Instant Freedom: How I Bought My First Property At 22 :House Hacking
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- Опубліковано 25 сер 2024
- I Believe that house hacking is by far the best way to improve your finances and set yourself up for financial independence and early retirement. Even if it takes years to get it, this one choice will change your finances forever with very little effort.
This is house i was able to save up for my first renal property ( House Hack) at 22 and the steps of how you can do this as well. New videos every week.
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It's crazy how he said, "I didn't go to college because I'm not smart enough" half-jokingly but look at this guy, he is house hacking at 22 setting his life up for success. It really proves that a college education does not dictate a person's intelligence or their potential level of success in life.
I feel so proud of you and everyone who watched this vid and for getting started on creating generational wealth🌟💞✨we can do this guys!!🧡
god bless you
I house hack with a family of 4, soon to be 5. I can testify that it changed my family’s finances, is part of the reason we save 40% on 1 income, and makes us much closer to FIRE because of this one decision.
That's awesome!! So many people say you can't do house hacking or financial independence with a family but it's absolutely possible it's just a choice. Great job
I also just had my 3rd daughter making us a family of 5 Living sacrificially on 1 income in order to save for a home. A few days ago I came across the option of house hacking. Does it really work? I wouldn’t want to invest in something and lose what we’ve worked hard for these past couple of years.
Awesome!! We are currently doing something very similar with our family of 3 (soon to be 4). We house hacked a single family house, and then progressed to house hacking two duplexes back to back. Can't get enough of it!
@@carlosc.5683 100% it works. We are currently doing something very similar with our family of 3 (soon to be 4). We house hacked a single family house, and then progressed to house hacking two duplexes back to back. Can't get enough of it! I am a big fan of side by side duplexes. I think they are perfect for house hacking because they provide more of a singe-family-home feeling, but you get the benefit of a renter helping pay your mortgage.
yay!!
8:19 video starts
not putting him down, just providing cliff notes
Thanks Alex. Yeah i normal dont go this long was just trying to let some people know my back story and that really any normal person can do this
At least for me you really explained those last steps well,. the strategy you used for your first purchase and what you'll be attempting on your second! Very awesome, myself I had about 20K saved, franchise would be great. I went some other routes though.
I think what scares people the most about house hacking is that they're dealing with tons of cash which they don't have, wings credit financing, refinancing the whole ordeal, sounds overwhelming. But unlike those last steps you were talking about, didn't have the money you did the FHA loan add a percent and you were able to move in provided you stayed there a year and have 6 months backup financial storage. By the way great video great story great notes, and I'm surprised I found you with such little views and subscribers. Two things, what state major city are you in and have you heard of BiggerPockets podcast
yea thats true but its really not as scary or hard as people think onces you get started as long as your math is good and you did your research.
im in manchester nh
yes i used to listed to them a ton! lots of great info
Thanks
I have kids that are currently 16, 17, and 19 (first year in college). I will be forcing them to watch this video in the week ahead to set themselves up for success down the road. Great info and I'm super glad you kept it real. This is something they can relate to, versus dad talking down to them about getting ahead in life early. Great presentation and fantastic info!
Absolutely! I hope it helps! Skipping collage and househacking can change your life not glamorous bit it's simple and works
@@GabeBult I've tried telling my oldest to do exactly that but she's am aspiring school teacher, chasing her passion. I can still get through to her about using the real estate investments as her path to wealth while she chases her passion. The other two are on board and we're full speed ahead! ,😁
Don't forget to refinance once you own 20% of the property to get rid of PMI.
i will for sure!
Yes and that may simply be appreciation
Can u explain that?
@@solo.life.travels7215 you have to have 20% equity before you’re able to refinance. In his case. 200,000 house. He needs 40,000 paid, refinance and he no longer has to pay that additional $160 a month. Also you can move out and rent that property after that equity and year of living there has been met. Rinse and repeat.
@@XXX-cn7gj wowww, thanks so much !
Great video Gabe, got a lot out of this. My son is 18 just deciding about college and he's alot like you say you were here. As a mother this is great to see. Cheers big ears!
You need to stop saying you're dumb! You're obviously pretty smart!
I think he means college dumb. According to the intellectuals or “experts”. 😉
Smart people think out side of the box. Don’t follow what the Matrix set up to keep us as sheep’s. To keep the elites rich.
Thank u I’m 40 n I still don’t know what to do .... ur smart n seems a good person .
