950: The Easiest Way to Invest in Real Estate in 2024 w/Terrence Terrell

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Investing, Business

4.8 • 16.6K Ratings

🗓️ 8 May 2024

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

There’s one way to invest in real estate that’s cheaper, easier, and more efficient than almost any other strategy. It allows you to get the best mortgage rates with the lowest down payments and buy properties in the best areas. And you can do it every single year until you grow a massive real estate portfolio. Real estate millionaires have been made using this strategy, but most Americans have no idea about it. What’s the wealth-building secret that savvy investors are taking advantage of? Of course, it’s house hacking. If you’ve never heard of house hacking before, the concept is simple: You buy a single-family home or a small multifamily property and rent out the space you’re not using. This not only allows you access to the best mortgages but also keeps your mortgage cost lower than living on your own. This strategy is so good that expert investor Dave Meyer and today’s lender guest, Terrence Terrell, have used it repeatedly to build serious wealth. If you’re a first-time homebuyer or have a home but want to get into rental property investing, this is THE strategy to try first. Terrence gives a beginner-friendly masterclass on house hacking, showcasing the huge benefits of house hacking’s low-money-down loans, what you need to have to qualify for a mortgage, the common misconceptions most people get wrong about house hacking, and how to use this strategy to build wealth fast. In This Episode We Cover House hacking explained and why it’s the easiest beginner real estate investing strategy How to buy your first investment property with as little as ONE percent down Qualifying for a mortgage and what first-time homebuyers must know before they apply The free way to find out whether or not you’ll be able to get financing for your house hack The easy, low-money-down way to build a real estate portfolio by house hacking And So Much More! (00:00) Intro (01:26) What is House Hacking? (03:16) Put Just 1% Down! (07:50) Who Should House Hack? (09:28) It's Not as Hard As You Think (11:55) What Homebuyers Need to Know (14:51) Qualifying for a Mortgage (18:43) Advice for First-Time House Hackers Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-950 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	For those of you out there listening, maybe you're someone who doesn't yet own a home, you're renting right now, and you want to get into real estate investing.
0:09.5	I can imagine that you're looking at home prices, higher interest rates than we've seen in quite a long time, and you're feeling a bit discouraged.
0:18.0	I talked to people who are feeling this way all the time, so don't feel like you're alone in trying to figure out what strategies work
0:24.4	but rest assured there are strategies that work in today's market and on this
0:30.1	episode we're going to talk about one of the most reliable strategies
0:33.4	that honestly most prospective investors can use to get started which is
0:37.9	house hacking.
0:48.4	Welcome to the Bigger Pocket's Real Estate Podcast. I'm your host today, Dave Meyer. Today I'm going to have a conversation with Terence Terrell and he's a lender and he specializes in working with a special niche of investors.
0:56.2	It's investors who are also first-time homebuyers because whether you're house hacking or buying your first
1:01.8	condo, your first primary residence
1:03.6	every real estate purchase is an investment and this is really Terence's
1:08.4	sweet spot and today he's going to give us all a masterclass and everything you need to know if you're
1:13.6	considering house hacking from loan options to common misconceptions that trip up a lot
1:18.7	of new investors to the smart house hackers checklist. I think you guys will love this episode if you're just
1:24.4	trying to get started. Let's bring on Terence. Terence, welcome to the BiggerPockets
1:28.8	Real Estate Podcast. Thanks for being here. Dave, thank you so much for having me.
1:32.5	I'm excited to be here.
1:33.7	All right, we're going to start with something very basic.
1:36.2	Most of our audience has probably heard the term house hacking.
1:39.3	But for those who haven't yet, can you give us a brief overview of this strategy? For sure. So,
1:44.5	houseacking is essentially someone that buys and owns a home and rents out part of it
1:49.7	for income. Whether it's a single family home and they're renting out rooms, couches, basements,
	...

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