Know Much About House Hacking?
Updated: Oct 29, 2020
Don't buy a house! When investing, I believe you should not buy just one house... Why?
Have you ever heard of house hacking?
House hacking is when you live in one of the multi-unit buildings that you have invested in, as your primary residence. At the same time, your other residents pay your mortgage and expenses.
Are you looking at getting started in real estate? I say this all the time to young couples or new people to the game that this is the perfect way for you to get started.
Your number 1 bill is always your house mortgage, and I know everybody wants to live the American dream, right?
You get married, graduate from college now you have this good-paying job. You want the house and white picket fence and two kids and the car and the animals, and that's great all to you! But get someone else to pay for your American dream, get a property move into the property move in other tenants, and get them to pay for all your expenses and bills.
So now your number 1 liability which is your rent and mortgage is covered. Your number one liability has turned into an asset that you can pay for other things in your life! Imagine that extra money you could save from your job.
Most people that work an average job know that 50% of your salary goes to your mortgage repayments and household things...
This is the best part... The money that you have been using to spend on a liability is now used to accumulate more wealth so you can buy another asset.
So you can use that now to purchase that house that you wanted! The American dream home with the white picket fence.
It's a great way to do what you need to do.