Is House Hacking in Columbus a Smart Strategy?

House hackingFinding a creative strategy for investing in real estate is on the mind of many buyers in Columbus. As you explore homes for sale in Columbus, have you considered house hacking? Buying a multi-family property and living in one of the units might be the ideal solution for you to get into real estate investing for a minimal upfront investment. Keep reading to learn how house hacking in Columbus might work for you. 

Ready to find your investment property in Columbus? Contact us any time. 

What is house hacking? 

Before delving into the specifics of house hacking in Columbus, it's essential to understand what this investment strategy entails. House hacking involves purchasing a multi-unit property, such as a duplex, triplex, or fourplex, living in one unit, and renting out the remaining units to tenants. By leveraging rental income to offset mortgage expenses, house hackers can significantly reduce or eliminate their housing costs, thereby building equity and generating passive income.

Why should I consider house hacking?

House hacking offers some distinct benefits, even in comparison to the already beneficial concept of owning a rental property. These are some of the perks of house hacking:

  • Reduce your own housing costs. By renting out additional units in the property, house hackers can offset or even eliminate their housing expenses, including mortgage payments, property taxes, and insurance. This can free up significant cash flow to invest in other ventures or save for future financial goals.
  • House hacking often makes qualifying for a mortgage easier than for  a single family home. Lenders who know you plan to rent out one or more of the units may view your investment as less of a risk. 
  • It's a great first investment option. House hacking offers you an opportunity to gain firsthand experience in real estate investing, property management, and landlord-tenant relations. This hands-on experience can be invaluable for those looking to expand their investment portfolio or pursue a career in real estate.
  • House hacking lets your tenants help you build equity while you enjoy the benefits of homeownership. As tenants pay rent, house hackers build equity in the property, which can lead to long-term wealth accumulation and financial stability.

Is Columbus a smart place to buy an investment property?

Columbus is a great place to get into the rental market for a few reasons. The city boasts a strong and growing rental market fueled by factors such as population growth, job opportunities, and a robust economy. With a diverse mix of renters, including students, young professionals, and families, there is consistent demand for rental properties across various neighborhoods and housing types.

As the capital of Ohio and home to The Ohio State University, Columbus benefits from a stable and diverse economy driven by sectors such as healthcare, education, technology, and finance. This economic stability contributes to steady job growth, population expansion, and sustained demand for rental housing.

"Columbus is an ideal place to buy an investment property. A wide range of budgets can find a desirable rental property here, and the steady demand from tenants paired with growth in the city is an ideal combo for investors."-Don Payne, Vision Realty 

Simply put, Columbus real estate offers an affordable price point for getting into real estate investments, and a strong rental market to provide steady demand from tenants. 

Where can I find a multi-family property for house hacking in Columbus?

We can help you find the right property for your house hacking plans in Columbus. This is a diverse city with a real estate market that is dynamic, and multi-family properties are present all throughout the community. Let's talk about where you personally want to live and what your goals are in real estate so we can help you narrow the search for your ideal property. 

When you are ready to begin the search for your investment property in Columbus, we can help. Contact us any time to get started. 

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