7. How House Hacking Allowed Me to Buy $1,000,000 Worth of Real Estate with $30,000 out of Pocket with Joseph Williams from @househackingcoach
House Hacking Success
English - October 30, 2019 07:00 - 51 minutes - 35.4 MB - ★★★★★ - 151 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
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The House Hacking Success Course
Joseph Williams comes on the show and drops some incredible insight into the world of house hacking and wealth-building! He owns well over $1.5 million in real estate in two states just by harnessing the incredible power of house hacking!!
He teaches us how to buy in competitive markets like Minneapolis and Virginia and how utilizing the 3.5% down from the FHA program can result in serious wealth generation!
He also teaches us about the little-known loophole in the FHA Loan program that allows you to have 2 FHA loans if the second property is more than 100 miles away from the other!! And he explains his story of how he got that done!
He drops serious insight into how to manage properties from long distances, the art of managing contractors, and the art of buying the right deals!
Joseph has a wealth of knowledge and you will learn a ton from this podcast!
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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.