Why "House-Hacking" Might Be the Easiest Way to Build Wealth Through Real Estate | Spencer Cornelia Pt. 1 E55

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 8 June 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

In today’s episode, Rich sits down for an interview with Spencer Cornelia – Real Estate Investor, “House Hack King”, and YouTuber from Las Vegas. Spencer got into real estate investing in 2015 when he moved to Vegas from Oakland and met a buddy who rented out rooms in his place in order to live for free while also generating some additional cash flow. He then discovered the concept of house hacking through the Bigger Pockets forums and bought his first condo. They dive into Spencer’s experien...

Transcript

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0:00.0	Yeah, I found that the culture is the most important element.
0:03.2	So people always freak out and they go, oh, how do you find tennis?
0:05.8	Like, do you do background checks?
0:06.9	And I go, no, none.
0:08.3	The reason why is because the variable that you can't account for is how do people mesh together.
0:14.0	Welcome to the Rich Drummers report where we talk real estate, business, and wealth building all while keeping it real.
0:20.0	No fluff, no BS. I hope that you enjoy the show.
0:25.0	All right guys, welcome to another episode of the report.
0:31.0	Today we are in the studio here in downtown San Diego and I got a special
0:35.4	guest who just flew in from Las Vegas. He is a house hack investor and an Airbnb
0:40.4	investor. He's got 485,000 subscribers on his YouTube channel. I got Spencer
0:46.6	Cornelia. Spencer welcome to the show my man. Thanks for having me. You have a
0:49.7	great radio voice by the way. Appreciate you man.
0:53.0	I feel like it just came out just a little bit.
0:56.0	I appreciate you saying that I'm excited to dig into your story man, but before we dig into it,
1:01.0	tell me a little bit about what you're doing here in Las Vegas in the real estate space.
1:05.6	Four properties, three of them are house hacking.
1:09.2	House hacking is essentially the game of buying a house, renting out the spare spare bedrooms and the theory is that you can
1:14.4	rent out enough rooms that you live for free.
1:16.5	So whether you call it house hacking or rent by room, whichever model you want to refer to,
1:19.8	yeah so three or rent by room and then one's an Airbnb.
1:22.6	So between all the four, I'm about 16 to 20,000 dollars a month,
	...

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