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?
We want to know!
Please send an email to hello@curtisst.media to submit your answers!
Check out the podcast below!#471: Short Term Rentals: What it Takes to STAND OUT in a Saturated Market
#470: How to Find Cash Flowing Deals | Colorado Real Estate Market August 2023
#469: How Chris Lawhead went from the Brink of Bankruptcy to DEBT FREE with Real Estate Investing
#468: Matt Amundson’s Creative Strategies for Leveraging your Equity
#467: The Real Estate Career Switch: What It Takes to Succeed and Leave Comfort Behind
#466: Best Real Estate Investing Strategies in Colorado Springs and Pueblo
#465: Women in Real Estate Investing: Tips for New House Hackers with Irina Barnett
#464: Stop Waiting for a Price Drop | July 2023 Colorado Real Estate Market Updates
#463: Best Real Estate Strategies for Northern Colorado
#462: New Fund Alert! Opportunities NOT to Miss in Multifamily Investing
#461: [PL Launch] $1 Billion Business Plan
#460: How Steve Medina Escaped the 9 to 5 Grind with Real Estate Investing
#459: Navigating Denver's ADU Zoning Updates: What You Must Know [2023]
#458: Stability Meets Profit: June 2023 Colorado Real Estate Market Updates
#457: Demystifying Depreciation: How Cost Segregation Can Save You Money
#456: Fueling Property Llama’s Future (Part 3 of 3)
#455: Traction + Team: The Secret to Property Llama’s Growth (Part 2 of 3)
#454: My One Billion Dollar Goal (Part 1 of 3)
#452: Can you Keep Your 2.8% Interest Rate? How Lenders Are Pivoting to Combat High Rates
#451: Can You Make a Profit on a Vacation Home in the Mountains? 9 Factors to Consider Before Buying
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