expand the business hours. Currently, Diggs is open on Saturdays and Sundays from 10 a.m. to 6 p.m.
Other local commercial activity includes:
Information for Tucson Real Estate is compiled from records at the Pima County Recorder’s Office and from brokers. Send information to Gabriela Rico, [email protected]
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Source: tucson.com