The average American household spends around 33% of its income on housing. In a high inflationary environment you have to get creative and find more ways to save and and offset your monthly living expenses. House hacking is a tool most homeowners never utilize, but it’s a tried and true method in building wealth in RE. We plan on house hacking our first multi-family (tri-plex or quad) next year. I know it will be a crucial building block to achieving financial freedom through real estate investing. Once our monthly housing expenses are covered it’ll free up more of our capital. We can then deploy this capital and watch it compound at a much quicker rate. We will probably house hack another multi after moving out of our first. We're interested in a mid term rental strategy if we can find a multi in the right area to do so.
From here we really want to scale up leveraging credit, hard money, private money, DSCR loans etc. Flipping properties will be a strategy we plan on utilizing as we get more experienced in going through the rehab process. Also we want to master the skill of raising capital and structure our RE business to fund bigger commercial deals with multiple partners. Creative finance will play a big part in our ability to tackle these bigger deals. I'm currently 30 years old and my fiancé will be 27 in August. By ages 40 and 37 I'd love for us to have scaled up to 1k doors. Multi family will be the vehicle we use to make this happen. However we do want a mix of SFR's within our portfolio as well. Any feedback, advice, or guidance would be much appreciated.
#househack #financialfreedom #multifamily
