745: The MOST Underrated Way to Get Started in Real Estate in 2023

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 28 March 2023

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

There is an almost fool-proof way to invest in real estate in 2023. It requires very little money down, no experience in investing, and can be used over and over and over again to build millions of dollars in real estate wealth. The strategy? House hacking! Real estate millionaires agree that this strategy is the BEST way to get started investing and can help launch you to the next level of financial freedom. You DON’T need a ton of time or money to house hack, and doing so could set you up for life. And if you think our empire-building hosts, David Greene, Henry Washington, and Rob Abasolo, aren’t spitting facts, think again. All three of these investors started house hacking and credit it as the greatest move they made to build wealth. But how does house hacking work, and if it’s such a smart move to make, why isn’t everyone doing it? In essence, house hacking allows you to monetize your living space. So, you get paid to have a mortgage instead of paying a mortgage. This could mean renting out your spare bedrooms, Airbnb-ing your mother-in-law suite, or buying a duplex and renting out the other side. And during a time when mortgage rates are higher than many of us have seen before and housing affordability is at an all-time low, house hacking can become your savior of savings, helping you keep more money every month. This compounded savings allows you to buy even more real estate, build your dream portfolio faster, and retire earlier than you thought. So, if you’re ready to invest in real estate, don’t sleep on house hacking! In This Episode We Cover: House hacking explained and why it’s the EASIEST real estate investing strategy of 2023 Investing in real estate with no and low money down and why house hacking is the perfect starter option The different ways to house hack, from buying a duplex to renting out rooms How to find and analyze your house hack to ensure it’s paying for itself The best housing markets for house hacking and why you DON’T need to cash flow The house hack stack and the secret to building a multi-million dollar portfolio over just a few years And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch BPCON2023 Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area David's BiggerPockets Profile David's Instagram David’s YouTube Channel Work with David Rob's BiggerPockets Profile Rob's YouTube Rob's Instagram Rob's TikTok Rob's Twitter Henry's BiggerPockets Profile Henry's Instagram Try the BiggerPockets Real Estate Calculators on Your Next Deal How to Start a Real Estate Portfolio with Just $10K Books Mentioned in the Show: The House Hacking Strategy by Craig Curelop Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-745 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pock's Podcast, 745.
0:04.1	I love, obviously, love house hacking as a strategy, and oftentimes when I'm talking to investors,
0:09.8	the main objection that I hear is, I don't want to share walls or my spouse. I can't, I'm not going
0:16.3	to get my spouse to share walls or I don't want to live next door to my tenants. I'm living in my
0:21.4	dream house right now because I bought a house hack for two years. Two years of uncomfortability,
0:27.2	one year of uncomfortability, a good chance that your objective of your life do you want to be
0:31.3	wealthy or do you want to be comfortable? And if you want to be comfortable, why are you even here?
0:36.0	What's going on everyone? This is David Green, your host of the Bigger Pock's Podcast here today
0:40.2	with my co-host, Rob Abbasolo and Henry Washington. As we break into the most important phenomenally
0:46.3	underrated strategy, you cannot afford to miss in 2023. Yes, that's right, we are talking about
0:52.8	house hacking. Today we're going to cover what you always need to keep in mind if you're house hacking
0:56.7	and how things might have changed in 2023 because then you look at this a little bit differently.
1:01.8	We get into affordability, risk, cash flow, why experts are doing this, why more experts should be
1:07.0	doing this and for those of you with capital and experience, make sure you tune in because I think
1:11.6	everyone should be house hacking throughout the real estate investing journey. I know I do and so do
1:15.6	others like James Dainard, Brandon Turner, Midi Jensen, Rob Abbasolo, Henry Washington and more.
1:22.0	Today's quick tip, don't just house hack, adopt house hacking as a mindset. There are a lot of
1:28.8	ways that you can find expenses in your life and you can either eliminate them or turn them into
1:34.4	income. I was blown away the first time that I heard Amazon would do this is they would literally
1:38.6	look at their expense sheet and say what do we spend money on? What we're spending a lot of money
1:43.2	to servers to host our thing? Well, why don't we start our own company where we have our own servers
1:47.9	and then hey, we can rent them out to other companies that need them. That's a company that became
	...

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