If i could recommend one thing to anyone starting out it would be to start saving up for a house hack. That way that way instead of paying for rent or a mortgage every month you can LIVE FOR FREE or if done right even make money from your housing while living for free!

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One of the biggest advantages is that you will be able to buy these with an FHA loan (3.5% down) so you will be able to get into these without having a huge 20% down payment.

Here are the 5 methods i recommended

1. Traditional house hack which is what i have done.
when your ready to start looking into a house instead consider the multi family. This can be a duplex, triplex, or quadplex. The idea is to live in one unit while renting out the other units and if done correctly, they should cover all your mortgage, taxes, and insurance, allowing you to live for free or make some money each month. In addition to this, your tenants will be paying down your mortgage for you and building you equity.

2. If you want to take it up a notch my brother Nate has done this as well- except he is renting out the extra bedroom in the apartment he is living in to make great cash flow each month


3. Renting out by the room

the idea is to purchase a large single family home that has at least 4 beds and 2 baths and live in one bedroom while renting out the others. You can typically charge more in rent when you rent by the room allowing this to cover your expenses and you to live for free.

4. Renting Out An Second Unit

This would initial buying a single family home that has additional dwelling unit or that you are able to add one to then renting it out to help offset the mortgage.

5. Live In Flip
This is pretty much what it sounds like. You find a property that you would be able to add a lot of value to by rehabbing, buy it and live in it while you rehab the property. the cool thing about this is is you live in the home for at least 2 years, you will not have to pay any capital gains taxes for up to 250K of proceeds on the home or 500K if you are married.

Of course there are downsides to all of these. if you are living in a multifamily or renting out bedrooms you will have to deal with tenants and deal with repairs and things like that or if you are doing the live in flip you will have to sacrifice while.

before you get started feel free to shoot me any questions you have. also, do your homework and make sure you are getting a great deal. ill do some videos on this in the future but until then BiggerPockets is a great resource.


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