Show 59 - House Hacking your way to Financial Independence with Mason Gomes
In this episode, I talk with Mason Gomes @budgetteacher about house hacking as a way to reduce the burden of housing on your finances and accelerate your financial growth.
11/13/20241 min read
Truly wise people learn from the mistakes of others. So instead of learning the hard way all the pitfalls of investing, consider following my advice and avoiding the pitfalls that other people have already made again, and again, and again. In this episode, we go through 8 of them.
Show Notes
@budgetteacher on IG, and Threads, @budget_teacher on X
Email: mybudgetteacher@gmail.com
Neighbor.com (this is an affiliate link, but I use Neighbor myself and it is great)
Recommended Books (Amazon Affiliate Links)
The House Hacking Strategy by Craig Curlop
Key Ideas
Have a goal in mind when looking for a house hack.
House hacking can be a wide range of things from renting rooms to storage space.
Buy a house that you can afford without a tenant.
Tenant screening is the most essential thing you can do.
Have a slush fund set aside in case of emergencies with your house.
Keeping your expenses low lets you invest more in your future.
Bonus Tip
Here is a bonus tip I didn't get to in the episode.
When considering the deposit to take from a renter, keep in mind the laws in place and the cost of eviction. Some states have laws capping the deposit, naturally don’t take more than that, but a deposit should cover the cost of eviction. If the tenant asks to move in without a deposit the answer is no. This will protect you in the long run.