How do you take an existing asset and find alternative ways to profit from it? Or, how do you buy more house than you can afford and live rent-free by building equity and cash flow? House hacking.
Today, Clint Coons of Anderson Business Advisors talks to Captain Kevin Brenner, co-host of the Active Duty Passive Income (ADPI) Podcast and head coach of Operation A.T.O.M. (Action Takers Only Mastermind). Kevin teaches military real estate investors how to build passive income through smart investments.
Kevin started his real estate investing journey in late 2018, after using his Veteran Affairs (VA) Loan Entitlement to house hack a quadplex in Savannah, Georgia. Through careful quality improvements, Kevin renovated each unit and raised the rents $500 per month/per unit. In July 2019, Kevin joined the ranks of the ADPI team and is dedicated to helping other service members and veterans.
- What is house hacking? Easier way to reduce, eliminate, or cash flow mortgage
- How to take advantage of house hacking? Seek properties where you can rent out bedrooms, separate spaces, and more areas
- What is a carriage house? Separate space or apartment that’s part of a single-family property that you can rent out to pay your mortgage while living in the main house
- What is the ideal property for house hacking? Depends on number of units, not number of bedrooms; look for the right property and strategy
- How can a house hacker level up? Start with roommates, then live a life of luxury in the comfort of your own home paid by others
- Where are the best places to house hack properties? Depends on market and occupancy regulations, but college towns and tourist destinations tend to be popular
- Do you have to house hack with people? No, there are other options to create cash flow, such as renting out your garage for storage space
- What type of insurance coverage is needed? Contact insurance provider about short-term rental and supplemental policies
- When, where, and how to research rental agreements? Ask for advice and reach and to other investors and attorneys to find out their processes and precedence
- What are some differences between conventional residential, VA, FHA, and other loans? Down payment percentage, occupancy regulations, and mortgage insurance
- What are potential house hacking pitfalls to avoid? Work and responsibility are still involved, so consider managing your own property if you’re wise in real estate
Kevin Brenner’s Email
Kevin Brenner on Instagram
Kevin Brenner on Facebook
Kevin Brenner on LinkedIn
Active Duty Passive Income (ADPI)
Active Duty Passive Income (ADPI) Podcast
Operation A.T.O.M. (Action Takers Only Mastermind)
Military House Hacking Book
Military Real Estate Investing Academy
Nimbus Capital Investment Co.
Veterans Affairs (VA)
Federal Housing Administration (FHA)
Anderson Advisors Tax and Asset Protection Event
Anderson Advisors on YouTube