All the Hacks with Chris Hutchins cover image

All the Hacks with Chris Hutchins

House Hacking To Build Your Wealth with Andrew Kerr

Aug 4, 2021
In this engaging conversation, Andrew Kerr, a seasoned real estate investor and founder of Financial Independence by Real Estate Investing, shares the ins and outs of house hacking. He breaks down six unique strategies for saving money and building wealth through real estate. Andrew's insights on treating rental properties like a business, potential financing options, and creative solutions for renters make for valuable advice. You'll also hear compelling personal stories that illustrate the financial benefits of effective property management.
01:02:04
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Episode guests

Andrew Kerr

Podcast summary created with Snipd AI

Quick takeaways

  • House hacking offers various benefits and wealth-building opportunities, including tax benefits, mortgage paydown, and potential property appreciation.
  • When purchasing a property for house hacking, consider buying properties with potential for renovation, income-generating spaces, and negotiating opportunities for lower purchase prices or seller concessions.

Deep dives

House Hacking: An Effective Way to Reduce Living Costs

House hacking involves creatively reducing housing costs by utilizing various strategies. By choosing creative housing options that help decrease housing expenses, individuals can significantly save on their income. This can be achieved through methods such as room rentals, small multi-family properties, income suites, accessory dwelling units (ADU), work-provided housing, and living flips. House hacking provides both short-term and long-term benefits, such as reducing living expenses, building equity through mortgage paydown, taking advantage of tax benefits, and potentially generating cash flow. It can be a powerful tool for financial growth, whether used as a stepping stone to broader real estate investing or as a means to allocate resources to other financial goals.

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