House Hacking To Build Your Wealth with Andrew Kerr

12 snips

Aug 4, 2021

In this engaging conversation, Andrew Kerr, a seasoned real estate investor and founder of Financial Independence by Real Estate Investing, shares the ins and outs of house hacking. He breaks down six unique strategies for saving money and building wealth through real estate. Andrew's insights on treating rental properties like a business, potential financing options, and creative solutions for renters make for valuable advice. You'll also hear compelling personal stories that illustrate the financial benefits of effective property management.

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ANECDOTE

Chris's House Hacking Story

Chris Hutchins unintentionally house hacked by renting out a room in his San Francisco home.
This covered his mortgage for seven years, even without a full kitchen.

ADVICE

Rental Property Cost Analysis

Consider gross rent, vacancy, maintenance, CapEx, miscellaneous costs, and property management fees when analyzing rental income.
Set aside funds for unexpected expenses and long-term repairs.

ADVICE

Property Management

Hire a property manager for tenant management, marketing, and maintenance.
Manage your property for at least a year to understand the process.

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#14: Real Estate Pro Andrew Kerr joins Chris to discuss house hacking. They talk about six different types of house hacks you can use to start saving money, tips for buying and selling properties, and how to start thinking about real estate as a way to build your wealth.

Andrew Kerr (@fibyrei) is a seasoned real estate investor and founder of Financial Independence by Real Estate Investing (FIbyREI.com). He is also the host of The House Hacking Podcast.

Full show notes available at: https://www.allthehacks.com/house-hacking-andrew-kerr

Partner Deals

For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals

Resources Mentioned

Connect with Andrew Kerr: FI by REI Website | Podcast | Twitter | Instagram

Six Types of House Hacks: House Hacking Ultimate Guide

9 biggest mistakes all real estate investors make: Free Guide

Podcast episode on ADUs: The House Hacking Podcast

Alternative loan types: VA Loan | HFA Loan

Full Show Notes

(00:15) Who Is Andrew Kerr?

(01:40) What Is House Hacking?

(02:22) Can House Hacking Be a Luxurious Experience?

(03:36) Does House Hacking Mean You Have to Share a Living Space with Someone Else?

(04:23) Six Different Types of House Hacking (Which One Is for You?)

(06:33) Do You Have to Buy a House to Be Able to House Hack (And How to Convince Your Landlord to Let You Sublet Your Rented Property)?

(09:06) What Loans You Should Consider When Buying a Property to Use for House Hacking (HFA Loans)

(12:54) The Four Pillars of Building Wealth Through Real Estate

(13:43) How Did Andrew Kerr Start House Hacking? (And How Chris Accidentally Started House Hacking)

(19:22) Do You Need to Have a Kitchen to Rent Out Your Place? (And 3 Types of Tenants)

(21:34) Four Key Costs That You Need to Consider Before House Hacking

(27:09) How Much Should You Rent Your Property For?

(28:10) What Does a Property Manager Do and Should You Get One for Your Property?

(31:07) What Is the Accessory Dwelling Unit (ADU) House Hack?

(34:31) How Much Does It Cost to Build an ADU?

(35:52) Can You Add the Cost of Building an ADU to Your Mortgage?

(36:50) How Are ADUs Taxed? (And How You Can Pay 0 Tax on Your Extra Income)

(39:09) How You Can Make Money with Real Estate Even If the Value of Your Property Stays the Same

(41:57) Hacks for Buying a House (What the Average Homeowner Does Not Look For)

(46:04) Hacks for Selling a House (Small Things You Can Do That Will Pay Off a Lot)

(49:28) Andrew Kerr’s Tenant Tales (A SWAT Raid)

(53:00) Is the Current Market Good for House Hacking?

Connect with All the Hacks

All the Hacks: Newsletter | Website | Membership | Email

Chris Hutchins: Twitter | Instagram | Website | LinkedIn

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