Top 5 Things I've Learned In My 1st Year of House-Hacking

[Aaron Romine]

Just because it's been a full calendar year now since my wife and I closed on our first property, I figured I would post this to celebrate.  I am not an experienced investor by no means, but I hope this helps someone starting out! These are the top 5 rules I've learned in my first year of house-hacking.

1.) The greatest return you get in your first year is knowledge. Most of the time, your first property is not going to make you tons of cash. This is a time of developing systems, learning property management, and networking. You learn what to do and what NOT to do. Be a sponge around everyone when it comes to real estate.

2.) You have to treat everything with a business mindset. Everything must be on paper. Stay organized. Stay focused on the ultimate vision. Create procedures that you can carry to your next property. It's so important to establish your criteria and stick with it no matter what.  It's easy to be laxed in this area while house-hacking. You're not just a property owner, you run a business.

3.) Your property is not the asset, your tenants are. I can't remember where I heard that from, I believe it was on the BiggerPockets real estate podcast. Nevertheless, that rule has been a key foundation in my real estate journey. Your tenants will either make or break you. Screen. Screen. Screen. Make sure your lease agreement is strong!

4.) Every dollar counts. House-hacking is perfect for those who want to save up capital. However, in order to do this, you have to live below your means. Also when fixing/maintaining your property, don't just think of the present, think of the future. You are constantly balancing between price and quality. 

5.) Everything falls into place when integrity is number one in your business. Before making the jump into house-hacking I used to be so scared of how I was going to interact with people, deal with issues, and make big decisions. I felt somewhat insecure about not being experienced. Now with a full year under my belt, I can truly say my mindset has changed. When you treat others with love and respect, it comes right back to you, no matter how experienced you are. Yes you will make mistakes, but it's all apart of the process. The hard/uncomfortable times make you better. Be genuine and be yourself. 

I hope this helps someone out there! Be blessed!