53. How to House Hack an ADU With Rick Albert

House Hacking Success

Rick brought a ton of knowledge in this episode talking about his first house hacking experience in a condo in LA. He was able to live cheap in LA!! He talks about what it's like to rehab a condo too.
Rick's second house hack was done with a FHA 203K where he added an ADU (accessory dwelling unit). He gives some amazing advice on how to make an ADU successful!
Show sponsors:

• Rentometer - Rentometer lets you analyze rent on your property!
• RentRedi - Manage your property with this property management software. Use code "SUCCESS" to get 50% off!!

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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.