Awesome. I’d say you were incredibly smart in your early twenties. My 20s was completely a lost decade... at least financially. 😩
Thanks! It's just because I knew about this stuff if more people knew sooner they would too that's why I'm trying to share all this
@@GabeBult thank you bro i am 17 hoping to do this around the same time as you
Jup same here 😂. Although I look back with a smile cuz I had a lot of fun in my student years
I just found your channel last night, I've been looking Into getting into real estate but never took it serious, thanks for the motivation
Your debt to income ratio also matters. I got pre-approved for an owner occupied FHA loan but it was on the low end because 1) I had a student loan payment and 2) I have a child support payment listed on my divorce decree that counts as debt, even though I have 50/50 custody and don’t actually pay child support. Now I have to go to court to have my decree amended. My credit score is really good but the debt to income ratio can work for you or against you
I can't wait to get our first duplex going to start looking in about a month.
Awesome!! Let me know if there is anything I can do to help!
@@GabeBult I will deffinetely be in touch.
Best of luck, K. Weis!
What happened?
@@LuisC7 currently in the mortgage process
Our house was purchased as a fixer upper. It needed a lot. It's not something I'd recommend people do unless one of you is good at home renovation. My husband is a carpenter. We replaced the windows, kitchen, dining room, added a bathroom, replaced the other one, etc. In other words, we gutted it room by room. It's worth more than most of the homes on the block now. We may buy a multi family building next.
Dude thanks for making this video.. im 20 and buying a property in a couple years to me was intimidating but you dont make it seem so hard
This was a good one. You went into detail on comparing FHA's and 20% down. Thanks for that!! Keep it up. Also can't wait to see your new place.
Thanks Bandfight!
glad you enjoyed it! yea im hunting for it hope im able to find one soon
Congrats man I bought my first property at 23 while I was making good deployment money in the military it set me up nicely 13 years later
Very excited to start my journey by the end of college🎉🎉
Great video Gabe, I'm nearing the ready stage to pull the trigger on my first house hack. My goal is by end of next year. As a military veteran I do have the VA Mortgage available to me which could allow me to get into a house hack with $0 down and NO PMI, but the closing time could take 40 to 50 days and that might mean missing out on some good deals. If you haven't already maybe sometime you can talk about the First Look Initiative which can help aspiring home-buyers and house-hackers get in on good deals before the flippers with large amounts of capital snap them up.
thats awesome! thank you for your service.
The VA is a great program and even if it does take longer to close i would do that then just get another deal with 20% later with all the money you saved lol
for sure! ill be doing one on that soon! there are definitely some great programs and incentives for first time home buyers and some hacks ;)
My family and I are currently house hacking a duplex using a VA loan. Closing time in our experience was very similar to a conventional loan. We put 5% down to save a few dimes on the funding fee, but zero down is a great option too! Recently made a video about some of our house hacking experiences. I'm hoping to post a video soon about our experience with using a VA loan.
Wow! Thank you for sharing your insight. This is my goal for my first home which will happen by the end of 2021-mid 2022 as I am currently saving the for dp/reserves. Looking forward to watching your financial independence series!
You are an amazing entrepreneur. I wish I had done this as a younger person. Thanks so much for sharing your journey to financial freedom with us.
Blessings! 🙂
I' m Sorry I was soo behind on all this too. Glad to have learned so much from here.
Please do a video about finding tenants ( that are reputable and won't trash your property) and how to handle them if they don't pay on time.
Absolutely I'll be getting the next property soon and I'll show you exactly how I screen.
Yep every section 8 person who moves into my suburb gets thrown out within 2 months they don't pay their rent... And then they have to rehab the house again.. cuz it's! TRASHED..when they leave😖
@@GabeBult Save yourself a headache and use a service like TurboTenant (not advocating for them, just an example). There are many options that tenants pay to go through the process so you don't have to pay a dime. When you get a tenant, and you think they are the right fit. If your service only provides 1 credit check, say with Experian. Run their credit with another one for cross reference ever if you pay for it. Many times some creditors don't file with all 3 of the agencies (Equifax, Experian, and TransUnion).
200k$ for a multi family home?? Dayum, here in Norway a mini dual home goes for 5-600k$ and multi family homes for closer to 1millon $
I hear you I'm definitely in a different market but there are tons of different ways to house hack that don't involve buying multi families
Mooooooove
Come to Green Bay, Wisconsin! Homes are affordable and the cash flow is great. Recently made a video talking about the cash flow on one of duplexes. ua-cam.com/video/ClrAVepJogY/v-deo.html
We almost did that in Piqua Ohio
@@GabeBult I live Dallas and yes multi family homes are way to high here as well can you explain the different ways of house hacking that don't involve buying multi family Thanks in advance
I am 21 planning on getting my first investment property before I turn 23! I’m saving for down payment, closing costs, and reserves to house hack a small multi family in arizona! Excited! Pinching pennies right now to save as much as possible
You sound like me. I'm 15, and you're describing almost exactly what I've been planning on doing. Subscribed!
