How to House Hack Your Way to Financial Freedom in 3 Years with Craig Curelop | BP Podcast 350

Ever wanted to break into real estate but just weren’t sure how to take that first step? You're not alone!
On today’s show, Brandon and David dive deep into the mind of Craig Curelop, the author of BiggerPockets Publishing's new book The House Hacking Strategy.
Craig shares some incredible advice on how he eliminated his living expenses and earned as much as one could from a full-time job through house hacking-all by age 26! Craig breaks down just how simply you can get your first property with less than 5 percent down and turn it into a wealth-building machine that will help you achieve a “return on your potential” you may not have realized you’re currently lacking.
You’ll learn what to look for in a house hack, how to find the “path of progress” to start your search, and which straightforward criteria we can all use when searching for deals. You’ll also hear how to make “hedonic adaptation” work for you, how to exchange comfortability for profitability, and how to decide which property would work best for your specific situation.
We ALL want to own more real estate, and we all need somewhere to live. On today’s show, you’ll learn how to combine those two needs to build wealth and save money at the same time.
Download this one today!
Check the full show notes here: www.biggerpock...

[@biggerpockets]

Thumbs up for house hacking!

[@widowsson8192]

Is a quad generally most profitable for house hacking?

[@didi7680]

@@widowsson8192 nobody is answering you and I'm not really knowledgeable enough to know but I would think that quad would be better than a duplex or a tri?

[@GrowthePiggyBank]

Love this! My family of 5 is househacking a triplex. It’s been a game changer for our finances and fast tracked us to financial freedom. I made a video on the benefits that I think people underestimate when doing it as a family.

[@didi7680]

I would love to hear more about what your family did

[@didi7680]

Can you link me up to your video?

[@Jay_Rell]

So your family is/was renting/paying the mortgage in the other units?

[@rob_over_9000]

I'd love to hear more about this too - you commented this a year ago. Have you moved on to another multi-unit property by now? Do you find this difficult to do with children?

[@sirraymondluxuryyacht8131]

Avoid the 6 mins of meaningless waffle - Starts at 6:00

[@dandypants1983]

But I love the waffle

[@theblessed1848]

Thank you bro

[@sirraymondluxuryyacht8131]

@@dandypants1983 Then this timestamp is not for you

[@RBH0909]

Thanks !

[@cowsaysmoo122]

Thank you 🙏

[@thestrappingentrepreneur2822]

House hacking changed my life, I went from homless to having a home with similar expenses as a homless person

[@didi7680]

Tell us more Brad!!

[@JoseGonzalas]

It will pay off when your house is paid off

[@jamondearagon]

Bars

[@AustiuNoMatterWho]

The wealthiest person here

[@Ceddy_T]

Started my house hacking journey in October last year (condo and I rent out a bedroom); I’m buying a triplex in April and will rent out my condo and finally be able to live for free! All thanks to Bigger Pockets. 🙏

[@rezatashakori2]

Oh that's how I started too. I used to rent my 2 bedroom apartment in LA and get that $160 nightly rate on Airbnb and use the dollars as pillow while sleeping in my car. Happy times :)

[@didi7680]

That was funny

[@atchutneelamuk2554]

Profitability vs comfortability process is super cool. Totally practical.

[@DrDianeThompson]

Great information. House hacking is a very common thing in many Caribbean communiies. I've been doing this for almost 20 years but had no idea it had a name.

[@mt-nv4jd]

Folks, I wish someone had taught me this 50 years ago when I was 23. If you're 23ish, think about that.

[@CatfishCook]

Hey guys, love the show but y'all have to move David's Mic to the other side.

[@joeycascardo6275]

1:00:30 first book I’ve read cover to cover Lol. Not proud to admit it, being that I accomplished that goal at 21, but my book collection is growing and I haven’t stopped. This video is gold!

