Seven months ago, my wife Dana and I, purchased our first triplex (picture above) and began our House Hacking journey. In a nutshell, House Hacking, is when you purchase a property as your primary residence and rent out the extra space. For example, we own a triplex, where we live in one of the units and rent the other two units out. The rental income from our other two units, pays for our mortgage and home expenses. This strategy has allowed us to start our journey as real estate investors and learn how to build wealth overtime.
Four Things House Hacking Provides:
- Cashflow
- Loan Paydown
- Tax Breaks
- Appreciation
Before Dana and I started on our journey, we started by reading and networking to learn how to build wealth through Real Estate. This journey led us to House Hacking, and it was the vehicle we decided to us to achieve our long-term wealth goals. Listed below are resources that helped us, and I hope they will help you as well.
Getting Started:
Rich Dad Poor Dad – Teaches about the importance of wealth and how you build it. (*1st Couple Read*)
The House Hacking Strategy – Step by step guide on how to House Hack your way to wealth.
(*It works, we used it! *)
@rentalstowealth on Instagram and YouTube – House Hacking couple that have 10 doors and they share their experiences on a daily base. Great content and extremely helpful regardless of your experience.
Fully House Hacking 101 – Getting Started YouTube Video
