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!#409: Learn Real Estate Investing from a Pro: Terrance Doyle's Value Tribe
Deal Alert: Samuel Apartments Syndication - VareCo + Ironton Capital
#408: Trading Down to Increase Cash Flow: Why Jeff Sold a Fourplex to Buy Two Single Family Homes
#407: How Buying When Others Weren't Led to Terrance's Biggest Real Estate Deal Yet
#406: Is Active Real Estate Investing Too Risky in a Recession?
#405: Don't Let Your Equity Just Sit There: 6 Ways to Find Money to Invest in Real Estate
#404: Finally, Some Breathing Room in the Market. July 2022 Colorado Stats and Roundtable Discussion.
#403: Understanding the 3 Documents You Sign as a Passive Investor
New Bigger Pockets House Hacking Show with Chris Lopez
#402: Boost Returns and Lower Risk by Diversifying Real Estate Investments
#400: All the Benefits of Real Estate without the Headaches: The Perks of Being a Passive Investor
#399: 4 Metrics of Measuring Real Estate Returns: Which One Is the Best?
#397: Protect Yourself in a Recession by Understanding the Debt Coverage Ratio of Your Properties
#398: "The Sky Isn't Falling": Why the Commercial Real Estate Market Is Stronger Than You Think
Real Estate Wealth Preservation: Protect YOURSELF as a Deal Sponsor or Professional Investor
Real Estate Wealth Preservation: Protecting the People You Love as Your Assets Grow
Real Estate Wealth Preservation: Steps New Investors Should Take Today to Protect Their Wealth
Should Investors Prepare for a Crisis? June 2022 Market Stats and Roundtable Discussion
Why Denver Investors Are Moving from Multifamily to Industrial Properties
Boosting Returns $10K by Investing Denver Equity in Pueblo
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