House Hacking Feasibility Worksheet
Think through living in one unit and renting others.
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Create a feasibility worksheet for buying a multi-unit property to live in one unit. Property description and asking price: [PROPERTY]. Units, expected rents and my unit: [UNITS_RENTS]. Costs and assumptions: [COSTS]. My goals and risk tolerance in my own words: [GOALS_RISK]. Build a worksheet with income and expense lines, a monthly cost of living comparison with renting, a stress test where one unit is empty for three months, and a list of non-financial factors (privacy, being a resident landlord, noise). Include questions for lenders, insurers and local authorities about use, licensing and zoning, marked [VERIFY] for [JURISDICTION]. This is education only: do not recommend buying, forecast values, or give tax advice. Add a decision record with assumptions and a review plan. Also add a section on living with tenants: boundaries, shared systems, noise, privacy, and how I would handle a problem tenant, and a checklist of items to confirm about zoning, licensing and insurance for a multi-unit property, marked [VERIFY] for [JURISDICTION]. Provide a worked example with invented figures for a duplex priced at 400,000 where the other unit rents for 1,300 a month, showing monthly costs before and after rental income and a vacancy stress test, labelled as an illustration. Include questions for a lender about how rental income is treated, a maintenance reserve rule I choose, and an exit plan if I need to sell or move. Add a reflection on whether I would still want the property if the rent did not arrive for six months. Finally, add a short plan for the first six months after purchase: a maintenance reserve, tenant screening, written agreements prepared with a professional, and a quarterly review of whether the numbers match the worksheet. Financial figures are my assumptions, not forecasts. Show the arithmetic, flag tax and legal treatment [VERIFY] for [JURISDICTION], and recommend that an adviser checks the model before I commit money.
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