[@Waggytwo]

This was exactly what I thought when I decided (and the bank "allowed" me) to purchase my first home. I got a roommate and he got another for which we all ended up living for cheap. I purchased a beautiful home with some dust (yes I got the dusty home discount) and I've been renting out rooms since day one

[@melansaloon]

Craig Curelop's Famous Four answers: 1. Favorite real estate book: The Book on Rental Property Investing by Brandon Turner 2. Favorite business book(s): Never Split the Difference: Negotiating As If Your Life Depended On It by Chris Voss The Four Agreements: A Practical Guide to Personal Freedom by Don Miguel Ruiz 3. Hobbies: -Travel -Snowboarding -Hiking -Riding bicycle -Reading & writing 4. What separates successful house hackers from those who give up or never get started? Being able to get uncomfortable for a short amount of time to be able to get the rest of your life back. Delayed gratification. Don't get caught up in the numbers and take action. Do something!

[@RyanHuggler]

That lucky Charms analogy is TOP TIER.

[@vegainscouple8301]

Loved this 💪 I’m gonna start posting on the discussion boards. I’m 19 with pretty good credit and my goal is to own a property before my 20th birthday.

[@ItsMrxSean]

Good luck, dude! I just turned 20, and I have the same goal for next year 😁

[@vegainscouple8301]

ItsSean good luck to you too!

[@DudeRealEstate]

Good luck! It’s definitely possible.

[@MCrelationz]

how is the process going so far? I turn 21 in 2 months and am going to try to get something like this started by the end of this year :D

[@cavemanjoe7972]

@@vegainscouple8301 Did you do it?

[@chrislanejones]

Great guy, I need to convince my wife of some of these tricks. I subscribed to Craig's channel.

[@valentinawallis853]

Corrections: 1) Taxes are your highest expense 2) Housing #2 3) Transportation #3 not #2 We pay too much in taxes yet people VOTE for it! unreal

[@faizalqorni3611]

Where you live?

[@betterhomesnc2437]

Not here..

[@cavemanjoe7972]

If you do it right, taxes shouldn't even be on the list unless you're flipping quickly.

[@AlanEoff]

I'm 38 and I've never not house hacked.

[@ImOzify]

Do you have any suggestions for someone trying to start out in southern California where the prices are a bit expensive?

[@AlanEoff]

@@ImOzify honestly... Move. Second, play the game Cash Flow at least 100 times.

[@charlesholder4150]

Man.. I really like you guys.. bought my 2nd house but switched careers which screwed my dti all up. 1099 Getting ready to figure out 3rd and just keep moving forward.. looking good David greene

[@56TheAnimal]

Been listening to bigger pockets sporadically for a couple years and regularly for a month and just realized I have one of Brandon’s books lol.

[@ATLsOwn]

I'm at a crossroads... Not keen on bringing strangers into my home, but I have a 6 Bed 4 Bath single family home, and now live alone. I GOTTA find a way to capitalize on this. 😞

[@caveman9897]

ATLs Own are you considering renting rooms or leasing entire home and downsize yourself

[@ATLsOwn]

@@caveman9897 I'm thinking about moving into my basement, and renting out the the rooms upstairs (5 Including my Master), but I need access to my garage (Electric Vehicle Driver). So I'm not sure which route to go with it...

[@marktalksmoney1956]

@@ATLsOwn you could rent the main floor and keep the garage if there is good street parking for sure 👍

[@caveman9897]

ATLs Own find the right tenant/s and it will be nice. I rent out my mother in law suite

[@markwegner6100]

@@ATLsOwn Do it. Screen. Think of how you could do it 1 bedroom at a time. That cash flow will be helpful!

[@ianscianablo8507]

Hey guys! Craig just finished your book. AMA-ZING!!! But have questions. There is a house I'm serious about buying . I know nobody in the field. Who shall I take with me for the tour of that house I may want? I'm setting up an appointment for next week. Also are there anybody from "Bigger Pockets" in the Oneonta, Otsego County upstate, NY area? I currently have my own house which I want to rent out but I want to do an occupied loan for the house I want. Any specific ideas? I want to rent-out my whole house plus rent the "finished" basement and a room up stairs for the ranch house I want to buy. Help! Help! Help! LOL!

