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  Real estate investing has always been a popular choice for investors seeking to build long-term wealth. House hacking is an approach to investing in real estate that allows investors to live in their investment property while earning rental income. In this article, we will outline seven steps to investing in real estate by house hacking.
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Set Your Goals and Budget

Before you start looking for a property, it’s essential to define your goals and budget. Determine the type of property you want to invest in, the location, and the rental income you expect to generate. Also, consider your budget and how much you can afford to spend on a property.

Research the Market

Real estate markets can vary significantly from one location to another. Before investing, research the local market to get a sense of the current real estate trends, including property values, rental rates, and vacancy rates.

Find a Property that Meets Your Criteria

Once you’ve set your goals and budget and researched the market, it’s time to start looking for a property that meets your criteria. Consider working with a real estate agent who specializes in investment properties to help you find the right property.
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Analyze the Property

After identifying a property that meets your demands for a physical structure, conduct a thorough analysis to ensure it meets your investment goals. Consider factors such as the property’s condition, rental income potential, and expenses associated with owning and operating the property.

Secure Financing

To purchase an investment property, you’ll need to secure financing. Consider working with a mortgage broker who can help you find the best loan product for your investment goals. Alternatively, you may raise funding from among your contacts– your family, friends and colleagues who trust you.

Make an Offer and Close the Deal

If the property meets your investment criteria and you’ve secured financing, your next step would be to make an offer. Work with your real estate agent to negotiate a deal with the current landlord that’s acceptable to you. After reaching an agreement, you can close the deal and take ownership of the property.

Manage the Property

Owning an investment property requires ongoing management to ensure it stays profitable. Consider hiring a property manager to handle day-to-day operations such as maintenance, tenant screening, and rent collection. However, you could oversee a lot of these things yourself, as you’ll be living within the same premises as your tenants.
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Final Words

Investing in real estate through house hacking can be an excellent way to build long-term wealth. By following the seven steps we’ve laid out here, you can identify a profitable property that meets your investment goals, secure financing, and maintain the property effectively. With careful planning and diligent management, your investment property can provide a steady stream of rental income for years to come. Featured Image Source: Private Property NG
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This article was first published on 10th March 2023


Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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