House Hacking: How to Live for Free and Build Wealth in The Background
House hacking is one of the easiest ways to get into real estate investing. Thanks to its flexible financing options, low down payment loans, and ability to cut your rent in half (or eliminate it), house hacking is truly a phenomenal investing strategy. In short, house hacking is when a homeowner or investor buys a house or multifamily and rents out the other rooms or units while they live in one of them.
The house hacking strategy can be mixed and matched in any way you like. Want to live with a bunch of friends? Buy a three or four-bedroom house and rent out the rooms. Want to have a private space for you and your family? Buy a small multifamily and rent out the other units. No matter what you choose to do, house hacking can help speed up your journey to financial freedom. This is done by reducing the amount of money you spend on rent/a mortgage while also giving you serious tax benefits, instant cash flow, and appreciation so you can build wealth in the background.
In this how-to episode, Ashley and Tony give you everything you need to find, analyze, finance, and buy a house hack. They go over in-depth real estate analysis so you can confidently bring a deal to your lender, partner, or just have peace of mind that you’re making a smart investment. This single home purchase could change your financial future forever, so what are you waiting for?
In This Episode We Cover
What is house hacking and the major benefits of hacking your house
The four ways to build wealth in real estate and three common rookie mistakes
The best ways to fund your real estate deals or house hack property
How to analyze your next property using the BiggerPockets real estate calculators
Property management 101 and how to manage a rental property
How to get your first real estate deal faster with BiggerPockets tools and expert guidance
And So Much More!
Links from the Show
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Check out the full show notes here: https://biggerpockets.com/blog/rookie-189