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!8 Simple Questions to Clarify Your Real Estate Investing Strategy
Guide to Choosing the Best Real Estate Investing Strategy for YOU
Active or Passive Investing? Picking a Strategy that Works for You
Why Lon Welsh Is Going All In on Passive Investing
State of the Market: 4 Moves You Can STILL Make in Your Real Estate Portfolio Today
When Hard Money Lending Can Help You Profit on Your Fix and Flip
State of the Market: 6 Cash Flowing Colorado Rental Properties You Can Invest in Today
Getting $250k Cash to Replace Lightbulbs? A Creative Method for Pulling out Equity in an Office Building Refinance
State of the Market: Should I Still House Hack in Denver?
May 2022 Residential Roundtable Denver Market Update
4 Factors That Will Help You Thrive in a Shifting Market
Where Should You Invest $50k in Colorado?
We’re Hiring! Pueblo Investor Friendly Agent
From Unfulfilling Desk Jobs to a $1 Million House Flip
Denver Commercial Real Estate Q1 Market Updates
Loftium’s Host to Own Program Review: Can You Really House Hack with Almost No Money Down?
April 2022 Residential Roundtable Market Update
Property Llama Goes to New York
Lessons Learned from First Time House Hackers in an Englewood Duplex
Short Term Rentals: Minimize Headaches. Maximize Cashflow.
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