195: Financially Free in 2.5 Years by Buying “Low Risk” Rental Properties w/Craig Curelop
06/29/22 • 53 min
1 Listener
You often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps.
Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years.
Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)!
In This Episode We Cover
Why house hacking is ideal for new and young investors and how to get started
The different ways to house hack and how to turn an unused space into an income-generating area
The noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for you
Living with tenants and how to set landlord boundaries for you and your tenant’s comfort
How to vet tenants and red flags to look out for before offering them a lease
Collecting rent and the processes to have in place to help you stay in “landlord mode”
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
Connect with Craig:
Check out the full show notes here: https://biggerpockets.com/blog/rookie-195
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
You often hear about house hacking as a means to an end, a simple way to start your real estate journey, but what if it could be more? What if house hacking could be your ticket to financial freedom? Today’s guest, Craig Curelop, author of The House Hacking Strategy, shares how he reached financial freedom through house hacking and how to follow along in his footsteps.
Craig started where most do, hating his W-2 and working too much. He began researching how to earn a passive income and came across BiggerPockets. Within six months, Craig started working at BiggerPockets, moved to Denver, and decided to start living his life the way he wanted. Using his house hacking strategy, he went from being $30,000 in debt to financial freedom in two and a half years.
Before you get into house hacking, you need to understand the basics, and today Craig breaks them down. He goes over the different ways to house hack and its advantages and disadvantages. Craig also talks about how to live with your tenants and the boundaries needed for your ideal house hacking situation. Craig paints the whole picture so you can make an informed decision and decide if house hacking is the way for you to become financially free too (or at least build more passive income)!
In This Episode We Cover
Why house hacking is ideal for new and young investors and how to get started
The different ways to house hack and how to turn an unused space into an income-generating area
The noteworthy advantages and disadvantages of house hacking and how to decide if house hacking is for you
Living with tenants and how to set landlord boundaries for you and your tenant’s comfort
How to vet tenants and red flags to look out for before offering them a lease
Collecting rent and the processes to have in place to help you stay in “landlord mode”
And So Much More!
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
10 Income Streams on 1 Property by “Land Hacking” w/ Kai Andrew
Connect with Craig:
Check out the full show notes here: https://biggerpockets.com/blog/rookie-195
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
Previous Episode
194: Rookie Reply: 19 Best Real Estate Investing Apps We Couldn’t Live Without
The best real estate investing apps are ones you could not live without. Whether you’re a full-time real estate investor, managing a few properties, or still trying to get your first deal done, these apps can help you find, manage, and cash flow your rentals quicker. Ashley and Tony both use these apps daily and probably couldn’t run their real estate investment portfolios without them.
To help you scale up your real estate investing, Ashley and Tony have written down their most-used real estate investing apps. Now, anytime you see a potential deal, need to chat with a team member, or simply want to time how long you’ve been working at a rental property, you can. Most of these apps are free, so you can download them today, try them out, and buy your first (or next) deal faster!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Building an Out-of-State Empire by Using the Right Type of Real Estate Agent w/ Sarah Weaver
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-194
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
Next Episode
196: Rookie Reply: How to Use Home Equity to Buy Rentals
This week’s question comes from Tony’s Instagram direct messages! This rookie real estate investor is asking: I have a good chunk of equity in my home, should I pull out cash to purchase a rental property? If not, what should I do with the equity?
If you want to know how to use home equity to buy real estate, you need to know your options first. As many homeowners are sitting on massive equity gains, thanks to the past two years worth of price run-ups, they’re asking how they can use this equity to their advantage. For most investors, you’ll have two options in how you take this equity out of your home’s value. But, both of them need to be intelligently evaluated before you make a decision.
Here are some suggestions:
Look at your current mortgage rate and see if it’s higher or lower than today’s average interest rate to refinance
Ask your lender about a HELOC (home equity line of credit) as well as the terms, interest rates, and duration offered
Interest rates are likely to rise, so locking down a great rate now may help you in the future
Know your exit strategy (flip vs. BRRRR vs. buy and hold) for each different kind of financing option
And more in the episode...
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Links from the Show
Real Estate Rookie Youtube Channel
Real Estate Rookie Facebook Group
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-196
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
Learn more about your ad choices. Visit megaphone.fm/adchoices
If you like this episode you’ll love
Episode Comments
Generate a badge
Get a badge for your website that links back to this episode
<a href="https://goodpods.com/podcasts/real-estate-rookie-39098/195-financially-free-in-25-years-by-buying-low-risk-rental-properties-21769886"> <img src="https://storage.googleapis.com/goodpods-images-bucket/badges/generic-badge-1.svg" alt="listen to 195: financially free in 2.5 years by buying “low risk” rental properties w/craig curelop on goodpods" style="width: 225px" /> </a>
Copy