33 years old, 9-5 job owned a loft style condo with a cool spiral staircase – took me 2 years to find. My cash flow was -$1,500 a month not including what I had to pay for my car and misc. expenses.
At the time, I was over 30 years away from retirement – no passive income -no landlord experience – Didn’t even own a hammer.
Fast Forward 6 years >>My wife’s sister was renting out one side of a duplex and the owner suddenly passed, his wife was selling the place because she didn’t want to be a landlord. My wife asked me if I could buy it and rent it out to my sister, so she didn’t have to move. I said no.
It sparked curiosity – I started to look into real estate investing and the 1st book I picked up was How To Build a Rental Property Empire by Mark Ferguson. There was literally a two-paragraph section that talked about a concept called House Hacking.
I was convinced that I wanted to buy a 2-4 unit property, live in 1 unit and rent out the other units – very simple concept to build wealth. Suleyka supported me all the way, we packed up and moved in 2017.
What we learned:
We searched for a single family with the correct zoning broken up like a duplex. Chris found me a single-family house with a separate mother-in-law suite and separate entrance. Conventional loan so 5% down
In conclusion, building your house hack stack can be an excellent way to start your journey towards becoming a real estate millionaire. My experience has taught me that with persistence, research, and the right mindset, anyone can achieve financial independence through real estate investing.
Remember, it all starts with one property. Don’t let the fear of the unknown or the complexity of the process deter you from taking the first step. Educate yourself, start small, and grow your portfolio gradually.
As you gain more experience and resources, you can use the income from your existing properties to finance your next acquisitions. The key is to remain disciplined, stay focused on your goals, and always be open to new opportunities.
In the end, becoming a real estate millionaire through house hacking is not a matter of luck, but rather a result of hard work, patience, and strategic planning. So go ahead, build your house hack stack, and start your journey towards financial freedom today!
Links from the ShowNeed some accountability buddies? Join our monthly House Hacking meetups!
Help Us Out!We want to know what you want to hear! What struggles are you having in your real estate investing journey? What has you stumped? What will help you level up your investing game?
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Please send an email to hello@curtisst.media to submit your answers!
Check out the podcast below!#491: 12 years in Prison to Building a Thriving Sober Living Homes Business
#490: The Strategy Behind Scaling a Company with redT’s New CEO Vincent Deorio
#489: Are Buyers Off the Sidelines -December 2023 Colorado Market Update
#488: 1031 Without the Timeline: The Lazy 1031 Exchange Explained
#487: Where is the Next Market Crash & How to Prep Your Portfolio | ICOR Presentation
#486: House Hacking Strategies that Achieve Above Market Rent Deal Analyses
#485: How to Pivot Your Real Estate Strategy for 2024
#484: 1031 Exchange Explained: Minimize Your Taxes & Grow Your Wealth
#483: Are Interest Rate Hikes Over? November Colorado Real Estate Market Update
#482: Build Wealth with New Construction in Northern Colorado
#481: How He Scored $18K in Seller Credits and Walked Away with a Check at Closing
#480: Opportunities in Real Estate Development with redT’s Chief Investment Officer Paul Ko
#479: First Responder to Financial Freedom Paul DeSalvo’s Mission to Help Others Achieve Financial Freedom
#478: Interest Rate Drop Unlocks Home Buying Potential | Colorado Real Estate Market Update
#477: House Hacking with your Adult Kids - Empower and Unlock Financial Independence
#476: The Future of Eco-Friendly Homes: Nathan Adams on Building Green and Sustainable Construction
#475: Real Estate Investing in Denver Made EASY | 2023 Strategy Guide
#474: Why the New 5% Conventional Multifamily Loans are a Gamble | September Market Updates
#473: Avoid These Credit Mistakes When Applying for a Mortgage
#472: The Hidden Dangers: How New Colorado State Laws Threaten Small Landlords
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