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!#450: Copy This Blueprint to Become A House Hack Millionaire
#449: Want to Pass Your Denver Rental License Inspection? Avoid These 3 Mistakes
#448: April 2023 Market Updates: Will Sales Prices Bottom Out?
#447: Not Sure Where to Start with an ADU? That ADU Guy Shares His Best Strategies and Tips
#446: How Patrick Soukup Went from Injured College Athlete to Real Estate Entrepreneur
#445: March 2023 Market Updates: Where Are We Seeing the Best Deals for Investors?
#444: How Real Estate Investing Saved Eric Garber's Financial Future
#443: Lower Prices and Strong Returns: Why You Should Invest in Northern Colorado
#441: February Colorado Real Estate Market Updates: Is Longmont the Next Real Estate Hotspot?
#440: Slatt Capital: The Family-Oriented Lender Expanding to Serve Colorado Investors
#439: How Nick Elder House Hacked his way to MultiFamily
#438: The Future of Real Estate: National Trends and Their Implications
#437 An Expert’s Guide to House Hacking (What to Know Before Starting)
#436: January 2023 Market Updates: Why Savvy Investors Are Buying Now
#435: Launch Your House Hack: Tips for Preparing Your Property Before it Goes Live
#434: CO Commercial Real Estate Update with Adam Aluise
#433: Why Are Roofs So Important? CO RE Investors, Listen Up.
#432: Why Investors Should Care that Americans Are Saving Less Money
#431: These Financial Planners Know Why Real Estate Is Key to Wealth Building. Do You?
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