23. Ask HHS Episode 3 with Bradley and Drew

House Hacking Success

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The House Hacking Success Course
Questions asked in this episode:

-Do you advise getting a move-in-ready house hack or rehab it and do the BRRRR House hack?

-I was wondering, do you use a specific account to store your cap-ex, vacancy, maintenance, and management costs?

-Is the cash flow strategy possible in an expensive market?

- How can I put less money down on an FHA loan?

Links:
Resources:

5 Reasons You Should Househack!

10 Ways to Finance Your Househack!

Using Facebook as a Real Estate Resource!
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House hacking is one the best ways to get started in real estate. So many investors have used house hacking to buy their first rental property with a low down payment, then even live rent free. You can live rent free because the with house hacking you utilize an "owner occupied" loan to buy a property. Owner occupied means you agree to move into it. If you occupy the property you get a lot of loan options that vary from 0-5% down. You can even buy a 4-unit multi-family property depending on the loan! After you move in you rent out the extra space to cover the mortgage, which allows you to live rent free. You only have to do that for a year! After a year you can move out and turn your property into a full time cash flowing rental property! What makes house hacking so powerful is a combination of the low down payment and living for free. You can literally change your life buy purchasing one house hack and cutting out your rent or mortgage. Imagine if you reinvested those savings to buy another property. House hacking is the best way to go from just getting by to becoming a rock star real estate investor.