House Hacking Success

Join us as we share the exhilarating journey of acquiring our recent 10-unit property. We reveal how our steadfast reputation played a pivotal role in securing this deal, and also discuss the enticing benefits of house hacking. By offering insights into the low entry barrier and low risk, particularly with the new Fannie Mae loan that requires only a 5% down on multifamily properties, we hope to inspire your own real estate ventures.

House hacking is not just a strategy; it's a lifestyle that requires a specific mindset and skill set. With the ever-changing real estate market, understanding when and how to apply this unique approach is key. We delve deeper into this, discussing how to evaluate properties effectively—especially when inheriting tenants. From cash flow calculations to long-term investment considerations, we equip you with the tools and knowledge to make informed decisions.

Inheriting tenants can be a mixed blessing. This episode explores how to tackle the complex challenges that come with this territory. We share our experiences in dealing with deferred maintenance issues, setting new expectations with tenants, and handling the legal implications of month-to-month leases. Striking a balance between maintaining a property and providing quality housing can be a juggling act, but we're here to guide you through it. Remember, house hacking is an adventure, and every adventure is filled with lessons and triumphs.

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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.

Ever wondered how to turbocharge your real estate investing? Get ready for a deep dive into the underappreciated strategy of bonus appreciation with our special guest, a seasoned investor who has successfully implemented this approach. We unpack the ins and outs of this unique method, which enables savvy investors to maximize tax deductions and increase their investment bandwidth. Our guest shares firsthand experiences with this viable approach, offering priceless insights into how to strategically leverage property platforms like VRBO and Airbnb.

Navigating the labyrinth of real estate investing goes beyond simple house-hacking. Join us as we discuss the power of growing a real estate portfolio and the critical need for diligent tax planning. Our guest also reveals some common deductions that many investors often overlook and breaks down the two-year rule—a significant tax advantage that applies to properties you've lived in for at least two of the past five years. With an enlightening discussion on the different implications of this rule for single-family homes and multi-units, this episode has something for everyone—whether you're a seasoned investor or just starting out on your journey. Get ready to learn how to accelerate your real estate investing journey!

Contact Cody and make him your CPA:

• Website: knitfinancial.com
• Instagram: @cody.goldsworthy

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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.

Ever wanted to know how taxes work with house hacking? Well, you're in luck, as we've got the successful real estate investor and CPA, Cody Goldsworthy, with us, ready to spill all the beans! From his humble beginnings with a summer job to becoming a seasoned pro in the world of accounting, Cody's story is one you don't want to miss.

With anecdotes of his first house hack, his initial hesitations, and bold decisions - Cody paints a vivid picture of the trials and triumphs of breaking into the market. His smart strategies like renovating a house hack to increase value and equity highlight how he navigated his way. The bountiful long-term benefits of his choices are apparent as he shares how he was able to build and grow his portfolio quickly. 

And what's real estate success without a savvy tax strategy? Cody dives into the complex world of tax benefits, opening up about passive loss allowance, de minimis safe harbor election, and more that have helped him supercharge his profits. He also sheds light on the power of just getting started, illustrating the potential of long-term wealth building through house hacking, and the importance of understanding your investment profile. So buckle up and get ready to hit the road to real estate success with Cody!

Topics covered in this episode:

• Renovating a house hack to increase value and equity
• Taking passive losses on your real estate using passive loss allowance. 
• Taking real estate "losses" on taxes and use it to offset your W2 income by increasing your tax return
• How do real estate taxes work in a house hack
• How to find the right CPA for you
• Long term real estate strategies - bonus depreciation and cost segregation study
• The 2 year rule
• Borrowing against your existing equity in the properties you own to do more deals with tax free money
• How to get started in real estate and take action

Contact Cody and make him your CPA:

• Website: knitfinancial.com
• Instagram: @cody.goldsworthy

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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.

In this episode we brought on Mike Raths (@TaxFreeMike) to talk about cash value insurance and other topics such as:

• Being able to get a loan against your policy even when lenders are loaning money
• Using your policy to buy real estate so you can have more properties
• Why we are experiencing a recession and how you can prepare
• Understanding why Dave Ramsey doesn't support this policy (it's not what you think)

Instagram: @taxfreemike
TikTok: @taxfreemike

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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. 

In this episode we brought on Mike Raths (@TaxFreeMike) to talk about cash value insurance and other topics such as:

• Being able to get a loan against your policy even when lenders are loaning money
• Using your policy to buy real estate so you can have more properties
• Why we are experiencing a recession and how you can prepare
• Understanding why Dave Ramsey doesn't support this policy (it's not what you think)

Instagram: @taxfreemike
TikTok: @taxfreemike

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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. 

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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.

Welcome back to Brandon Chidester! He just bought his second house hack and gives us all the details in this episode. Topics cover: 

• Buying a second house hack
• Qualifying for a second mortgage
• How to manage a single family house hack
• How to turn your first house hack into a cash flowing rental property
• And more!!

Instagram: chidthekid
LinkedIn: Brandon Chidester

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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. 

Welcome back to Brandon Chidester! He just bought his second house hack and gives us all the details in this episode. Topics cover: 

• Buying a second house hack
• Qualifying for a second mortgage
• How to manage a single family house hack
• How to turn your first house hack into a cash flowing rental property
• And more!!

Instagram: chidthekid
LinkedIn: Brandon Chidester

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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. 

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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.

In this episode Chad Carson and Bradley Labrie talk about being all in on real estate and really loving it. Topics covered in this episode:

• The current state of the economy
• Finding a great real estate agent
• Analyzing markets and properties
• Looking at real estate investing long term

Instagram: CoachCarson1

Visit our website to learn more about house hack at househackingsuccess.com

Follow us on Instagram: @househackingsuccess

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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.

In this episode Chad Carson and Bradley Labrie talk about being all in on real estate and really loving it. Topics covered in this episode:

• The current state of the economy
• Finding a great real estate agent
• Analyzing markets and properties
• Looking at real estate investing long term

Instagram: CoachCarson1

Visit our website to learn more about house hack at househackingsuccess.com

Follow us on Instagram: @househackingsuccess

This clip is from Podcast 67 coming out next Thursday! It's about finding a real estate agent who invests because of the advantages it will bring you in your house hacking and investing journey. Real estate agents that invest in the area see things differently than an agent that doesn't invest. They can guide you better than anyone else can in your area.

Contact: [email protected]

Podcast 67 Details:
Drinking the Real Estate Kool-Aid
March 24th, 2022

In this episode Chad Carson and Bradley Labrie talk about being all in on real estate and really loving it. Topics covered in this episode:

• The current state of the economy
• Finding a great real estate agent
• Analyzing markets and properties
• Looking at real estate investing long term

Visit our website to learn more about house hacking at househackingsuccess.com

Subscribe on YouTube

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.