56. Real Estate Wholesale Business That Started From House Hacking with Dave and Arvi
House Hacking Success
English - April 19, 2021 10:00 - 39 minutes - 27.2 MB - ★★★★★ - 150 ratingsInvesting Business Entrepreneurship investing realestate wealth money financialfreedom business biggerpockets finance leadership marketing Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Our guest couple started from house hacking and created a business from wholesaling real estate properties. They highly emphasize focus and vision to anyone aspiring to become successful.
Both of them weren't comfortable with their first house hack. Even so, they continued working together and hurdled over some common problems.
They're still manually doing everything in the initial phases of their wholesaling business, which takes a lot of time and effort to maintain.
Arvi believed that wholesaling is a numbers game. So they searched for software that could automate direct mailing to potential leads. After the business picked some pace, they hired an acquisition manager to handle the leads to increase efficiency.
In every venture, you're bound to find some difficulties. However, if you keep reminding yourself of your biggest WHY, and focus on what's ahead of you while ignoring all the shiny objects by the side, you're bound to become successful in a matter of time.
Podcast Episode 56
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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.