266: Rookie Reply: Unpermitted Renovations, House Hack Profits, and Frozen Pipes

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 4 March 2023

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you live in a high-cost-of-living area, a house hack could solve many of your money-related problems. Sharing your living space isn’t always easy, but with a few simple tricks, you can make it more than worth your while. From subsidizing your cost of living to generating cash flow while you’re still staying at the property, house hacking has some almost unbelievable benefits that ANY investor can capitalize on. And Ashley and Tony have some great tips to share! Welcome back to this week’s Rookie Reply! Whether you’re a homeowner, landlord, or both, you’ll want to hear our hosts’ tips for preventing frozen pipes and what to do when it happens anyway. We also explore unpermitted rental property renovations, the nuances of buying properties that are for sale by owner (FSBO properties), and when and why to use electronic keypad door locks. You’ll even learn how to find the lender on ANY property in the nation the next time you plan a creative real estate deal! If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover Living for free, generating cash flow, and the HUGE benefit of house hacking Why unpermitted renovations aren’t always deal breakers Winterizing your rental or primary residence (and keeping your pipes safe!) How a for sale by owner (FSBO) purchase differs from a regular realtor deal The benefits and limitations of smart-home technology How to find the lender of ANY property in your area And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow BiggerPockets instagram BiggerPockets BiggerPockets Bootcamps Airbnb RemoteLock PropStream Books Mentioned in this Show: Real Estate Rookie: 90 Days to Your First Investment by Ashley Kehr The House Hacking Strategy by Craig Curelop Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-266 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is a real estate rookie episode of 266.
0:05.0	Most people, when they're going into a house hack,
0:07.8	their goal isn't necessarily to make $500 a month in cashflow.
0:12.8	Their goal is to subsidize their cost of living.
0:15.6	So if you can cover the majority or sometimes
0:19.7	all of your mortgage by rinsing out these additional units,
0:24.0	then you are probably doing a pretty good job.
0:26.2	Because now you're able to save that money
0:28.6	and you would typically be spending on your rinse
0:30.8	with your mortgage, say whatever, it's $2,000 a month,
0:34.4	and now you can put that aside to start
0:35.9	saving towards your next property.
0:37.8	So for a lot of people in their house hacking,
0:40.2	it's not necessarily that the cashflow
0:42.3	per se that they're looking for,
0:43.7	it's how much of my mortgage can I offset
0:46.3	by rinsing out these units.
0:48.1	My name is Ashley Care, and I am here with my co-host,
0:50.8	Tony Robinson.
0:52.0	And welcome to the real estate rookie podcast
0:54.0	where every week, twice a week,
0:55.7	we're bringing you the inspiration, motivation,
	...

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