Updated over 1 year ago on . Most recent reply
Hello Everyone New to BiggerPockets!!!!
Hi All, New to Biggger Pockets as a REI. I am into all oportunities of this aspect. Any and all advise is welcomed!!
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- Real Estate Agent
- Denver | Colorado Springs | Mountains
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Like @Nicholas L. always put succinctly, house-hacking is a great way to start, if you're open at all to roommates. (There is also the multi-family house-hack where you buy a duplex, live in one side and rent the other, but A) those are harder to find and B) the numbers don't work as well as rent-by-the-room.)
So for instance, in Denver or Colorado Springs here, house-hacking would be buying a 4-5br home. You live in one room, you rent the other 3-4br separately to individuals. Here in Colorado, you can get $800-$1000. So that's conservatively $2400-$3200/mo that someone else is paying for your home.
Save what you would have spent, build up a nest egg and then buy another in a year or two or three. When you move out of the first place, you rent the remaining room you lived in. Rinse and repeat over and over. After 5-7 years, you've got a handful of properties paying for themselves.
- James Carlson
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- 720-460-1770
