There’s one way to invest in real estate that’s cheaper, easier, and more efficient than almost any other strategy. It allows you to get the best mortgage rates with the lowest down payments and buy properties in the best areas. And you can do it every single year until you grow a massive real estate portfolio. Real estate millionaires have been made using this strategy, but most Americans have no idea about it. What’s the wealth-building secret that savvy investors are taking advantage of? Of course, it’s house hacking.
If you’ve never heard of house hacking before, the concept is simple: You buy a single-family home or a small multifamily property and rent out the space you’re not using. This not only allows you access to the best mortgages but also keeps your mortgage cost lower than living on your own. This strategy is so good that expert investor Dave Meyer and today’s lender guest, Terrence Terrell, have used it repeatedly to build serious wealth.
If you’re a first-time homebuyer or have a home but want to get into rental property investing, this is THE strategy to try first. Terrence gives a beginner-friendly masterclass on house hacking, showcasing the huge benefits of house hacking’s low-money-down loans, what you need to have to qualify for a mortgage, the common misconceptions most people get wrong about house hacking, and how to use this strategy to build wealth fast.
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Show notes at:
00:00 Intro
01:26 What is House Hacking?
03:15 Put Just 1% Down!
07:50 Who Should House Hack?
09:04 It's Not as Hard As You Think
11:31 What Homebuyers Need to Know
14:27 Qualifying for a Mortgage
17:58 Advice for First-Time House Hackers
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By: BiggerPockets Title: The Easiest Way to Invest in Real Estate in 2024 (House Hacking) Sourced From: www.youtube.com/watch?v=mwdtOu3ZIIE
