Real Estate Rookie Rookie Reply: House Hacking 101! Which Property to Buy & How to Scale Fast
Aug 23, 2024
Discover the power of house hacking as a low-risk entry into real estate! Find out how to create substantial cash flow and which properties are best suited for this strategy. Learn about the role of LLCs versus umbrella policies and what to consider before transferring property ownership. The discussion also offers innovative approaches to maximize rental income and tips on finding the right tenants. Whether you're a newbie or a seasoned investor, this dialogue provides valuable insights for scaling your portfolio quickly!
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Noah's House Hacking Journey
- Noah Bacon started house hacking in 2021, renting out extra rooms in a condo.
- He quickly scaled to a second house hack, a townhome, within a year.
Scaling with House Hacking
- House hacking can help achieve financial goals faster by reducing living costs.
- Aim for one house hack per year to scale your portfolio quickly.
LLC Timing
- Don't create an LLC before having a property in mind.
- Wait until you're under contract, then create the LLC and change the contract name.