016 | House Hacking With Coach Carson
By john colvin on Wednesday, March 27 2019, 22:50 - Permalink
016 | House Hacking With Coach Carson
016 | House Hacking With Coach Carson
In Today’s Podcast we cover:Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
Homescapes Cheats - Homescapes Hack (iOS/Android Tutorial)
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
Getting Started in RE Investing by "House Hacking" - MM0016
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
How I bought my 3rd Property! - Time to House Hack and live for free!
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
HELLO NEIGHBOR SHOPPING CHALLENGE! NEW HOUSE TOUR + WalMart Has EVIL Mannequins! (FGTEEV Beta 3 #1)
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
24 Hours TRAPPED In The HACKERS MANSiON Full Movie / That YouTub3 Family I Family Channel
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
SIGWORTH FAMILY STARTER // The Sims 4: Speed Build
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
41 INCREDIBLE HOUSE HACKS
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
House Hacking explained
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
My Real Estate Investing | Owner Occupied Multi Family (House Hacking)
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble
HOW TO USE FHA LOAN AND HOUSE HACKING TO PURCHASE INVESTMENT PROPERTY
In Today’s Podcast we cover:
Real estate investing and house hacking with Chad “Coach” Carson.
On the path to financial independence, how much of your own budget is going towards housing?
After Chad graduated college at Clemson, he got started with real estate investing in his college town.
How financial independence and real estate investing have allowed Chad to move his family to Ecuador for about 1.5 years.
When they moved to Ecuador they sold most of their possessions and rented out their house for 2 years.
When Chad graduated college he kept his expenses extremely low and actually moved into his business partner’s spare bedroom to help save money.
This led to his concept of “house hacking” as a way to keep housing expenses down to nearly zero
House hacking: buy a multi-family rental unit and live in one unit while you rent out the rest and have them essentially pay for your house payment entirely
Easy to become rich saving the money you’d otherwise be paying for your house and car payments
Keep it simple and pay attention to the fundamentals with your financial life
How do you get started with real estate? Where do you find a multi-family unit to buy?
What to look for: neighborhoods with charm, safe, public transportation nearby
Avoid cookie-cutter neighborhoods on the outskirts of town with new construction
Chad recommends hiring a real estate agent at the beginning. Have them run searches based on your desired neighborhoods and automatically send you new listings.
It is essential to walk the neighborhoods and talk to people to gather intel. Tip: walk with your kids to seem less intimidating and go on a Saturday morning when they are out
It’s important to think differently and take that extra step to find great deals. Have to reach out to people and get outside your comfort zone
Real estate: The numbers crunching has to come into play at some point. Put together a profile of what makes a good deal upfront
Follow the ‘1% rule’: You are looking for the monthly rent to be 1% of the purchase price ($1,000 per month rent = $100,000 house price)
Chad was able to pull his equity out and invest in another deal
Small investors need to avoid 5 or more unit complex in order to get the most favorable owner-occupied financing
Once you have an owner-occupied financing, you can move out and keep the favorable financing rates and rent all the units
How to get started finding financing if you have no money saved and no contacts?
Options: FHA 203k Loan in order to remodel and do a house hack or Fannie Mae Remodeling loan
Building relationships with local real estate investors and private lenders
Real estate debt snowball to fully own these properties as a path to wealth and financial independence
Chad’s personal strategy: 15% of his assets are currently in index funds with a goal of up to 33% and the vast majority of the rest is in real estate, cash and financing/note investing
Chad and his business partner have approximately 90 rental units currently
Chad is not interested in growing as large as possible – he wants to find a balance in life and keep it as simple as possible to meet his financial independence goal
Hot Seat Questions
Favorite life hack: Planning and actually writing it out. Weekly, monthly, yearly
Biggest mistake: buying into other people’s goals and getting sloppy with purchasing a lot of properties at the height of the 2007 bubble