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!#430: December 2022 Market Stats: Will 2023 Be the Year of the BRRRR?
#429: Why This Denver Developer Is Pivoting to Eco-Friendly Homes
#428: Chris's 2023 Goals: Learn His Plans and Jumpstart Your Own Goal Setting"
#427: Don't Get Stuck with a Bad Roommate: How to Screen House Hack Tenants
#426: November 2022 Market Stats: Don't Be Afraid to Ask for Concessions
#425: October 2022 Market Updates: Take Advantage of Dropping Rates and Seller Concessions
#424: Yes, House Hackers Can Still Cash Flow in Today's Market
#423: How to Treat Your Airbnb Like a Business
#422: Introducing PAM 2.0: Take the Guesswork out of Your Real Estate Portfolio
#421: Why Commercial Investors Are Seeking out Shorter Loan Terms
Keep or Sell: Breaking Down the Options for Maximizing Returns
Everything You Need to Know to Register for a Denver Rental License
When Is an ARM Better than a Fixed Rate Loan?
Can I Make More Money by Paying Capital Gains Tax?
Busting 7 Myths about Recessions and the Housing Market
Is Your House Hack Protected? 5 Moves You Can Make Right Now
0-24 Doors in 10 Years Starting at 40 Years Old with Nicole Rueth
How Chris Lopez Adapted His Real Estate Investing Goals in 2022
How Denver-Based Company Ink Is Modernizing the Contract Process
August 2022 Market Update: Increased Inventory = More Power for Buyers
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