[@antonthemanton1]

What a great episode!!! We are currently saving for our first downpayment on a house hack and this had some great golden nuggets. Im so buying his house hack book today!

[@mariobryant1906]

Loved loved love this...thanks guys.

[@AZsuperhost]

Where are you advertising the rooms being rented (rent by the room strategy )? Which platform ? I would say Airbnb if short term (few days) but what about for 6 months or one year ?

[@rajdeepsidhu344]

Zillow, Craigslist Facebook marketplace. Local church

[@marktalksmoney1956]

House hacking is key to starting out

[@redrum21225]

I got the book, audiobook, and bonuses. Love it. It's a lot to learn.

[@FlyinRyan0802]

Loved the Lucky Charms analogy! Keep eating that cereal and piling up those marshmallows.

[@ianscianablo8507]

Time (34:17) define the "upstiars". I own a house with a concrete basement, the main floor and upstairs level.

[@oncearunner515]

Maybe Brandon and David could talk less and let the guests actually talk and share their unique thoughts instead of just having their thoughts validated

[@cameronposivy287]

Is there a paperback version of The House Hacking Strategy book? Could only find Kindle version.

[@curelop]

Yes, It's available on Barnes and Noble and Amazon. :)

[@cameronposivy287]

@@curelop Yes I just ordered it from Amazon. Thank you.

[@drewburgess8097]

Huge difference between an expensive mortgage with massive rent…. Compared to places like Maine that houses are going for 400+ and no one can afford rent over 2000

[@Fj4LiFe23]

do people have more difficulty finding tenants for bedrooms or inlaw suite rentals?

[@hughspringer3558]

Tips on finding lenders? Many I've talked with will *not* factor in rental income from current yr (even with lease in place), and only possibly consider rental income from last year, when queuing up a refi or new note/contract.

[@sourcecreator2222]

Outstanding content, AS ALWAYS

[@itzstrojr.7374]

I love you guys for this.

[@JT-mr3db]

I didn't realize what I've been doing for years was called house hacking. It's an absolute life changer folks. Get around it!

[@makdem4603]

The lucky charms analogy really hit home for me. I’ve always been a cereal first marshmallows later type :D

[@llouvakates]

great episode

[@lindaalely4305]

I Love this inspirational video. Although is a few years old has great information. Q. Can I rent the rooms in my home with an FHA loan. been living here for 2 yrs. Purchased my home with 20%down. Also if I am able to should I start an LLC. Hope I can get some answers

[@aarongold7220]

If you have a single family home, how do you figure out fair rent for renting out spare bedrooms. Does their rent change if you add more roommates?

[@cavemanjoe7972]

Look at what rooms are renting for in similar homes in your area.

[@ejcorinealdi]

🤔Question, after house hacking 🏠, I want to move into another 🏠. Now my first house is fully rented out which means I would get tax benefits as an investment 🏠. But I bought it with an owner occupied loan! Will that effect anything? How long do I have to wait before moving into another owner occupied loan?

[@HappyCleanersWA]

The loan has no affect and doesn’t need to change. Just update your insurance company.

[@ericv3975]

My wife and newborn daughter are planning to buy our first home as a house hack. We got the down payment, the lender, now just need to find a good multi family home in Louisville...for some profit and comfortability

[@VicToR_Rider]

I currently live/own in a duplex. My question is how can I continue to live here and make it seem like I live in another multi unit property to the bank?

[@napoleon2564]

"Ew I would never buy a $100 or $50 bottle of wine" And here I am just sipping wine directly from the sack that's in those boxes

[@patrickmallen5463]

Is the audiobook just an mp3 file or does it come with text as while to read while you listen??

