House hacking is a great way to allow others to pay part or all of the mortgage for your investment property by occupying the property as your primary residence. The practice of house hacking can also provide you with benefits for living in investment property for specific periods as your primary residence. There are guidelines for deductions for all tax benefits, including those investors realize for living in investment property as the primary residence for a specified time.
By eliminating your housing costs and taking advantage of the additional tax benefits, you can quickly build your savings or pay off debt. Having a master real estate investment strategy will help guide your steps as you move closer to improving your real estate portfolio. You, too, can realize the financial freedom of increasing your current cash flow and the security that your investments will provide you with a comfortable retirement. Read on to explore how Long Island investors can house hack their way to financial freedom.
Types of Properties
Many different property types offer Long Island investors an opportunity to house hack their way to financial freedom. Those who are just getting started and willing to share intimate personal space can profit from renting rooms within their single-family homes. Multi-family properties come in many forms. While they involve more work, you benefit from your entry to your residence and private living space both indoors and outdoors to the residents through careful planning. Don’t forget to ensure that your real estate business activity is within the law. But, of course, much depends upon your financial limitations and the investment plan you have laid out to build your financial freedom. Working with a professional investor like those at Prestige Home Buyers can help you narrow down the best property for you to use for house hacking.
Once you have pinpointed the right Long Island property type to suit your needs, investors can house hack their way to financial freedom by purchasing the lowest priced property available in the best possible location. But, unfortunately, while you can continuously improve the house, you simply can’t move the lot or change the sights, control loud sounds or unpleasant odors surrounding the site. There are many ways to attract the best quality tenants, including finding the safest location you can afford, with the most pleasant views and away from noisy or smelly industrial areas. Working with a professional investor like those at Prestige Home Buyers can help, keep you on the right track
Understanding the Competition
Understanding the rental market and current rental rates in Long Island is crucial for investors who want to house hack their way to financial freedom. By comparing the property to other similar rentals in the area, you can get a target rental rate that is just right. Set your rate too high, and the tech-savvy tenants searching rentals will just scroll right on by your listing. Set your rate too low, and you won’t be making the best possible return on your investment. Pay attention to features and locations that garner higher rental rates and seek out those amenities in your properties. Working with a professional investor like those at Prestige Home Buyers can help keep you on the right track with your numbers.
When it comes to the numbers, Long Island real estate investors must practice due diligence to house hack their way to financial freedom. Before signing on the dotted line, wise investors thoroughly investigate the vital information about the subject property. Now is the time for inspections and checking the accounting. You also need to get reliable estimates for any rehabilitation work and the time frame before the real estate will bring in income. Working with a professional buyer like those at Prestige Home Buyers and their full-service team, from inspection to repairs, can help you when it is finally time to run the numbers and ensure the best return on your investment.
Prestige Home Buyers
Why not explore the financial opportunities of house hacking by working with Prestige Home Buyers. Because the team at Prestige Home Buyers lives and works here in Long Island, we understand the Long Island rental market. You, too, can house hack your way to financial freedom; by working with Prestige Home Buyers, our local investment professionals will help you find the right property to make your investment dreams come true. The professional investors at Prestige Home Buyers are happy to discuss any concerns you may have about financial hurdles or other obstacles you believe stand in the way of your financial freedom, with absolutely no obligation. The team of pros at Prestige Home Buyers has been in the industry for years and can help buyers from first-time investors to real estate moguls, with every real estate need, from locating properties to property managers. And don’t forget to ask about our current list of the best investment properties available in [market_cty]. Contact Prestige Home Buyers at (631) 336-9166 today.