Unlock the Untold Secrets to Crushing Real Estate in 2025—Start From Zero and Build Your Empire Now!
Dave:
Honestly, Henry can’t believe it. We got through, we’ve been recording for like 45 minutes and we haven’t even talked about house hacking as a way to get started. I think this is a record
Henry:
That’s our normal cop
Dave:
BiggerPockets podcast because house hacking does rock. It’s such a good idea. So I guess give me one minute on house hacking as a potential idea to get started. Maybe you don’t think so. We just never got to it organically, but what do you got?
Henry:
It’s the best idea to get started. I mean, it just feels like a cop out answer. We talk about it all the time, but we talk about it all the time because it works and it’s good. So being able to buy a property, use a low down payment loan like an FHA because you’re going to live in it or like a conventional loan, and you can put three and a half to 5% down, and then you can live in the property and rent out the other unit or other units, and those units produce enough income to help you cover the mortgage or the majority of the mortgage, freeing up cash for you to save up to invest. It gives you an idea of if this is even something that’s for you, because you’re taking much lower risk by house hacking than you are by going out and spending 20% to go and buy a rental property that you may hate owning, right? So yeah, exactly. It’s extremely low risk. There’s great loan products out there to help you get into these things. Even if you need to do renovations, there’s products for that too that still require you not to have much money down. And that’s what we said at the beginning of the episode, right? If you can get into this game and buy a low risk investment that still potentially is going to produce income for you, that’s the way you should think about this first.
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