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Kyle: The last few years we’ve been house hacking to break into the more expensive markets that we wanted to get into so we could leverage our positions later and utilize ourselves as our own bank. By living in the unit, we were able to get into these more expensive properties with a lot less down. We only put 3.5% down on our first property. We actually just bought another two-family that we will be house hacking and we're renovating it right now. That will probably be our last time living in our investment properties. Lauren: We are planning on outsourcing a lot more. So after this property, we will be strictly just managing the rentals. And I'm going to try to not have him lift a hammer! Alexandra (AAOA): It seems that house hacking and BRRR (buy, rehab, rent, refinance, repeat) have been your favorite strategies, how would you define house hacking? Lauren: House hacking is a way to turn your primary residence from a liability into an asset. There are a few ways you can do it. You can either buy a single- family home and rent out the rooms to roommates or on Airbnb. Or you could buy
Alexandra (AAOA): When it comes to having a team that you've set up, who's on your team and how did you find your team? Lauren: It's definitely a bit of trial and error. It's really important to have those people in place because once you do find that person for your team, you almost forget how good they are because it requires such little energy on your end. We're at the point now
where I can just shoot a text to our real estate agent, our lender, and our insurance guy and that's the trigger they need to then go do their jobs. There's not a lot of back and forth because we've worked with each other for so long that we all kind of get each other. Kyle: Now our renovation team looks totally different than it did in 2017, it's definitely a moving target. In regards to that - for people getting started, don't get frustrated or down on yourself. If you're having trouble finding people to fill certain positions that you need filled, it'll come with time. Alexandra (AAOA): You've lived in the rentals that you're also renovating. Now that you’ve done that for some time, what are your future plans?
THE LAST FEW YEARS WE ’ VE
BEEN HOUSE HACKI NG TO BREAK I NTO THE MORE EXPENS IVE MARKETS .
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