358: House Hacking: Live for Free and Turn Your Biggest Expense into a Profit Center

The Side Hustle Show

Nick Loper

How To, Entrepreneurship, Business, Education

4.7 • 1.6K Ratings

🗓️ 24 October 2019

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

What if you could make your rent or mortgage payment go away? Or, what if instead of paying that expense every month, your living situation actually paid you? It’s not as far-fetched as it may sound. In fact, that’s exactly what today’s guest, Craig Curelop, has done by intentionally "house hacking" over the past few years. He’s even written a book on the topic, and it's one I wish I’d had when I was 18 or 19! I would have definitely done some things differently. The basic idea is to use other people’s rents to offset, or even profit from your own housing costs. On top of that, you'll begin building wealth through real estate and earn tax benefits as well. If you have a spare room or two in your home, or you're interested in house hacking, this episode is going to get the gears turning for you. Tune in as Craig runs through some examples of how you can do this. Whether you’re a young professional, or you have a family of your own, you can offset some or all of your mortgage payments. But keep in mind, this isn’t a common path -- this is living for a period of time like others won’t -- as you’ll hear from Craig’s story. “Typically you’re going to sacrifice comfortability with profitability,” Craig explained to me. But living for a few years like others won’t has given Craig the financial independence to potentially live decades like others can’t. Full Show Notes: House Hacking: Live for Free and Turn Your Biggest Expense into a Profit Center

Transcript

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0:00.0	What if you could make your rent or your mortgage payment go away?
0:06.0	Or what if instead of paying that expense every month, your living situation actually paid you?
0:11.0	Stay tuned to learn how to make that dream a reality.
0:14.7	What's up, what's up, Nick Loper here?
0:19.7	Welcome to the Side Hustle Show because entrepreneurship often involves living a few years like others won't to live a life others can't.
0:28.7	You may have heard that quote before but that's the one that came to mind when I came across Craig Kirilop.
0:34.1	By quote hacking his living situation over the past few years, Craig has turned what is typically
0:39.8	our biggest expense, our rent or mortgage, and actually turned it into a profit center.
0:45.9	Doing so has dramatically improved his net worth and put him on a fast track toward early financial
0:52.1	independence. He's even written a book on the topic. Fast Track toward Early Financial Independence.
0:53.4	He's even written a book on the topic.
0:54.9	It's called The House Hacking Strategy.
0:57.2	You can find it at BiggerPockets.com
0:59.8	slash House Hack.
1:01.3	And this is the book I wish I'd had when I was 18 or 19.
1:06.0	Definitely would have done some things differently in the intervening decade
1:10.0	which I think is the mark of an eye-opening read.
1:13.0	The basic idea here is to use other people's rents to offset or even profit from your own housing costs,
1:21.0	all while beginning to build wealth through real estate and earn tax benefits as well.
1:25.2	Craig's got a few examples of how you can do this, whether you're a young professional
1:30.0	or a little later in the show if you've already got a family of your own, but keep in mind
1:34.4	this isn't the common path. This is living a period of time like others won't, as you'll
	...

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