House hacking has gained in popularity since 2015 according to Google Trends. The idea is as old as time. Someone buys a home and gets someone to live with them to help offset the expenses of the property.
The more modern version of house hacking includes buying duplexes, triplexes, or fourplexes as well as getting roommates or separating upstairs from downstairs in a home. I include the discussion of it here out of completeness, but I really don’t think of this as its own type of real estate investor. Maybe I should, but I really don’t.
Instead, I see them as either owner occupants looking to reduce their cost of buying, or more frequently as Nomads that are getting roommates to be able to help pay for their next purchase by reducing the cost of the property they’re currently living in. I find the idea of house hacking resonates more with younger folks like millennials and young Nomads.
I’d recommend you think of house hackers in those terms as well. When you do run a club, I’d teach a class that discusses house hacking from time to time, but it is not something I’d personally focus on or prioritize.
House hackers will often become Nomads or buy and hold investors. They tend to be interested in how to buy homes with little or no down payment and how to minimize their living expenses or even make buying a home a profit center by collecting enough rent to more than pay for their mortgages, taxes, insurance, and utilities. It is a plan I would recommend for folks interested in it as the numbers look amazing.
- Fewer Clients, More Money
- Working with Real Estate Investors as a Real Estate Agent
- What are Nomads and Why Work with Nomads as a Real Estate Agent?
- What are Bird Dogs and Why Work with Bird Dogs as a Real Estate Agent
- What are Real Estate Wholesalers and Why Work with Wholesalers as a Real Estate Agent
- What are Flippers and Why Work with Flippers as a Real Estate Agent
- What are Buy and Hold Investors and Why Work with Buy and Hold Investors as a Real Estate Agent
- What are Creative Real Estate Investors and Why Work with Creative Real Estate Investors as a Real Estate Agent
- Why Start and Run a Real Estate Investor Group
- How to Make Money with a Real Estate Investor Group
Access Locked Content
Upgrade to access additional Premium Nomad resources like:
- Unlimited use of Nomad Calculator Classic
- Track Tasks on Ultimate Nomad Checklists (Outline) BETA
- Access Web-based Bookkeeping and Accounting Application BETA
- Premium Classes
- Asset Protection 101: Overview for Nomads Class
- Asset Protection 102: Document Examples Class
- $6,000 Lease Class
- The Lease Option - The Lease Part II Class
- Fully editable Premium Downloads Personal License
- $6,000 Lease Download in Word format
- Lease-Option Download in Word format
- Rental Application Download in Excel format
- Rental Application Evaluation Worksheet Download in Excel format
- Rental Application Evaluation Criteria Download in Word format
- Move-In Inspection Report Download in Word format
- Nomad Calculator 3™ ALPHA
- James Orr Real Estate Services LLC Client Newsletter
Want to work with Real Estate Investors? If you're a Real Estate Agent or other professional and want to work with real estate investors through your own local real estate investor group, check out our Professional Membership options.