[@curelop]

It's in every format and available at Bigger Pockets website, amazon, and Barnes and Noble.

[@bondslinger00]

Awesome video! This is my first house hacking video ever and I was wondering what an MLS what?

[@theblessed1848]

Brandon the beard is killer dude

[@blanco1301]

Gay

[@ayoran0]

How much leverage is good for your first house hack? I live in a hcol area, but I could also make a 4plex happen. That said, I'm concerned that it will stunt my ability for future loans and to increase cash flow

[@ChucknMcNuggets]

I'm so ready to house hack... I'm selling my primary home because the mortgage is sucking out half my pay. I have about $100k in equity on it, and plan to live in a duplex, pay off all credit cards, and still have enough to put down on another multifamily house. It's been eating me away for a few years now, because I travel for work, which pays for the house, but am only there 2-3 days a week. It's blatantly backwards how I'm living. I'm about to throw a wrench in the system, and never buy another single family house to live in again. I'm hacking until I'm dead!

[@stevengtv]

ChucknMcNuggets get roommates. Rent out the whole house if anything

[@AZsuperhost]

Might want to look Into a cash out refi and rent out the rooms for that house instead of selling ? Maybe even take out a home equity line of credit while it's still your primary home :)

[@familytreeinvesting6608]

@@AZsuperhost Bingo! HELOC all the way! lots of lenders these days will to do 90% LTV, but definitely need to take advantage of that while still owner occupying.

[@MrTrav110594]

i know this is alot to ask for but im trying to compose a list of all expenses in owning a House. If you have the time i listed below the expenese i figured out and was wondering could you tell me if i missed anything ???? 1. Mortgage (Principal + interest + Property Taxes + Home insurance + PMI) 2. Home Maintenance 3. Lawn Service 4. Water & Sewer 5. Trash 6. Electricity 7. Gas 8. Internet

[@johnathanmark3129]

I’m currently house hacking a 4-plex with a 203k loan. Any thoughts on how I can repeat this since I can’t have more than one FHA loan at a time? @biggerpockets

[@adolpholiverbush5867]

You have to increase the value enough you can refi out of the FHA loan.. this strategy works best if you buy a multi that needs some work so you can always get out of it a year later... If it's 100 nice and at max value you have to wait for appreciation and loan paydown to get you to 75%ltv

[@johnathanmark3129]

Zack Howard Really good point, forgot I could refi into another loan product and do another 203k. Thanks

[@foshizzelin]

What was ur experience with the FHA 203k process? Was it easy, difficult? Would it a long process? I'm thinking about doing the same so any insight would be great. Thanks!

[@johnathanmark3129]

foshizzelin Getting approved and closing were pretty smooth. The issues come along during rehab. Your contractor needs to be able to float the entire project because the bank pays super slow

[@foshizzelin]

@@johnathanmark3129 how long did it take for ur rehab to finish? Yeah, I've heard stories about it taking forever because of paperwork and submitting all these documents before the bank pays. Overall tho, would u recommend it? Were u happy with the process? How big was ur rehab, light cosmetic or was it more heavy? Thanks!

[@rishireddy8878]

Housing inventory is extremely low. Housing super expensive. Where I currently live homes can sell for about $1M. Cannot afford that type of property.

[@melodeelucido1446]

completely brilliant and hilarious (31 mark) LOVE this. Done it several times!!

[@justinlopez2121]

What is MLS???

[@bullbear1113]

Love house hacking been doin it for years!

[@TheZeedler]

Hacked my first quad in April 21'. Looking for my next one before April 23'.

[@luismanuelcaprilesguerra5219]

@BiggerPockets Hey how did he do the FHA/Airbnb strategy? FHA loan rules do not permit rentals of living units in the home purchased with an FHA mortgage if those rentals are for less than 30 days. The Airbnb business model is not acceptable under FHA loan rules, which means that if you purchase with an FHA mortgage, Airbnb operations are a violation of the FHA loan rules.

