65. Pave Your Way to Success with House Hacking - Bishara Mubarak
House Hacking Success
English - November 04, 2021 10:00 - 33 minutes - 23.2 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
Life is like a gift, you need to open the wrapper to see what surprise is waiting for you.
After reading and preparing for eight months, Bishara Mubarak finally pulled the trigger and successfully house hacked. He analyzed over a hundred properties and stop being scared to take action.
Bishara managed to convince his fiancee to house hack using simple calculations of risks and rewards. He had enough data that she eventually agreed and jumped on board towards living a rent-free life. This first house hack helped him save over 90% of their budget, which they used for their dream wedding.
Though house hacking has risks, if you do enough preparation and study what risks you will encounter, like tenants not paying, etc, you'll be able to tide through them. You might not even have to go through that if you do proper tenant screening and get to know your potential tenants more.
Congratulations to our new house hacker who just bought their freedom back.
Learn more about house hacking and you could be the next one!
Podcast Episode 65
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Twitter: @bisharamubarak
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Website: househackingsuccess.com
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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.