Building Passive Income with House Hacking with Robert Leonard

In this episode, Robert Leonard shares about house hacking, what it is, and how to do it. He also proposed new strategies to help us earn higher in real estate and how we should shift our mindset from thinking about profitability and not just comfort.

[00:01 – 06:27] Diving into House Hacking 

• House hacking is purchasing a property with the goal of renting out additional space to reduce living expenses
• Scaling to fit the lifestyle you want 
• Comfort vs. Profitability metric/graph shows that as comfort is given up, profitability increases

[06:28 – 11:45] Finding the Right House Hack

• Legislation in some areas is making ADUs easier to obtain
• Quantifying comfort given up versus profitability can help determine the best house hack strategy 
• When house hacking, consider both the qualitative and financial aspects of the property to find the right deal

[11:46 – 21:20] Setting Criteria and Navigating Financial Logistics                                                                                                        

• When renovating, consider what is normal and appropriate for the area
• Consider using a third party payment service to streamline financial aspects 
• Check local laws and regulations regarding electronic payments

[21:21 – 27:23] Closing Segment

• Quick break for our sponsors
  • The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.  Learn more about Personal Capital at escapingwallstreet.com 
• What is the best investment you’ve ever made other than your education?
  • The first house hack he did where he was able to overcome his limiting beliefs 
• Robert Leonard’s worst investments 
  • Buying stocks based on quantitative data only
• What is the most important lesson you’ve learned in business and investing?
  • People who have done great things are no different from everyone else

Connect with Robert Leonard:

Website: http://househacking.com/

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.

Join our Passive Investor Club for access to passive commercial real estate investment opportunities.

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Tweetable Quotes:

“99% of people that have done great things are no different than anybody else.” – Robert Leonard