Are you wondering about how effective house hacking can be to kickstart your real estate journey? Check out this new case study today!
This new case study reveals just how helpful house hacking can be to kickstart your real estate investor journey! Learn all about the strategy used by Ryan Short as he began his own project.
You can replicate these solutions and utilize house hacking to dive into real estate and start bringing in more money!
FI by REI, the specialists in helping clients to achieve financial independence, have launched a new house hacking series on The House Hacking Podcast. It features in-depth case studies on real-life purchases and how the buyer has used house hacking to positive effect.
More information can be found at: https://fibyrei.com/house-hacking-case-study-6
The newly launched case study showcases the experience of Ryan Short, who is a project manager for a restoration company called Flood Fire Pro. This means that he’s very familiar with renovating buildings and he was able to bring this experience to the project.
Since his first successful house hack, he has been able to become a part-time real estate investor while continuing his duties as owner of Flood Fire Pro.
The newly launched study shows that Ryan first heard about house hacking in 2016. He conducted more research, and closed on his multi-family property in 2016. The small multi-family building has four units. The property had two three-bedroom units, a two-bedroom unit, and a one-bedroom unit.
After moving into the property, Ryan decided to renovate both of the three-bedroom units. This consisted of a large-scale project adding new vanities and counters, vinyl flooring, electrical outlets, closets, sinks, cabinets, toilets and more.
After renovating these units, Ryan was able to rent one three-bedroom unit for $1,350 and the second for $1,450 while living in the third unit.
His gross rent was $3,900 with a mortgage payment of $2,750. Cash flow before maintenance and vacancies was $1,150 with total monthly savings of $1,150.
The case study states: “Ryan was able to build equity while living for free in this property. He has been able to use the equity built in this house to finance his next real estate purchase of a 7-unit property with a cashout refinance.”
The study shows that it’s possible to create a successful real estate journey beginning with a house hack. The concept is a viable solution for anyone who wants to start out their property portfolio.
Anyone interested in the idea of house hacking can find out more through FI by REI. They have a guide to house hacking on their site, along with the House Hacking Podcast and more case studies.
You can find out more info on the link above!