Awesome man keep it up!
Thanks for subscribing
@@GabeBult qdyjkgoi
hey bro, judging by the age of this comment I’d guess you’re around 16 now, which is my age! Do you wanna trade contact details like snapchat or email etc, I think it would be really cool to have someone my age to talk about this stuff with, what do you think?
@@samc9483 I'm 17 and I'm so hooked on investing just don't know how
@@thegentleman03 u should both get into stocks to double ur savings because u should not let money sit since inflation will destroy its value. After u double ur savings or more u can put it in on a down payment on a crib. Investing in apple is super smart since it’s value is about to double. Right now it’s at $120 and it’s going to atleast go to $200
Currently trying to get into house hacking before my lease with my apartment ends! Thanks for this
Thanks for your story about your early 20s... This is exactly what I plan to do and it's exciting that you already did it!
Absolutely. Anybody can follow these plans I'm definitely not the first and won't be the last
Thanks for sharing! Maybe you can do a video for top 10 or 20 cities/states to house hack for cheap but not a boring place?
I'll have to look into that! There's so many different ways to do it though you could do it in the most every city besides the major ones
Gabe Bult definitely! I live in the Bay Area and want to achieve financial independence but it’s tough here. Everyone near my age is priced out! Gotta find a new place to call home!
yea the prices are insane there
I grew up in the Bay so I know what you mean, Elo! I decided to move away and I pay a lot less in rent than my friends back home do, which is worth the move for me.
@Healing Touch with Julia thanks for sharing! What cities were your choices and where did you end up going?
This is awesome and very encouraging! I’m working my first job out of college and learning a lot about personal finance along the way (thanks to UA-cam).
I’m excited to do this too once I’m in the place I want to settle down in!
awesome! this is by far the number one thing i recommend to my friends it just makes a huge differance
Pause on any frame of this video. You will see either Dane Cook or Heath Ledger.
How am I just finding your channel?! I wanna thank you for your transparency through your experience, I think you teach and explain things very well. You have a new subscriber. Keep up the good work. Looking forward to learning alot from this channel.
Glad you found me Branson! I learned a lot from this channel as well lol
This is exactly what I’m preparing myself for. Great video man 👍🏾
Me too , at 33 lol
Great stuff bro! 23 here just married and we are planning on house hacking in the future
“Worked for my dads company”
Man I wish I had connections.
Luckily after years of hardcore searching I found a small opportunity and actually make more than 10$ an hour
Very nice! What do you do for your job?
I like to hear all the old fashioned houses there I live in that type of suburb too..100 year + Houses 💕
Young not dumb 🙂 you had that level of self awareness and intelligence to not just go with the flow and make huge life decisions like dumping tons of money into an education that you don't know what to do with. I got an AAS Accounting Assistant degree, turned out to be more valuable in side hustle work.
Great video, thanks for sharing your story it’s very motivating!
Glad you enjoyed it!
Good video. Just based on the terms you mention I bet you also listen to bigger pockets. I just bought my first house hack, currently living for $400/month, where the average rent is $1400/month.
Absolutely that's where I learned a lot of my initial information it helped me so much! That's awesome Michael !
Do you have any videos on tips about listing your property on sites like Zillow, Redfin, 21st century realtor, etc...? I want to make sure I don't overpay for their listing services. Great and informative video btw!!!
Great video man! Always enjoy them
Thanks Harrison! Really appreciate it 😊
My wife and I are currently house hacking a duplex, also your video is super clear, I may have to look into that camera that you're using. Right now I use either my phone S10 or my Sony NEX 5R when I'm shooting video, but yours is really clear. Thanks for the vid, you also got a new subscriber....thx bro...
Gabe, stop saying you’re dumb. Yes, university and college prepares people to form analytical and thinking skills. But you have found a way to support yourself financially. If you ever do choose to go back to school, you probably will have the savings to pay for school. You wouldn’t even have to ask for a student loan. That right there, my friend, is smart.
Just subscribed from my recommended page! I’m 17 and I have almost the same plan! I want to get my real estate license when I turn 18 and start by house hacking and then transition to brrrr strategy, I also am starting a real estate photo video and 3D business because I am a photographer
Awesome 👍 keep it up
$200 000 would buy a nice shed around here...
Yeah I'm definitely in a lower-end market but there are different ways to do it in more expensive markets such as rent hacking
Awesome video and story, thanks for sharing
I’ve always wanted to do this. Duplexes are very few and far between, at least where I live. But I’m not giving up.. I’m going to keep searching. I may just have to move.
