Should I Keep House-Hacking?

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 21 July 2024

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.7	About two years ago, 2022, I kind of jumped the gun a little too early, getting a house.
0:15.2	I saw how fast prices were rising and I got a little scared that they weren't going to stagnate.
0:20.7	And I bought a
0:21.9	four-bedroom house with the intention of doing house hacking, which has been going pretty well
0:28.4	so far. I've no complaints. It's been pretty simple. So you filled it with roommates. Yes.
0:34.8	Okay. My issue now is I'm having regrets because had I stayed with my parents an extra two years,
0:42.9	I could have put down double, maybe 50% on a one-bedroom, two-bedroom house,
0:49.5	and worked on aggressively paying that off instead of having a large house that is reliance on tenants.
0:59.1	I was wondering, do you think it would be best to continue as I'm doing now or just cut my losses, spell it, and try.
1:06.3	Why is there a loss?
1:07.3	It should have gone up in value in Charlotte, North Carolina.
1:10.8	Yeah, yeah, I cut my losses.
1:12.5	It is incorrect.
1:14.2	You mean emotionally cut your losses?
1:16.8	Yes.
1:17.3	Okay. But financially, you would sell the house and make money, would you not?
1:21.4	I would, yes.
1:22.3	So what's the house worth today?
1:25.2	About $5,000.
1:33.8	Okay. And what do you make? A hundred thousand year. How old are you?
1:47.6	26. Okay. And what do you owe on it? 370,000. Okay. So you would make $100,000 or more net of the sale.
	...

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