In this episode, Robert Leonard shares about house hacking, what it is, and how to do it. He also proposed new strategies to help us earn higher in real estate and how we should shift our mindset from thinking about profitability and not just comfort.

[00:01 - 06:27] Diving into House Hacking 

House hacking is purchasing a property with the goal of renting out additional space to reduce living expenses

Scaling to fit the lifestyle you want 

Comfort vs. Profitability metric/graph shows that as comfort is given up, profitability increases

 

[06:28 - 11:45] Finding the Right House Hack

Legislation in some areas is making ADUs easier to obtain

Quantifying comfort given up versus profitability can help determine the best house hack strategy 

When house hacking, consider both the qualitative and financial aspects of the property to find the right deal

 

[11:46 - 21:20] Setting Criteria and Navigating Financial Logistics                                                                                                        

When renovating, consider what is normal and appropriate for the area

Consider using a third party payment service to streamline financial aspects 

Check local laws and regulations regarding electronic payments

 

[21:21 - 27:23] Closing Segment

Quick break for our sponsors The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.  Learn more about Personal Capital at escapingwallstreet.com 

What is the best investment you've ever made other than your education?The first house hack he did where he was able to overcome his limiting beliefs 

Robert Leonard’s worst investments Buying stocks based on quantitative data only

What is the most important lesson you’ve learned in business and investing?People who have done great things are no different from everyone else

Connect with Robert Leonard:

Website: http://househacking.com/

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.

Join our Passive Investor Club for access to passive commercial real estate investment opportunities.

LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes          

 

Tweetable Quotes:

“99% of people that have done great things are no different than anybody else.” - Robert Leonard