NEW BOOK—House Hack Your Way to Financial Freedom!
The best real estate investing book I've ever read… The steps in this book are so practical and easy for anyone—with any income, living in any city—to follow.
—Grant Sabatier, Author of Financial Freedom & Creator of Millennial Money
If you purchase a house hack by applying this book’s principles, you have an extraordinary probability of becoming a millionaire within the next ten years. Maybe five!
—Scott Trench, CEO of BiggerPockets.com
The House Hacking Strategy is here, and we couldn’t be more excited!
When mastered, this tried-and-true strategy can save thousands of dollars in monthly expenses, build tens of thousands of dollars in equity each year, and provide the financial means to retire early. In fact, you can collect rent that completely covers your living expenses—and then some!
In this book, serial house hacker @Craig Curelop lays out the in-depth details to make your first (or next) investment a success. Discover why so many successful investors support their investment careers with house hacking—and learn from a frugality expert who has "hacked" his way towards financial freedom.
You can find the book in the BiggerPockets Bookstore. (And don’t miss the bonuses that come with the paperback and ultimate package…or the exclusive house hacking calculator that is included with every format!)
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Real Estate Agent CO (#FA100049656)
- https://www.biggerpockets.com
- [email protected]
- Podcast Guest on Show #261
@Angel Carrasco Majority of the lenders in Canada will allow you to use rental income for either upstairs or downstairs/ legal basement suite to qualify for a mortgage.
Have you ever wondered how an individual (or a couple) who earns less than $100,000 a year can afford to buy multiple rental properties?
The key is how the mortgage lenders calculate the rental property income. Some lenders will take 50% of the rental income and add it to your annual income and then include the full carrying costs of the new mortgage into your debt.
Other lenders will use what is called an 80% rental offset. Using this method, the carrying costs are reduced by 80% of the rental income. The way the rental income is treated is what will make a huge difference when trying to obtain multiple mortgages.
@Julie Toh So can this apply before you actually rent out based on projection? For example, can this apply to a first home buyer with plans to house hack?
I got the book! I cannot wait to read it :)
I live in expensive market in California. I think house hacking is great way to minimize high housing cost here. However, I need to find a house in safe area with good school district for my kids. A duplex costs over a million in those areas so It's not realistic for me. Also my husband doesn't like the idea of sharing a living space with strangers. I would love to get any advice for this situation.
@Paul Yun@Angel Carrasco 50% addback of the rent from a legal basement suite of a subject property can be used to qualify for a mortgage. The lender will ask for an appraisal to confirm the fair market rent of the suite.
#3 Off Topic Contributor
- Investor
- Viera, FL
Huh, so buying a multi-unit and living in one while renting out the others is now "House Hacking"? I talked about this on here years ago for free. I guess I should have sold it as a course. It's stupid easy to do. It just sucks as a lifestyle in most markets. You'll get tired of your tenants living "with" you very fast. As an aside, the sweetest way to do this is to find something zoned C-5 (multi-use). You can then lease out units to residents or limited white collar businesses. Gives you a little more flexibility and you won't have neighbors up your arse about your tenants because they have the expectation that your property is a multiunit.
Tim the OG House Hacker
I'm nearly finished with the book, and haven't come across an answer to a question.
I understand the need of living in the property for a year to fulfill the primary residence portion of the loan and avoid mortgage fraud, but I've had two lenders recently tell me that even after a year, I need to have a reason to move if it is in the local area, or if I'm downsizing. I'm currently in a 3/2 Pool home and the multifamilies I'm looking at are mostly 2/2s, and the 3/2s are sans a pool and smaller. My two brokers have said it's frowned on for a young, growing family to downscale and the underwriters may have a concern.
Have you or anyone else run across this? Is this the brokers being conservative, or is there a legal concern anyone knows about?
Cheers!
ASV
Super excited about house hacking, originally thought we were going to purchase a duplex and go that route but ended up with a single family home and wasn't sure until this podcast that it was still a good option. With a converted garage, full bath and is bigger than my first studio apartment we in less than three weeks realized that we can definitely still house hack! We plan to have it listed and ready for a renter by the end of this week without jeopardizing too much comfort for us and a 6yr old! We are already scouting out our next purchase in early 2020 with the savings we hope to have from this and keep learning the business!
Fantastic! :D
Hi Mindy,
I'm looking for my 1st property to house hack. After you screen and approve a tenant to rent a room in your home, what rules govern every day behavior. What are some recommendations for governing the shared spaces like kitchen, bathrooms, living room, and yard? Do you have rules for using and cleaning up these areas?
I would like something more digital, like ebooks..
Kevin T., it's like recently, when I was looking for The Catcher in the Rye ebook, the specific format I was looking for is PDF, and I wanted to simply download it, without any payments. This website ( here: https://fb2bookfree.com/classi... ) is the only resource, where I could find that book and downloaded it absolutely free.
@Wayne Black Are you suggesting that a home inspection business is more profitable than house hacking? If so, could you please provide additional information to support?
House hacking seems like a great idea. It’s hard to find a place to house hack in DFW area. I’ve been looking for a duplex, but they been outside of my price range. So what now? I’ve thought of getting a single family home with a guest house/apartment. They need a ton work. I don’t have the money to buy and renovate right now. Should I save more money or is there creative way of achieving the purchase and funding to renovate?