44. Must Know Tax Rules for House Hacking!

Ana Klein, real estate CPA, teaches important information about how taxes work when you're house hacking. There's a big difference between an investment property you don't live in, a property you live in but don't house hack, and a property you house hack in. Listen to this episode to learn about the tax considerations you need to know about when house hacking!

Instagram: @anakcpa
Website: akk-tax.com

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House hacking is one the best ways to get started in real estate. So many investors have used house hacking to buy their first rental property with a low down payment, then even live rent free. You can live rent free because the with house hacking you utilize an "owner occupied" loan to buy a property. Owner occupied means you agree to move into it. If you occupy the property you get a lot of loan options that vary from 0-5% down. You can even buy a 4-unit multi-family property depending on the loan! After you move in you rent out the extra space to cover the mortgage, which allows you to live rent free. You only have to do that for a year! After a year you can move out and turn your property into a full time cash flowing rental property! What makes house hacking so powerful is a combination of the low down payment and living for free. You can literally change your life buy purchasing one house hack and cutting out your rent or mortgage. Imagine if you reinvested those savings to buy another property. House hacking is the best way to go from just getting by to becoming a rock star real estate investor.