[@algo9136]

Craig, do you put a house hack under LLC' when you move out?

[@rishireddy8878]

Even duplexes are expensive

[@theitalianguysfoodtour4940]

Can you make rules for single family house hacking and what is the laws I'm in massachusetts Can you make a lease per room

[@ChrisTheCentaur]

What's the book called?

[@curelop]

Chris Marquez The House Hacking Strategy by Craig Curelop.

[@frankpappalardo4455]

Hi House here in a university town. It has hospitals in a major university during the summer I use the unit to run to University for visiting scholars etc. and then five hospitals and I do the same thing

[@didi7680]

To sell my house or rent it out. That is my most pressing issue at this time. Decisions decisions!

[@athanseyler1957]

Dianne Daraitis if you sell it why not do the tax code 1031 with it?

[@familytreeinvesting6608]

Always a tough decision! What would you do with the money if you sell it? If you can leverage the proceeds into a better investment with a higher NOI, do it! Another consideration would be taking out a HELOC to use some of your equity. Cheers!

[@didi7680]

@@familytreeinvesting6608 Oops. Didn't see your message. If we sell this house we will take the hundred thousand and I don't know LOL. I know we would move back to Minnesota and probably rent and put our stuff in storage till we figure it out but I might need the money for a down payment on a new home and then what to do with the money after that I don't know

[@didi7680]

@@athanseyler1957 what is a tax code 1031

[@didi7680]

Nm. I should clarify that the home I want to sell is not an investment property. It is my main home. Now we used to have a rental property in St Petersburg Florida that we lost in the 2007 8 housing disaster. So now we only have our main home which is homesteaded in Tampa Florida. We are considering moving back to Minnesota and that was where I asked you guys if we should rent out my main home or sell it

[@widowsson8192]

Im assuming that a quad is generally most profitable for house hacking. Is that true?

[@didi7680]

I've never heard of a quad.

[@ianscianablo8507]

What is a "unit" and what is a "plex"? Is a 4 plex house 4 independent apartments or rooms? Can 4 families live in a 4 plex? Thanks!

[@ianscianablo8507]

@@tylerkgarcia Thank you Tyler. So...a triples is 3 separate homes? (kitchen, bed room, living room etc...?)

[@ianscianablo8507]

@@tylerkgarcia Thank you Tyler! This helps! Would love to SEE videos on these units. Be safe.

[@ianscianablo8507]

@@tylerkgarcia Hey Tyler. So... a duplex has 2 kitchens. A triplex has 3 kitchens. A 4 plex has 4 kitchens? The only difference is that # of bedrooms in those plexes. Right?

[@Geaxuce]

I've been dabbling in learning real estate and when I mean dabbling in real estate I really mean dabbling in dabbling in real estate. I just got a confirmation from this video that my plan can work. Although I live in Europe. Where I live you stand in a queue in order to get what's known as a firsthand contract where you rent from a larger housing company instead of private individuals. You can also rent from private individuals as well. I came up with a plan to get a 3 room apartment on loan and rent out a room while either my girlfriend or myself can get into a firsthand contract also with 3 rooms (2 bed, 1 living room. Kitchen and bath are always included here) and rent out the whole apartment while we live in the rented one and rent out one of or both of the rooms in the rented. To try and build my wealth as quickly as possible. I'm having a difficult time with trying to figure out what my next step would be after that. It can be pretty cheap to buy land here, around $10k for about 6k sqrfeet. I thought of doing that and maybe doing something with that. I'm not sure, though. Time will tell and we shall see :) It might not be the quickest way to becoming really financially free but it's better than and quicker that hoping for a winning lottery ticket 😀

[@nicolegreathouse1769]

If you buy a house with mother in law building to house hack would you just buy a mailbox and put your address with 1/2 at the end?

