FI after 40 Podcast

Super Charging Your Path to FI Through House Hacking with Andrew from The House Hacking Podcast


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If you’ve ever considered real estate as a way to increase your wealth but never knew where to start, this episode will provide actionable strategies that you can implement to super charge your path to financial independence. We feature an interview with Andrew Kerr from the blog FI by REI and host of The House Hacking Podcast. Andrew outlines six options you should consider in order to leverage the “house hacking” approach to real estate investing. As an expert on real estate and someone who is pursuing financial freedom along with his wife, Andrew provides a range of options that will make this strategy work for you, no matter your age.

Show intro: Email from fellow blogger Steven from https://www.frugalwander.com/

Andrew's background: 

Started career in mortgage banking industry and purchased his first home at 20

Was making good money but wasn’t happy in his career, shifted over to non-profit sector but made less money

Identified REI (real estate investing) as a wealth building tool and got to “Lean FIRE” at a young age

Experienced a wide range of REI options and landed on “buy and hold” as the preferred method, rather than flipping houses

Found that he was able to keep his job in non-profit while making cash flow from real estate

Has set aggressive goals for his own life:

  • Big Hairy Audacious Goals by Jim Collins helped him set high goals: https://www.jimcollins.com/concepts/bhag.html
  • Leveraged sales skills to work in fundraising, targeting $25 million for charity
  • Rental property goal evolved from 100-1,000 units to a more modest goal that would allow him enough cash-flow to reach “Fat FIRE”
  • Wants to be part of the Travelers Century Club, visiting 100 countries
  • Basics of house hacking:

    • Concept is to adjust your housing situation to reduce or eliminate housing expenses
    • Average person in the US spends 30% of their income on housing
    • Allows you to put more money into savings and investments
    • Blog post: https://fibyrei.com/house-hacking-ultimate-guide/
    • Six house hacking styles:

      • Room rental: renting out a room in your primary residence
      • Small multifamily: 2, 3 and 4 unit homes, live in one and rent the others
      • ADU (accessory dwelling unit): create an additional detached living space to rent
      • Income suite: converting a basement or other space into an apartment
      • Work provided housing: work for an employer that provides housing
      • Live-in flip: renovate a house while living there and then flip it
      • Resources to learn more about REI:

        • Bigger Pockets is major player in REI resources (forums, blog, podcast): https://www.biggerpockets.com/
        • From Military to Millionaire with David Pere podcast if you’re military: https://www.frommilitarytomillionaire.com/
        • The House Hacking Podcast Andrew’s show: https://fibyrei.com/the-house-hacking-podcast/
        • Website: https://fibyrei.com/

          Podcast: https://fibyrei.com/the-house-hacking-podcast/

          Instagram: @fibyrei and @thehousehackingpodcast

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          FI after 40 PodcastBy Ben Reeder

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