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Real Estate Rookie

Rookie Reply: House Hacking 101! Which Property to Buy & How to Scale Fast

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.81.7K Ratings

🗓️ 23 August 2024

⏱️ 38 minutes

🧾️ Download transcript

Summary

House hacking might be the easiest way to get into real estate. This beginner-friendly investing strategy involves little risk, works with several types of properties, and can cover your entire mortgage. But don’t just take our word for it—today’s guest host was able to build and scale his real estate portfolio using this strategy! Welcome back to another Rookie Reply! In today’s episode, Ashley and Noah Bacon are zeroing in on house hacking questions from the BiggerPockets Forums. First, can you create $1,000, $2,000, $3,000, or more in monthly cash flow just by house hacking? How long would this take and how many doors would you need? The answer might surprise you! We also discuss LLCs, whether you need one, and what you should know before transferring a property from your personal name. Finally, you’ll learn which properties make the BEST house hacks and what to do when you can’t find the right deal! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: The BEST properties for house hacking (and what to do when you can’t find one!) Creative ways to maximize your cash flow on any house hack How to scale your real estate portfolio FAST with serial house hacking Umbrella policies versus LLCs (and which one you need for your property) What you MUST know before transferring a property from your name to an LLC How to find tenants when renting by the room (and how to protect your privacy) And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Check Out Noah’s “How I Started” Series Buy the Book “The House Hacking Strategy” Find Investor-Friendly Lenders See Ashley and Noah at BPCON2024 in Cancun! Real Estate Rookie - Episode 447: Making $300K+ Profit Per Rental and Scaling FAST with “DADUs” w/ Christian & Shannon Nossum Connect with Noah Connect with Ashley (00:00) Intro (02:54) Scaling with House Hacks (10:06) Do You NEED an LLC? (18:49) Transferring Property to an LLC (22:23) BEST Properties for House Hacking (30:30) Connect with Noah! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-448 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

Welcome to the Real Estate Rookie Podcast, where every week, three times a week,

0:04.4

we bring you the inspiration, motivation, and stories you need to kick-start your

0:09.5

investing journey. My name is Ashley Kerr, and today I am joined by Noah Bacon. You actually might

0:16.8

recognize him because of an episode he does on YouTube called How I Started.

0:22.5

And this is going to be aired on the rookie podcast also.

0:26.0

But let's give a big welcome to NOAA.

0:29.2

Hey Ashley, thank you so much for having me today.

0:31.1

It's great to see you again.

0:32.2

Yeah, so just in case the audience it's great to see you again yeah so just in case

0:33.2

the audience hasn't listened to the how I started episode that we aired on the

0:36.9

rookie channel tell our audience a little bit about it and about you yeah absolutely so

0:41.6

we host over on the real estate rookie YouTube channel

0:44.0

How I Started and it's exactly in the title of the show.

0:48.0

So what we do is interview first time or even aspiring real estate investors on how they got started on their

0:54.7

first property their second property and typically they'll be about you know five to

0:59.2

ten years down the road now today and we speed up and see where they're at but it's a really great

1:03.7

show for the audience to get to know how people have done it in maybe 2022

1:08.1

2023 or how people were thinking about doing it back in 2000 when they first got

1:12.0

started so it's been an honor to be hosting a show. about doing it back in 2000 when they first got started.

1:12.5

So it's been an honor to be hosting a show where I get to talk to many

1:16.2

investors that come from so many unique experiences in different backgrounds.

1:20.0

And like you said, working at bigger pockets, I've had the luxury of having those interactions every day.

...

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