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House Hacking: The Ultimate Guide To Live For Free
Listen up millennials!
Are you like me and are sick of seeing a third of your hard earned income going to rent or your mortgage every month?! Wouldn’t you rather spend that money on your passions such as traveling, going to shows and checking out events?
I know we all understand as young adults we have to work to make a living, but for most part, how many of us truly love what we do?
Because let’s face it, most of us can’t afford to just quit our jobs and pursue our dreams when rent is $1,200/ mo; utilities $100; car payment $300; food $400/ mo etc, you name the rest!
So ultimately it comes down to money!
But pause for a moment and ask yourself… what if your overhead was low enough to take big risks? Do you have the desire to break away from the corporate system to pursue your dreams?
This was the question that was asked by Isaac Archuleta, a very successful medical sales professional by day and a successful real estate investor in his spare time.
Isaac noted that breaking away from the corporate system means that you’re going against the grain, which is opposite of what 95% of society is doing. He further says that ultimately, “you can’t do what everyone else is doing and expect a different result.” If you don’t have financial flexibility, you most likely will not have the ability to pull off the leap of faith move. Working for a paycheck the rest of your life and living in the regret of what you could have done might become your reality.
I know what some of you are thinking… This sounds great and all but I don’t have piles of cash to get into real estate, plus it’s too complicated!
Well, I thought the same way too until I met Isaac and he told me about a new concept called House Hacking!
What is House Hacking, you ask?
Introduction To House Hacking:
House hacking is a trending new way professional millennials are living for free. This is how it works:
House Hacking= living in a home where your roommates monthly rental portion dues covers the “all in monthly costs” of your home. Therefore, you as the owner live for free or actually make money on a monthly basis.
By living for free, you can better financially fuel your ambitions and even purchase more homes.
Other benefits include:
- Extend your financial runway with excess monthly cash to pursue business, travel, etc
- Lower the monthly financial pressure and have the opportunity to save large amounts of money
- Delay Gratification – Abusing your 20’s can set up a serious reality check at 30 and a life that you didn’t envision being you.
- More cash to buy more properties
- SCALE while you are young!! House Hack as many properties as possible
To get more insights about this exciting new space I did a podcast interview with Isaac and asked him a series of questions about the subject.
Here are the main questions we covered:
Caleb: Is it difficult to get started?
Isaac: Short answer is no. Initially I was a bit scared because I didn’t have anybody to teach me, but when I went for it, I was able to rally three people to live with me!
Caleb: Do you need a lot of money to get started?
Isaac: The misconception is you need to put down 20% of the home value. If I were to start all over again I would have put down much less, because it allows you to scale.
Caleb: Is their a future in this space?
Isaac: Absolutely, millennials are all about freedom. We want our finances free and we want our time free, and this really does free up finances. Millennials that catch on to this will see that its a great way to become financially free, retire young and chase their dreams.
So Why Spend Time And Money On A Project Like This?
Imagine being able to own multiple renting properties rent free and make income at the same time; this is not your typical Airbnb.
You’ll want to start off on the right foot as Isaac explains with healthy spending and saving habits, discipline, and a home loan to get the ball rolling.
Once you’ve accomplished these goals it’s pretty safe to say that you’re on your way to becoming financially free and you can now go on that dream vacation you’ve always wanted to go on and say goodbye to corporate America.
Liked this Blog?
Then stay tuned for the podcast version release later this week! If you want to get in touch with Isaac for more insights, you can reach him on his Instagram url @archie303
Curious for more money hacking tips? Check out our previous blog titled, 4 Insurance Hacking Tips That Can Boost Your Insurance Score And Lower Your Premiums.
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