Episode 37: The wealth building strategy that made me a millionaire at 35
In today's episode,I'm going to tell you exactly what my husband Craig and I did over the past five years that has resulted in not only a seven figure net worth, but also six figures in passive income off of the investments that we've made through our house hacking and house hopping strategy.
Even if you don't think house hopping or house hacking can work for you and your current financial situation today, I highly suggest you listen to this episode because not only are you going to hear the strategy that I use that helped me get to a million in net worth, but you're also going to hear my mindset and how I thought about the wealth building strategy that I use to actually help me accelerate my wealth building in such a short amount of time.
Key Highlights
[00:00:00] Holistic Money Podcast intro
[00:02:10] Introduction to today’s topic: The Wealth-Building Strategy That Made Me A Millionaire At 35
[00:03:20] Ways one can approach wealth-building strategy
[00:06:12] Straightforward approach to begin real estate investing
[00:08:04] Turning the primary bedroom to generate a new income stream
[00:10:04] Converting a single-family home into a duplex
[00:11:02] Benefits of house splitting for real estate investors
[00:12:56] Unseen Opportunities: A key to real estate success
[00:15:20] What it takes to generate this passive income as a real estate investor
[00:17:23] Enhancing decisions with an investor mindset
[00:19:14] Holistic Money Podcast outro
Notable Quotes
The simplest way to start real estate investing was to buy a primary residence I lived in for a year. We ended up living there for a year and a half. And then turning it into a rental. One of the main reasons why I love this strategy is because whenever you buy a primary residence that you live in. you can get a mortgage that allows you to put as little as 3% down if you get an FHA loan or 5% down if you get a conventional mortgage.
Here's what I'll tell you about house hacking. So many of you believe that if you house hack, it will be a miserable experience. What I found is the way that we chose to house hack was we actually closed off the door that allowed you to get into the primary bedroom from our house, and we put an entrance on the backside of our house.
When somebody rents your place for an Airbnb or a midterm rental, they're not looking for the perfect luxury property. They're simply looking for an affordable place that they can stay for a short amount of time for them to be able to either explore the city or have a place to live temporarily for their work assignment.
A lot of you have the goal and the idea of how nice it sounds. To generate this passive income and become a real estate investor, you're not willing to do the work and make the sacrifices required to get you there. It takes real strategy and decision-making to actually bring this to life. It's just not magically going to show up on your doorstep.
Sometimes we can have limiting beliefs about what is possible and what we can do because of our current life situation. And you have to be willing to get creative, see past that. Focus on the end goal for yourself, which is building wealth and passive income streams.
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