We love house hacking! We've been doing it for 10 years. Before it was even a word. 🙂 Our latest one is a triplex in Fort Lauderdale. We rent out two units as short-term rentals. Our unit is a two bedroom and we lock out our bedroom when we're traveling and rent it out as a short-term rental one bedroom. It's awesome!
i just bought a beautiful farm and the barn is built out as a short term rental with lodging permits property also has farmhouse that i live in with seperate inlaw appartment legal and a 1br cottage that was the first kindergarten in this area we have an ingroung pool huge deck peacocks chickens and doves so far my wife and i are very excited to do this and your channel is great for us to learn about what we just got into hahah
Awesome content Rob, I'm currently working on a house hack as we speak. I'm looking to occupy the property & rent rooms and looking to put down 3%-3.5% from my HELOC (about $80k from my HELOC). My question is will I be able to spread that 3-3.5% across multiple properties as opposed to putting down the traditional 20% ? T.I.A.
3% Conv or 3.5% FHA is only for your primary residence. You can do what you propose, but not immediately. You would need to move in or have the intent to move in as your primary residence.
I appreciate you really explaining the value of house hacking. I think so many people get excited about the idea of flipping or doing an extravagant airbnb or whatever is new and shiny. House hacking is the easiest way to get started and just dip your toe in the water to see if this is even something you really want to do.
House hacking is how I started. I bought a cheap house when I was 21 and asked my friends to move in. 4 of us in a three bed and 1 in the dinning room downstairs. Great memories. Also covered my full mortgage.
Thanks for the video. I'd either commit to the one take or not. I like the editing because it cuts all the fat. If you go with the "one take" you can just do bullet points on what the video will cover at the beginning.
Still possible with the right deal. It may not fall in your lap, but I work with investors every day that are still finding killer deals all over the state. #lender
To avoid capital gains you gotta live in it 24 months...yes? Awesome content. I've got some fat student loans as well and your 'success' story pushes me to keep going!
Only if you sell the property, which you probably shouldn’t if it’s cash flowing. 2 years probably isn’t enough time to appreciate either so it’s better to try and hold long term.
How to do 'X', brrrrbleuhhblluuh, & then 'Y' brrrrbleuhhblluuh which = 'C' Shhhweewooshhhuh😂😂😂... the one take intro was g👍🏼 😊 Grrrrreat!😂😂. . . BUT seriously great insight... but I Have much to say about this. But i won't post it all here... so when you invite me to do a zoom follow up call... 1. I'll add to the real estate vs crypto argument. I had a conversation about this with Grant Cardone trying to convince him about a certain crypto project. 2. There is a phenomenal way to do the quad plex game right now.. but a hard thing to explain in just a comment! 😜
I started house hacking two years ago. I own three houses now. I house hack my current residence still. I make $3-500/mo after all expenses paid. I save most of my active income from my job in retirement accounts, and I live off the cash flow from my three houses.
Highly location specific. Where I live a mortgage is 3-4 times more expensive than rent for the same place. It’s nuts! No amount of roommates is going to cover the mortgage. In a different place at a different time, I noticed that a 2br condo cost less in mortgage payments than a 1br apartment in rent and I promptly bought a condo which later became a rental. I don’t know how one can live in a place with similar real estate market conditions and not see the math in front of their face and not take action. The reality is that those places are fewer and fewer and far between. They def don’t exist anymore in places with desirable job markets so yeah advice more widely relevant 10 years ago.
@@UlySambrano yes. So I am doing this right now. I have an FHA 203k loan (renovation loan). Once rates come down, I will refinance to a traditional loan, I’ll likely cash out of the equity. And then I can use that money for another FHA 203k if I choose.
Rob, absolutely loving this one-take style of video. Been watching since the Airstream reno days, please keep doing the great work you do!
I think house hacking is great - especially when you are young. More difficult with wife and kids
We love house hacking! We've been doing it for 10 years. Before it was even a word. 🙂 Our latest one is a triplex in Fort Lauderdale. We rent out two units as short-term rentals. Our unit is a two bedroom and we lock out our bedroom when we're traveling and rent it out as a short-term rental one bedroom. It's awesome!
Thank you for breaking things down for beginners like me- it's easy to follow and motivating!
Rob - doing a BRRRSTR with a duplex right now! Renovations are almost done, but yes, it looking like it will be truly life changing!
It’s*
Amazing detail on how you got the ball rolling.great content Thankyou
i just bought a beautiful farm and the barn is built out as a short term rental with lodging permits property also has farmhouse that i live in with seperate inlaw appartment legal and a 1br cottage that was the first kindergarten in this area we have an ingroung pool huge deck peacocks chickens and doves so far my wife and i are very excited to do this and your channel is great for us to learn about what we just got into hahah
Love this one take format!
