189: House Hacking: How to Live for Free and Build Wealth in The Background

Real Estate Rookie

BiggerPockets

Entrepreneurship, Education, Investing, Business, How To

4.7 • 1.8K Ratings

🗓️ 8 June 2022

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them. The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background. In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for? In This Episode We Cover What is house hacking and the major benefits of hacking your house The four ways to build wealth in real estate and three common rookie mistakes The best ways to fund your real estate deals or house hack property How to analyze your next property using the BiggerPockets real estate calculators Property management 101 and how to manage a rental property How to get your first real estate deal faster with BiggerPockets tools and expert guidance And So Much More! Links from the Show BiggerPockets Real Estate Rookie Youtube Channel Real Estate Rookie Podcast Real Estate Rookie Facebook Group The Real Estate Robinsons Youtube Channel BiggerPockets Forums James Dainard's Instagram On The Market Podcast ProjectRE Youtube Channel BiggerPockets Calculator Dan Sullivan's LinkedIn Who Not How: Stop Doing the Things You Hate, Free Up Time, Be Happier and Richer with Dan Sullivan BiggerPockets Agent Finder Craigslist Facebook Marketplace MLS BiggerPockets Rent Estimator BiggerPockets Marketplace Brandon Turner's BiggerPocket's Profile BiggerPockets Pro Membership David Greene's BiggerPocket's Profile Craig Curelop's Instagram Connect with Ashley and Tony: Ashley's Instagram Tony's Instagram Check out the full show notes here: https://biggerpockets.com/blog/rookie-189 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie Episode 189ers.
0:04.9	First, you can increase your income, right?
0:07.3	Increase your passive income, or B, you can decrease your expenses.
0:11.3	And obviously, you should kind of be attacking both of those at the same time.
0:14.4	And house hacking is great because it essentially allows you to do both of those things, right?
0:19.2	You're able to get additional income by written out the spaces.
0:23.4	But then you're also decreasing your expenses because your housing expense
0:27.4	is being subsidized by someone else.
0:29.0	So house hacking strategy is a really great tool for a lot of our new investors.
0:33.3	My name is Ashley Care, and I am here with my co-host, Tony Robinson.
0:37.6	And welcome to the Real Estate Rookie podcast where every week, twice a week, we bring you the
0:42.2	inspiration, information, and education you need to kickstart your Real Estate Investing journey.
0:46.9	So my co-host, Ashley Care, before we start, I got to give you some major props for your boys
0:51.5	in the hood t-shirt. I love when you break that bad boy out.
0:54.5	Look, Cuba Gooding Juniors, some young ice cube. I love it.
0:58.3	It's usually this or my Biggie Smalls t-shirt, so I got a couple of them.
1:03.1	I know what to get you for your birthday now.
1:07.3	So, Tony, what is new with you? Today, we have a little podcast that's different,
1:12.5	but before we get into that, any new developments?
1:15.5	Yeah, we're super busy, as always, but we just open up investments for our big beer hotel,
1:21.4	so that's moving along pretty nicely. So, our first time doing a syndication, so we're
1:26.4	learning a lot along the way, but excited to hopefully close in this thing the next month or so.
	...

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