57. Husband and Wife Value-Added House Hacking Strategy! with Nick and Sam

House Hacking Success

Value-added house hacking is a great strategy that is often ignored by people. It needs a keen eye and a larger budget which most new investors don't have.
Nick and Sam started dating in their teenage years. They were still living with their parents when Nick started to think about the future and fell in love with the idea of house hacking. He started reading books and listening to podcasts which made him feel more confident about house hacking. However, Sam wasn't too fond of the idea and often had reservations towards it even when Nick managed to convince her to try and house hack.
They lived in their parent's basement and started saving money. However, feeling unsatisfied with their current work-life, they decided to leave their high-paying jobs and truly focus on house hacking.
Nick and Sam had the hobby to talk things out and plan their actions while lying on the couch. This helped them realize that value-added house hacking would be the way for them.
Adding value to a property might need a bigger investment but the returns would also increase. Imagine buying a property with one bed, one bath and converting it to three beds, two baths. If you rent by the room, you could easily earn hundred dollars as extra and more if you Airbnb. It will also increase your chances of getting tenants with the additional facilities.
Podcast Episode 57
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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.