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Episode #1 Brad LaBrie explains the process of BRRRR'ing and how he took a house hack and added over $100,000 of value to the property while living for free!
He also explains why he transitioned from house flipper to house hacker and how he has lived rent-free in two multi-family apartments thanks to house hacking. Listen to learn how you can live rent-free too!
Also discussed on the podcast:
- How Brad lost $10,000 on his first deal
- What he did right and wrong with his first live-in flip
- Why he partnered on a flip and how it created enormous confidence and vision
- How he took a 3-unit property and turned it into 4-units
- How he bought his second multi-unit with 0% down using the creative financing of seller financing
- His favorite real estate book Retire Early with Real Estate by Chad Carson
- His favorite finance book Set For Life by Scott Trench
Links:
5 Reasons You Should Househack!
10 Ways to Finance Your Househack!
Using Facebook as a Real Estate Resource!
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House hacking is one the best ways to get started in real estate. So many investors have used house hacking to buy their first rental property with a low down payment, then even live rent free. You can live rent free because the with house hacking you utilize an "owner occupied" loan to buy a property. Owner occupied means you agree to move into it. If you occupy the property you get a lot of loan options that vary from 0-5% down. You can even buy a 4-unit multi-family property depending on the loan! After you move in you rent out the extra space to cover the mortgage, which allows you to live rent free. You only have to do that for a year! After a year you can move out and turn your property into a full time cash flowing rental property! What makes house hacking so powerful is a combination of the low down payment and living for free. You can literally change your life buy purchasing one house hack and cutting out your rent or mortgage. Imagine if you reinvested those savings to buy another property. House hacking is the best way to go from just getting by to becoming a rock star real estate investor.