It's time to look at homeownership from a different perspective. Times are changing and disruption is everywhere. What if there was a way to own a house and not have to worry about being tied down to a certain location, use OPM (other people's money) to gain equity and reduce your mortgage payment by half or more?
The answer is Househacking and I've dedicated this blog to sharing all kinds of golden nuggets about Househacking.
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Welcome to the World of House Hacking!!!
Ladies and Gents....It's time to look at homeownership from a different perspective. Times are changing and disruption is everywhere. What if there was a way to own a house and not have to worry about being tied down to a certain location, use OPM (other people's money) to gain equity and reduce your mortgage payment by half or more? The answer is House Hacking and every Humpday, I'll be sharing all kinds of info about househacking and how it can change your life! It's certainly changed mine. Check out our first episode.
So about this house hacking thing……What if I told you owning a home allows you get rid of your debt/student loans faster, actually pays you an income to live in your house, travel or build a real estate empire.Now if this is your first time hearing about house hacking hacking, not to worry, because the reality it, it’s the best thing since sliced bread.
You see the traditional way of buying a house is overrated and dead. The white picket fence and 2.5 kids is outdated and all I hear isdebt debt debt.
House Hacking on the other hand, gives you the freedom, flexibility an financial ability to break free from the tradition path of accumulated debt and it’s allowed me and my husband to own several properties.
Now, there are many reasons why homeownership has stalled with us millennials:
We worry about being trapped in one location
The Responsibly of having a huge mortgage payment
We fear instability since you may have seen your parents loose their house during the 2008 crash.
These are all perfectly valid reasons why we don’t own homes. But the reality is, if we think differently and switch our mindset about homeownership, house hacking can be the fuel to your freedom. And simply put house hacking is:
Sharing a part of your living space to get out of the rat race.
Now, Let me be clear, this is not for everyone.
If you're more concerned about keeping up with the latest trends, making sure your house looks HGTV perfect, or you get creeped if you live with other people, this is not for you.
On the other hand, If you’re goal is increase your personal wealth and don’t mind sharing a part of your living space, then house hacking is right up your ally.
So with that being said, I’ve dedicated every Wednesday to Hump Day House Hacks.I’ll be sharing all kinds of info about House Hacking so you can learn and become a House Hacker, yourself.
As always if you have any questions, feel free to comment on this post. That’s it for now, and until the next hump day, happy House Hacking!
Did you know the amount of money you thought you made from your house appreciating is actually not true? And when I say the amount, I’m talking about the profit.Today we’re going to breakdown the numbers and determine your TRUE profit from selling your house. Be sure to pay attention to the following when watching the video: 1) Why the conventional approach to calculating profit from house appreciation is a lie 2) How that approach causes you to actually loose money 3) Show you how you can stop loosing money and start earning through House Hacking.
Happy Humpday House Hacking!! Okay so everyone probably knows what an exit strategy is in life, but some may not know how that applies to House Hacking.Today we’re going to talk about what is an exit strategy, why it’s crucial when House hacking and, crunch the numbers between a purchase with an exit strategy and a purchase without an exit strategy.
Okay so in real estate, an exit strategy
1. When you plan on selling it 2. How you plan to do that 3. How that benefits you from a profit standpoint
Now, why is this important in House Hacking?Well, if you didn’t know by now, if you are a House Hacker you are essentially a real estate investor.And in real estate you need to understand the following concepts:
1. Real estate investors buy properties based off of logic and numbers, (not emotions) with their exit strategy in mind.
2. When you purchase a property based on emotions, hands down you are over paying.
3. The best time to purchase real estate is NOW, not next we…
So here’s the deal.I’m sure you know that when you are a renter, you are paying someone else so they can get rich. (If you didn’t, now you do)So the solution would be to purchase a house and make yourself rich, right?Well, in some cases, that’s probably not the best idea, but through House Hacking, you get to have your cake and eat it too.Check out the 5 reasons why you need to stop throwing away your money and start House Hacking.
So let’s get right into it!
#1 Using OPM (Other peoples money) for your gain.When you rent, your landlord is using OPM, which is your rent money to pay down their mortgage on the property while gaining equity or pocket that money as income.
When you stop renting and start house hacking you not only get to keep your money but now you become the real estate tycoon and have other people pay down your mortgage and which leads me to number 2 - earning money while you sleep
#2 Earning money while you sleepAs stated before, renting does not give you this benefit, nor …