Feb 20 2024 27 mins 3
Brendan defines house hacking as making income off of a residence you live in. He took his first house hacking step around the age of 22. He started by playing defense with his finances. Then, he bought a duplex in a college town near where he grew up. Brendan and his buddy bought the place for $110k, then put a bit of sweat equity into it. They rented the top unit to students and also got 2 roommates for the unit they were in. With that first success under their belt, they moved onto another house hack in Cleveland. Who’s managing these properties? Brendan manages the mid- and long-term rentals but does have a property manager for his short-term rental in Charleston. An interesting thing about Brendan’s portfolio is that he hasn’t sold any properties yet! Lauren and Brendan also discuss a possible 1031 strategy in the future. Then, they get into pros and cons of house hacking. Obviously, these 2 thinks the pros outweigh the cons! In fact, they pretty much think everyone should house hack. They’ve both also “primary hacking,” which they’ve both done as well. That’s moving in with the intention of moving out and keeping that primary as a rental. Then, they move onto “lifestyle hacking,” buying an Airbnb to go there yourself. Lauren provides some cautionary words about this strategy, though. Note that you don’t have to be in love with real estate to house hack. You don’t have to house hack until death. Just try it once.
If you liked this episode, you’ll also like episode 123: When You House Hack and It Has Mold But You Still Make Money.
About Brendan:
Brendan Bennett is a 27-year-old midwest investor based out of the Cleveland, Ohio market. His portfolio consists of 11 properties and 21 units with a mix of STR, MTR, and traditional rentals. Brendan is also a licensed real estate agent with eXp and is the VP of Revenue at Upright - a Hard Money Lender based out of Cleveland Ohio.
Connect with Brendan:
www.instagram.com/quadepropertygroup
Connect with Lauren:
https://twitter.com/AdultingIsEasy
https://www.instagram.com/@adultingiseasyreal
https://www.housemoneymedia.com/
