How I Live For Free (House Hacking)

live for free with house hacking

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19 Responses

  1. Tara says:

    This is so informative! Thanks for the post!

  2. Brenna says:

    this is great advice! I have been toying with the idea of buying my own condo, and i have had similar excuses, but now ill have to look into it on a more serious level! Thanks so much!

    • Thanks for reading! Be careful with those condos. Can you tell I’m biased against them because I own one? Lol, either way, buying a condo is still better than doing nothing if you want to house hack/invest!

  3. These are awesome tips! I catch myself saying all of those excuses. What would you say to someone that has student debt though?

    • I still have 50k in student loans to pay off, so you aren’t allowed to use that excuse 😉

      I’ll explain: I have student loans to pay off, but they are at a low fixed rate. My investment returns(including RE) are much higher than the interest on my student loans, so why rush to pay them off? I make the minimum student loan payments and invest the rest, as this is the best mathematical way to approach the scenario. I realize that a lot of people approach debt emotionally rather than mathematically though! I try not to.

  4. Mary says:

    Having lived frugally all my life – I am in absolute agreement. It is possible to live happy and finacially free, but it does take thoughtfulness to carefully look at your goals and how to achieve them.

  5. diytowealth says:

    hey jack! this was a great read. it all comes down to the numbers, as you broke down so nicely. i’m looking into investing now that my student loans are paid off (freedom!!) but may have to look outside of NYC for the numbers to make sense. what other articles of yours would you recommend? thanks for sharing~

  6. Jack and I regret selling a condo we once owned near a college. We could have rented it for years and had the thing paid off for my daughter who now goes to that college. She could have had paying roommates and we would have made a profit! Grrrr. Ah well, hindsight is 20/20! Great post, BTW.
    –Jenny
    http://yeahwesaidthat.com

  7. And property is the best kind of investment too. Have any tips for the UK?

    • Don’t think I have any authority to speak on RE in the UK, but I think most of these concepts should still apply just the same except for the FHA mortgage. Regardless, house hacking this way with a more conventional mortgage will still be better than the other alternatives!

  8. Great article! Comprehensive, thorough. Thank you! I learned a lot and am inspired to BUY….the right away!

  9. Krista Bel says:

    This was really nice to read. I’d love to do this but I’m a foreigner in my country and they do no loan to foreigners

    • Ahhh. We actually are acquiring a property right now that someone from the UK holds the mortgage on. Maybe look into international private lenders! Currency exchanges can work in everyone’s favor sometimes.

  10. Dave says:

    Love the idea. Your numbers look solid.

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