Today Noah Evan’s shares his mother-in-law house hacking case study story from Nampa, Idaho.
Noah’s House Hacking Case Study 55
As a real estate investor, Noah was relatively familiar with the world of buying and selling houses. When he uncovered the idea of housing hacking through a popular podcast, he was excited to take pursue the opportunity of living for free.
After ruling out the expensive duplexes in the area, Noah found a house with a mother-in-law suite opportunity through the MLS. He moved forward with the deal on the $220,000 home quickly in 2020.
Noah was able to obtain the home with just 0.5% down through a special FHA financing program in Idaho. Once he obtained the property, he paid for a few major renovation projects. Noah hired contractors to add electricity and plumbing for a kitchen area, add additional windows in each bedroom, and expanded a bathroom. In total, the renovations cost around $12,000. Although Noah ran into some contractor issues, he was mostly satisfied with the outcome. In fact, one of the contractors became Noah’s business partner.
When it was time to find a tenant, Noah used Zillow. He took the time to meet each applicant in person to understand who they were. Since he lives on the property, he collected the rent checks by hand.