I’ve recently been introduced to an absolutely genius idea on the BiggerPockets forum (website here). For those who don’t know, BiggerPockets is the biggest real estate investing forum, hub and networking tool on the planet, it’s an incredible place with TONS of free, useful information. Either way, this concept I was referring to earlier is known as house hacking. House hacking is a method to live for free, no rent payment, no mortgage payment, nothing. It’s completely genius, but it requires a good amount of work to achieve.
But what is house hacking, and how can I do it?
Well, in essence, house hacking is normally the purchase of a multi-unit property, such as a duplex or triplex, and renting out the other unit or units in order to make enough rental income to pay the mortgage. Note, however, that breaking even with the rent and mortgage payment may be difficult depending on your area, it may however be easier to massively reduce your mortgage payments, resulting in a significant decrease in cost of living.
Of course, house hacking is not the only option to reduce your cost of living, or even live for free. There’s always the option of renting out rooms in your home through a system such as Airbnb, and owning actual rental properties. However, house hacking does have the principal advantage of living in the property, allowing for a down payment as low as 3.5%-5% depending on your area.
Overall, house hacking is a great method to accelerate your journey towards financial freedom, now you’ve only got to take steps to accomplish it.
If you’re interested in starting your journey to financial independence and success, I highly recommend picking up Rich Dad Poor Dad, here’s an affiliate link to purchase it on Amazon, you would be supporting me too!
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
If you’d want to learn more about achieving goals and fighting a lack of motivation, I highly recommend Grant Cardone’s The 10X rule, please feel free to purchase it using this Amazon affiliate link in order to support me as well!
The 10X Rule: The Only Difference Between Success and Failure