House Hacking - Live For Free & Build Over $400,000 of Wealth
Today I have a special treat for Wealth Hack Wednesday.
We are going to learn how Chad Carson lives in his house for free and built a $400k net worth.
You can find Chad here:
and his book here:
Today I am going to bring you a hack that helps you save money and build wealth with a place you use every day…your home.
It’s called House Hacking.
I started this by buying a 4-unit apartment unit that was in bad shape. I put in some sweat equity, cleaned it up and lived in one of the units. I rented the other units out and was able to make enough money to pay the mortgage, taxes, insurance, and have a little money left over for maintenance. ????️
This is how house hacking works, you turn your house into an income generating property. You need to look at it as an investment and not just your home. ????
Some of the benefits are:
1. Reduce housing payments.
2. Easy way to start real estate investing.
3. Best financing and smaller down payments.
4. Learn to be a landlord.
5. Transition into permanent rental.
Most conventional loans are built for 1-4 family units, so it can be easy to get a mortgage on a small multi-family building. ????
Other options are renting a basement apartment or renting out a spare bedroom in your home.
House hacking doesn’t have to be forever.
There are lots of possibilities out there if you are willing to be a little creative. ????
If you invest the money that you are saving on housing each month, you can compound your interest earnings and hack your wealth.
The power of house hacking is in the future value.
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