Okay. I am literally excited for every client I have who finds their home.
BUT, I am particularly excited about this one that opened escrow today, because she is buying a duplex, living on one side, and renting out the other.
Eventually, she will convert the garage to an ADU, and have a triplex.
This is called “house hacking” — renting out part of your home or property to reduce your living expenses.
If you look at your budget, housing is probably the #1 highest expense you have. The journey to financial freedom starts with a mindset shift, and with reducing your expenses so you can save, and invest in assets that produce you income (outside of your job income).
Lowering your housing expenses is 9 times out of 10 the *biggest* lever you have in cutting your overall expenses. (Yes, way more than cutting the coffee habit…)
TBH, people have been doing this forever. You buy a house, rent out rooms to friends or family, or share among several working adults. Like most things, this stuff is OG, it just didn’t have a cute name like “house hacking” before @biggerpockets.
There are several ways to house hack (I’m doing it myself as well). It’s just such a cool way to accelerate your growth and pave a strong pathway to financial independence.
Want to know more about house hacking? Let me know!
In the meantime, congrats to my amazing, first-time homebuyer who GETS IT. She is paving the way forward despite all the fear that comes with being a trailblazer, and buying real estate with a long term vision in mind.
Sammy Lyon
REALTOR®️
DRE #02113227
www.lyonideas.com
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