Lesson 1: What is House Hacking?
Hey House Hacker!
House Hacking is a termed that I learned from Brandon Turner from BiggerPockets when I was starting my journey in real estate.
I was looking for a way to reduce or eliminate my housing expenses, and that is when I found out that there is a term for that!
House Hacking is basically buying a single-family home or multi-family (duplex, triplex, or quadplex) and rent out the rooms or units for passive income, while you live in one of the rooms or sides. The rent payments of your tenants cover most, if not all, your mortgage payment. Boom! You have now reduced your house expenses drastically, or eliminated them completely and now you are living for free!
The idea is to repeat the house hacking process multiple times in the years to come as you can qualify for low down payment loan programs.
More to come in the following lessons!