Thanks, Rob! Do you look for a certain type of tenant when filling MTR/LTRs? Any tips for screening (outside of background checks)?
bro your channel is awesome
Awesome content Rob, I'm currently working on a house hack as we speak. I'm looking to occupy the property & rent rooms and looking to put down 3%-3.5% from my HELOC (about $80k from my HELOC). My question is will I be able to spread that 3-3.5% across multiple properties as opposed to putting down the traditional 20% ?
T.I.A.
3% Conv or 3.5% FHA is only for your primary residence. You can do what you propose, but not immediately. You would need to move in or have the intent to move in as your primary residence.
I appreciate you really explaining the value of house hacking. I think so many people get excited about the idea of flipping or doing an extravagant airbnb or whatever is new and shiny. House hacking is the easiest way to get started and just dip your toe in the water to see if this is even something you really want to do.
No, I believe said in 30 years. But I do think maybe I said that my personal home doubled.
@@Robuilt maybe I misheard. If I did, then I certainly do apologize and will take my comment down. Either way, I still appreciate your content
@@motley06 nah you’re all good dude!
@@Robuilt yup, I was wrong! Went back and listened again and you didn’t say that. My bad dude!
House hacking is how I started. I bought a cheap house when I was 21 and asked my friends to move in. 4 of us in a three bed and 1 in the dinning room downstairs. Great memories. Also covered my full mortgage.
Does anything even cash flow anymore? I can buy a t bill and make 5.5%
awesome insight!
Thanks for the video. I'd either commit to the one take or not. I like the editing because it cuts all the fat. If you go with the "one take" you can just do bullet points on what the video will cover at the beginning.
How about here in Cali? I feel like it’s so expensive
Still possible with the right deal. It may not fall in your lap, but I work with investors every day that are still finding killer deals all over the state. #lender
To avoid capital gains you gotta live in it 24 months...yes? Awesome content. I've got some fat student loans as well and your 'success' story pushes me to keep going!
Only if you sell the property, which you probably shouldn’t if it’s cash flowing. 2 years probably isn’t enough time to appreciate either so it’s better to try and hold long term.
That 10% math example was fire, for perspective.
I’d love to see the filthy rich video but it didn’t show up at the end where you pointed?
How to do 'X', brrrrbleuhhblluuh, & then 'Y' brrrrbleuhhblluuh which = 'C' Shhhweewooshhhuh😂😂😂... the one take intro was g👍🏼 😊 Grrrrreat!😂😂. . .
BUT seriously great insight... but I Have much to say about this. But i won't post it all here... so when you invite me to do a zoom follow up call... 1. I'll add to the real estate vs crypto argument. I had a conversation about this with Grant Cardone trying to convince him about a certain crypto project.
2. There is a phenomenal way to do the quad plex game right now.. but a hard thing to explain in just a comment! 😜
Can Candians get FHA loans?
Serious game right here 💯
240,000 for a house? I definitely need to leave California. Maybe give examples with current market.
always good to leave there
Could you talk about the insurance aspects of house hacking?
I started house hacking two years ago. I own three houses now. I house hack my current residence still. I make $3-500/mo after all expenses paid. I save most of my active income from my job in retirement accounts, and I live off the cash flow from my three houses.
I have been doing a form of this for years and years, Yeah it is great
when Mortgage free, your real life begins
Not necessarily. When your investments reach a point where your money will outlive you, life begins...
How does this advice change if i'm already saving 4k a month.
Highly location specific. Where I live a mortgage is 3-4 times more expensive than rent for the same place. It’s nuts! No amount of roommates is going to cover the mortgage. In a different place at a different time, I noticed that a 2br condo cost less in mortgage payments than a 1br apartment in rent and I promptly bought a condo which later became a rental. I don’t know how one can live in a place with similar real estate market conditions and not see the math in front of their face and not take action. The reality is that those places are fewer and fewer and far between. They def don’t exist anymore in places with desirable job markets so yeah advice more widely relevant 10 years ago.
What market do you live in? A 4x multiple is pretty wild.
It is not called house hacking, it is renting your house or getting roommate😂
Who else really just comes here for the glorious rabbit holes??!😂
I thought you could only get 1 FHA loan, unless you move 100 miles? 😮
Just 1 at a time. You can refinance out of the FHA loan.
@@felixsharpe3996 oh ok that makes more sense. so refinance to keep the first home then we can get another FHA in the same town?
@@UlySambrano yes. So I am doing this right now. I have an FHA 203k loan (renovation loan). Once rates come down, I will refinance to a traditional loan, I’ll likely cash out of the equity. And then I can use that money for another FHA 203k if I choose.
@@felixsharpe3996 thanks for sharing man! I will do some research on it!
Here vacation rentals lol
My wife left. After the divorce I'm 100,% doing this.
And let's just ignore the ridiculous current interest rates 💀
You will never succeed like interest-rate stops. There’s always in the way outside.
House hacking is the perfect way to counter the high interest rates.
Buy a house you can afford and rent the extra units/rooms to cover the mortgage
Chale