Pop quiz
Is a house an asset or a liability?
If you’re not sure about the answer then be sure to check this video out .
Apparently, contrary to popular beliefs, a house isn’t an asset but a liability especially if it doesn’t generate money for you. (Check out that video for more on this.) That said, what if you can actually live in your own house and still be cashing out some money at the same time? (Sounds good eh?) Folks at the Bigger Pockets actually have coined a name for that practice – House Hacking. One of the crew members at the company has just published a fantastic book on how to use your house to achieve financial freedom titled The House Hacking Strategy.
Book’s objective
With a trove of case studies and practical instructions in a friendly style, the book started out to demonstrate how feasible it is to achieve financial freedom through real estate investing especially via house hacking. It covers the entire A-Z steps of getting started with house hacking; everything from financing options, finding deals, tenant screenings and so more. Truly it’s a complete guide on house hacking for anyone interested in pursuing this strategy.
About the author
The Finance (FI) Guy, as he’s nicknamed, originally Craig Curelop , is a Financial Analyst at Bigger Pocket, one of the largest real estate investing community in USA. He’s a big proponent of Financial Independence/Retire Early (FIRE) and is always looking for ways to make the most of his life and money while he pursues financial freedom. Craig has also been featured in BBC and Denver Post.
Lesson Learnt
Honestly, this is one of the most detailed books on real estate investing I’ve read this year. The book not only introduced the concept of house hacking but also outlined the pros and cons of the concept as well as tips on how to minimize risks when doing house hacking. I was blown away by how beneficial house hacking is especially to newbies to real estate investing in building wealth. I also got intimated with the various steps that need to be taking into account to make a house hacking deal work well – finding the right deal, the right tenants, the right finance option, etc. (Looking forward putting these to actualization.)
There’re obviously many other ways to make money using real estate and this is just one of them especially for the newbies to the game.
Book rating from Allroundachievers.com
Take action
If you’re a newbie to real estate looking for possible ways to turn your house into a money-making machine, be sure to check out The House Hacking Strategy (Veteran’s can still learn from it I believe)
To your successful house hack!!
[Full Disclosure: As an affiliate, I receive compensation if you purchase through links referenced in this article.]