House Hacking Possible in Fort Lauderdale Area?
Hey! I have a friend looking to house hack in Fort Lauderdale area. Is it possible and what expectations should he have?
He is graduating soon and planning to get started in real estate.
Let me know what advice you have!
Quote from @Tanner Pile:
Hey! I have a friend looking to house hack in Fort Lauderdale area. Is it possible and what expectations should he have?
He is graduating soon and planning to get started in real estate.
Let me know what advice you have!
Hey Tanner. Fort Lauderdale is definitely a good start for anyone's real estate journey. One of my high school buddies actually house-hacked there back in 2019.
Considering how much the area has appreciated, it may be tough for your friend to cash flow with current interest rates.
However, Fort Lauderdale's rent has skyrocketed over the last three years and the demand continues to rise.
If your friend is ok with breaking even on his mortgage and not concerned with cash flow, it's a great way to get your foot into the South Florida boom
Let me know if you have any qs
You can house hack anywhere. The concept is to live there while tenants help pay the bills.
I think the bigger question is what are the long term goals?
Also keep in mind you make real estate in four different ways:
1. Cash flow
2. Appreciation
3. Loan Buy Down
4. Tax Write Offs
So even if you aren't getting the positive cash flow, you are potentially making it up in the other ways.
Quote from @Tanner Pile:As Rick said, it's possible everywhere.
Hey! I have a friend looking to house hack in Fort Lauderdale area. Is it possible and what expectations should he have?
He is graduating soon and planning to get started in real estate.
Let me know what advice you have!
The main "goal" of house hacking is subsidizing or completely eliminating your housing expense through renting out other portions of your home.
The better deal you find, the closer you can get to living completely free, or even cash flowing while you're living there.
What people tend to think is that you can just buy a move-in ready property at top dollar and expect to live for free.
That's rarely the case, That's why the focus always needs to be on deal finding. Especially if you want to be a RE investor long term.
