House Hacking! How to Live For FREE!
- foofventures
- Oct 16, 2016
- 2 min read
What is hacking? You may instantly think of a computer genius (geek?) breaking through firewalls and stealing confidential information, but that is not the kind of hacking we are talking about.
Hacking refers to the act of simplifying a task, project, or annoyance.
I don't know about you, but I find paying rent or a mortgage a HUGE ANNOYANCE!
Let's HOUSE HACK. Let's simplify paying for housing!
I'm talking about buying a multifamily property, living in portion and renting out the rest. First, let me take a step back. What is a multifamily property? Multi-family refers to a property with multiple livable units (a duplex, triplex, quadplex etc).
The amazing thing about properties with four units or less is that you can get a STANDARD MORTGAGE on the property as though it was a single family home. This means that you can put as little as 3% down (maybe even 0%) and buy a property has units you can rent out.
By now your probably catching on to the idea. The idea that you can live without rent. Without paying the mortgage yourself. Let it sink in. Let it permeate.
I'm not saying it's easy, but I am saying YOU CAN DO IT.
Buy a multifamily property. Live in one unit and rent out the remaining units. Those units can be used to pay your mortgage and you now LIVE FOR FREE (Possibly for cheap). The point is that you can change your financial life. You can change your family tree. You can get out of the burden of paying for housing.
TIPS FOR PURCHASING YOUR FREEDOM (Multifamily property)
1. Educate Yourself (Reading List, Audiobooks, Biggerpockets.com etc)
2. Get on a budget and save (Yes, it takes discipline. Google Dave Ramsey)
3. Fix your credit (Get yo crap together. Check out CreditKarma.com)
4. Find a good Realtor (I know a good one)
5. Take action (Don't be a *****)
I truly believe that house hacking can change your life. It not only can cut down expenses and help you live for free, but it starts you down a road towards financial freedom. It frees up your finances for wealth building and gives you experience in one of the greatest wealth builders of all time: Real Estate.
What are your thoughts? Comment below!
