51. Trading in the Dream Home to House Hack and Become Financially Free! with Michael and Melissa

House Hacking Success

Michael and Melissa left the lifestyle that everyone excepts you live, sold their dream home, and went on to house hack multiple times. Despite the doubts from their peers, they have been very successful in house hacking.
If you want to learn how house hacking can change your life and get you out of the rat race, then this episode is for you.
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House hacking is one the best ways to get started in real estate. So many investors have used house hacking to buy their first rental property with a low down payment, then even live rent free. You can live rent free because the with house hacking you utilize an "owner occupied" loan to buy a property. Owner occupied means you agree to move into it. If you occupy the property you get a lot of loan options that vary from 0-5% down. You can even buy a 4-unit multi-family property depending on the loan! After you move in you rent out the extra space to cover the mortgage, which allows you to live rent free. You only have to do that for a year! After a year you can move out and turn your property into a full time cash flowing rental property! What makes house hacking so powerful is a combination of the low down payment and living for free. You can literally change your life buy purchasing one house hack and cutting out your rent or mortgage. Imagine if you reinvested those savings to buy another property. House hacking is the best way to go from just getting by to becoming a rock star real estate investor.