How to Build Wealth in Real Estate Through House Hacking Your Property

Are you considering purchasing your first home? In a market like Denver, where prices and interest rates are high, the decision can be challenging. You may be wondering if there is a way to control your costs and avoid being priced out of your city. As a real estate broker and investor, I can offer some insights into how to make your home work for you.

House Hacking: A Strategic Approach

When I wanted to move to Seattle for a year, I rented out my home on a mid-term basis to generate cash flow and cover my living expenses while away. Though the idea of someone else sleeping in my bed and having to stage my home like a hotel was unconventional, the financial benefits outweighed the inconvenience. My home earned approximately $60,000 annually, more than enough to pay for itself and the home I was renting in Washington.

My decision to retain ownership of my home allowed me to benefit from its significant appreciation over time. Had I sold my home when I moved, I would have missed out on this opportunity. This strategy of renting out your home when you are away, also known as house hacking, can be a smart way to generate income and keep your home as an investment.

Mentoring the Next Generation of House Hackers

Currently, I am mentoring a house hacker and guiding him through the purchase of his first home. He will live in a property that needs some renovation and share it with roommates. Their rent will help cover the costs of upgrading the house, making it more affordable for him to maintain the property. This approach allows him to build "sweat equity" by improving the property, which could lead to substantial equity gains over time.

By the age of 25, he will have hundreds of thousands of dollars in equity. Eventually, he can continue to rent out part (or all of his home when away like I did) to expedite the payoff process. This method not only helps him financially but also provides him with valuable experience in property management and investment.

Partnering with Atlas Real Estate

At Atlas Real Estate, we not only manage properties but also offer brokerage services. This allows me to assist my mentee with contractors and property management when needed. Our goal is to empower individuals to achieve financial success through real estate investment and ownership.

Don't Let High Prices Hold You Back

Denver's real estate market may seem intimidating due to high prices and interest rates, but there is still potential for prices to rise significantly in the future. If you look at cities like Los Angeles and Seattle, you can see how real estate can continue to rise and people can still afford to live there.  If you have equity in a home and can freeze inflation, it is much easier to have options to live where you want.  Renters have little control of costs and have to move when the owner decides to sell.  Your own home can still offer the same freedoms of renting, and pay for itself through house hacking.  

Join Me for Real Estate Investing Workshops

I also host real estate investing workshops, where you can learn more about building wealth through real estate. Join my Meetup group Real Estate Ambitions (https://www.meetup.com/real-estate-ambitions/) to connect with me and other like-minded individuals interested in real estate investment opportunities. It's a great chance to gain insights and strategies to help you navigate the real estate market successfully.  We meet locally in Denver once a month and we also have webinars.  

Let's Invest in Real Estate Together

Call me at 303-514-8491 to discuss your real estate ambitions and how we can work together to achieve your goals. Whether you are just starting out or looking to expand your real estate portfolio, I am here to guide you every step of the way.

Let's invest in real estate together. I can help!