[@edwardgazi7717]

The comfort zone is where success goes to die. Not saying that you don't need sny sort of comfort

[@Dipper964]

Instead of 20% down, how are you able to get 3% down on a second home with potential rental income?

[@zohill4423]

How can I get some assistance on house hacking for the first time

[@scotttimpson7269]

Me. I’m going to be the person living out the back of the property in my trailer, and holiday down by the river. Win - win !

[@dannymcclinton3761]

How long do you have to wait before I can move out of the house ? #NoPrisonHack lol

[@dandypants1983]

If it's a typical owner-occupied loan, usually a year. But check with your lender.

[@mjschoensee93]

Any more adieux. That is hilarious 🤣.

[@cbahl1131]

i pay $142 to live on my side of the duplex. bought it for 310k its an 8 bed 2 bath. i will used the unit im in now to buy my next property, i make less the $25 per hr.

[@kcurby]

Brandons high on this one lmao

[@Ch-hg1iu]

Wow 5 years

[@MrTrav110594]

I'm looking to buy a 4 bedroom House and House Hack Can someone list all the expenses in owning a House ???? This is what i got so far. Did i miss anything ?? 1. Mortgage (Principal + interest + Property Taxes + Home insurance + PMI) 2. Home Maintenance 3. Lawn Service 4. Water & Sewer 5. Trash 6. Electricity 7. Gas 8. Internet

[@Iknowthelaw13]

That looks right

[@eliazibmatias9949]

Vacancy

[@lingjin2772]

Before I know this term “house hacking”, just realizing I’m doing it already!

[@cymbidiumm]

Hahhahha cut the sponge just ruined the intro song for me 😂😂😂

[@fanatic4hockey]

Can you house hack in today's market? All the homes/multi-units are being bought above market price

[@KevinJ-o9c]

House hacking seems like a cool idea, but what if you're a single dad like myself? I dont trust people around my 10 year old daughter wth?? unless it's a different unit....but what if you live in an expensive market like LA. even in the worst neighborhoods shits still high here man...you guys make this shit seem so easy

[@BrianSchoedel]

House/prison hack 👍

[@david88va]

I'm pretty sure people have been house hacking since we lived in trees. After you leave the parents tree, rent out the branches of your tree to your friends 😂😂

[@johnjimenez4303]

19:00

[@TommyMccoyMedia]

Thumbs up for prison hacking! Lol

[@MaxSabbath666]

If you don't know a meth head when you see one you should never be landlord

[@Lljm90]

Rich dad poor dad said how can I afford this and not I can’t afford it

[@mohamedabdi2702]

Too much side talk!

[@Abcd37g]

Doesn’t sound as easily doable with a significant other

[@tommymack3210]

Just get to the talk, quit the intro

[@alejandraw.476]

Smoking meth in your own home is legal in Denver???😆😆😆

[@sam5miy]

#empire

[@twolvefan8]

Sponsored by lucky charms

[@jackgreen6240]

Lol - Prison Hacking : 3 hots and a cot!

[@tamirajohnelle4700]

“Prison hacking” lmao

[@marke.8334]

If y'all haven't seen a documentary called... It's worse then you think... By revelations of Jesus Christ ministry... I suggest you do... All praise and glory to the most high Jesus Christ

[@MattBuysHouse]

If your house Jacking with roommates. Are they short term or long-term? Are there rules like walking around In underwear or naked etc? 🤠

[@SterlingWhiteRealEstate]

36:43 "Is this is single person's game?... Or is this something that, you know, ugly guys like I could do?" "ANYONE could do it!... Depends on what strategy works for you and your family."

[@mikemastantuono]

Show is Great. But, Can you stop with the shrill "quick tip"? Makes me cringe every time. Actually keeps me from wanting to share with others. And, get rid of that dumb fire round intro. That's all, keep up the good work. Thanks.

[@juliancolvard7567]

Meth is legal is Colorado?????????? She didn't get arrested for METH?!