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House Hacking: 3 Strategies Every Homebuyer Should Consider
What if I told you that other people could help pay your mortgage—while you live in your home? That’s the magic of house hacking. It’s not just about saving money; it’s about stepping into your potential as a real estate investor, even if you’ve never thought of yourself that way before. At Open House Education, we believe in the power of community, creativity, and collaboration to make homeownership accessible and empowering for women.
Whether you’re renting out rooms, a tiny home, or a whole unit in a multi-family property, house hacking is an opportunity to turn your biggest expense into a tool for growth. And here’s the best part: you don’t have to do it alone.
What Is House Hacking?
Simply put, house hacking means using your home to generate income by renting out rooms, units, or additional structures. It’s a way to offset your mortgage—or eliminate it altogether—while still having a place to call home.
It’s also an opportunity to reimagine what’s possible for your future. At Open House Education, one of our core values is honesty—being real about where you are financially and emotionally so you can make confident, informed decisions. House hacking lets you move past fears and into action.
1. Invest in a Duplex, Triplex, or Fourplex
Multi-family properties are a tried-and-true house-hacking option. The OG strategy for house hacking. They’re flexible, profitable, and allow you to build equity while creating multiple income streams.
One creative approach is the live-in flip:
- Rent out “Unit A” while you live in and renovate “Unit B.”
- Once the lease in Unit A ends, switch! Move into Unit A, renovate it, and repeat the process.
This strategy allows you to increase your property’s value while raising rental prices after improvements.
But let’s pause here to talk about responsibility—another Open House Education value. Owning a multi-family property means becoming a landlord. It’s important to make sure you’re ready for the role, both financially and emotionally. When you take that responsibility seriously, you’re setting yourself up for success.
2. Get Creative With a Single-Family Home
Think of your single-family home as more than just your space. If it has multiple bedrooms, could renting out the extra rooms be something that you'd be willing to do?
You can also try the live-in flip here: fix up the house over a few years, then either sell it for a profit or keep it as a rental property.
Even condos can work! If your budget only allows for a two-bedroom unit, rent out the other room. While it might not cover the full mortgage, your monthly costs could be lower than rent—and you’ll be building equity along the way.
This strategy is all about flexibility. You can start small, make adjustments as you go, and find a rhythm that works for your life.
3. Add a Tiny Home to Your Property
If you’ve got a backyard, adding a tiny home or ADU (Accessory Dwelling Unit) could be a great way to generate income while keeping your main home private.
Here’s an even bolder idea: live in the tiny home yourself for a year, rent out the main house, and save money while living simply. It’s not for everyone, but for the adventurous and those who want or need to aggressively save money, this strategy can significantly boost your savings and income.
I really value being creative with my real estate journey—finding unique ways to make real estate work for you, even if it looks different from the traditional path.
Why House Hack?
The beauty of house hacking is that it’s adaptable. Whether you want to reduce your mortgage partially or completely, there’s a strategy that fits your life.
And here’s the thing: you’re not just buying a house—you’re building confidence. You’re stepping into a new chapter of your life with the tools and support to succeed, everyone deserves to feel capable, prepared, and excited about what’s ahead.
You Don’t Have to Do It Alone
I know how overwhelming real estate can feel, especially if you’re just starting out. That’s why our online community for women exists—to bring women together from all over the country to share ideas, experiences, and support.
We’re also launching an accountability program designed to help you set goals, stay consistent, and connect with like-minded women. It’s all about building momentum together and celebrating every step of progress, big or small.
And if you want to hear real stories and strategies from women making real estate work for them, tune in to our podcast. You’ll leave feeling inspired and motivated to take your next step.
