Ep. 52 - How To House Hack Buying Your First Home
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 7 September 2021
⏱️ 39 minutes
🧾️ Download transcript
Summary
You may have experienced renting for far too long and end up missing out on different opportunities. Did you know that you could start the road to financial security much sooner and still live your own life? House hacks! New slang for some old tricks. If you are freaked out by the monthly payment of owning your place, here's a thought...don't pay it all. Renting all or part of your home can work, or buying a multi-unit home like a duplex or triplex might be the way to do it. Being a landlord isn't just for the experienced and savvy multiple homeowners. You could do this with your very first home purchase. There are plenty of great ideas out there that you might never have heard of, but none of them work until you fully understand them. Join your host David Sidoni in this episode and find out if this is a good idea for you!
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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.
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Transcript
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| 0:00.0 | Have you ever heard of house hacking? |
| 0:02.5 | That's what people are calling some old school techniques being used to lower your mortgage |
| 0:07.3 | payment so that you can afford a home. |
| 0:09.8 | Let's see if this type of purchase can work for you. What's happening everybody. Welcome to another edition of the How to Buy a Home podcast. I'm your host, David Sidoni, and today we're going to hit yet another topic with all the renters out there. |
| 0:42.4 | A lot of you folks out there hit me up saying, hey, my rent sucks and my landlord sucks. |
| 0:47.7 | Why don't I buy a place, live in my part of it, and then I become the landlord. |
| 0:51.7 | Well, let's find out today if this is a good idea for you. |
| 0:56.0 | On paper for some folks, this looks like a killer idea. |
| 1:02.7 | And I get that. But I want to tell you, if you're looking for a shortcut to becoming a homeowner, |
| 1:08.5 | well, if it was that easy and it was that simple and the numbers just worked out perfect, |
| 1:13.1 | then everybody would be doing it. Don't bum out. All right, |
| 1:18.2 | just because I dropped a truth bomb right at the beginning doesn't mean that it's a bad idea for you. This could still be a great idea for you. There's a multitude of different ways that you can do it. |
| 1:23.3 | And the term house hacking is new, but all these tactics people have been using for years. |
| 1:29.7 | So there's a lot of data out there and there's a lot of different ways you can do it. |
| 1:34.1 | What I'm going to do today is cover two of the most commonly used ways that buyers become hackers. |
| 1:40.3 | The reason people do that is because they're looking to build wealth when buying their very first piece of property, something I can totally get behind. |
| 1:49.2 | The two big ways are buying a home and then being able to rent out part of the living space in your home or buying a duplex or a triplex or a fourplex, you know, what we call a multi-unit home, |
| 2:04.0 | living in one unit and then renting out the others. |
| 2:08.9 | Okay, but first, before I get into those two, before I go any further, I have to dispel an idea |
| 2:13.5 | that many house hackers and new investors ask me about when it comes to buying their first home. Lots of times I end up getting a call from some super excited first time home buyer. |
| 2:22.7 | And they're totally stoked about buying investment properties first before they own a home |
| 2:27.4 | themselves. They get to a certain age and doing their research, they hear about all the big |
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