First time i looked into investing I was 20 yo. Due some issues that were going on at the tiime i stopped that, lost some cash,but earned a habit of organising my finances every month. 5 years later, I got some time and I'm back on track! I got some money seved and ideas. Time to create space for my wealth and keep on learning! This time with more experience and confidence. Wish you guys all the best!
You are a living example of the goal of Sanathana Dharma : To achieve Mukti ( Ultimate Freedom)!! To be free of all these bondages that current soceity is trying to push you into..
That's fuckin awesome hahah. Just finished rich dad poor dad and I'm so damn ready to do this exact thing.
I always feel as if I have learned something useful after watching your videos. I'm 18, and just graduated highschool. I'm going to go to school to become a teacher, and I'll automatically get in my first year for $40,000 (central florida in case you were wondering who is screwing over their teachers) so hopefully I can use your tips to save some money for the probably decade or so I teach, and then once I have a degree is psychology which is what I'll be going for afterwards, and I plan on using your tips on general frugal living to put away as much money as I can, and maybe once I am a psychologist or whatever I decide to do in the feild of psychology generally, or even before that if I have enough money, I can do a bit of the house hacking till I start a family and have those properties flow money into my bank account hopefully indefinitely. But if the housing market crashes, and I have the money for it, once it reaches cheap for me to do it even if it is much later, I could buy a few houses and make money off of it. Thank you for all of your advice.
That's awesome! I don't think you'll have to wait that long for a house hack. I was only making about that much a year before I got mine because of the FHA you needs very little down. Even 40 thousand a year you could save it 15-20k in in 2 years
Definitely keep me updated! If there's anything I can do to help let me know
Thanks for the video!
Glad you enjoyed it!
Amazing information! Truly life changing!
Where I am living, a 1,000 sqr foot flat costs about a million dollars. On average, property prices are rising by 5% a year. That means the price is rising by 50,000 dollars a year. Young people would have to save over 100% of their salary just to save up for the annual price increase. It's important to note, that while saving money and start early are usually good advice, depending on where one is living, or what the living conditions are, it is not always possible.
Where did you film this video ? This place is beautiul....i may want to live there !
Thank You for this video. I love your candid honest content !
I'm in Manchester new Hampshire
Thank You Gabe.
Can you tell me anything about the area? What kind of work supports the community ?
I appreciate your prompt response to my question.
Many blessings to you on your journey. I love the way you bring it all together !
Thanks again 🕉
It's one of the bigger cities in New Hampshire there's a bunch of different stuff going on here it's not necessarily one thing lol
@@GabeBult
I am impressed with all you have "built"... hey, your last name is, "Bult" !!!! Perhaps that is why ? "Nominative determinism"
(You may want to consult the Grand Oracle Google on that !?!)
Lol 😉
Your "I'm not smart enough" comment when you were talking about college was ridiculous. College is so overrated unless you want to be an engineer or other high paying careers.
Very gud content thank u. Stocks have no stock hacking so this proves that real estate is the best investment vechile
You just have to get over the initial hurdle of affording the down payment. Then it's game time!
Thank you for making this!
Glad you enjoyed it
Old vid but you talked about making $1,000 cashflow from that property when you move onto the next. How do you find properties that cash flow that much? I'm looking in my area and can't find something that cashflows at all let alone cashflow $1,000 a month. Maybe I am calculating it wrong. How do you calculate/find properties that cash flow?
I don't know if it's been said, but if you get your balance down below 20% you can get that PMI dropped.
Great video! I I did something similar with my college property this past year.
Awesome!
Im 23 man and my first year in, but mine is a 5 bedroom and I live in one of the bedrooms!
Working great so far, I plan on getting another in May or June :)
Really appreciate you putting this out there, it's amazing what it can do!!
That's awesome! If I was single I would do the exact same thing
Thanks for sharing your tips. You mentioned you knew how to work the numbers to know enough if it's a good investment. You sound smart on that - Please let us know how to learn that as well. Properties there are really cheap $200k. Here at the San Francisco bay area, the prices are way. more exorbitant. Where are you located? so maybe I can finally own a property now that I'm closer to retirement age and the prices here keep going up.
Brilliant !!!! Thank you
Nice video. You got smart young
Thanks Sonya. Well young at least lol
Great video. Very encouraging!
Thank you really appreciate it that was the whole point. it's really doable for anybody and has helped me so much!
@@GabeBult I live in one of the most expensive areas, San Diego, and kind of gave up on buying a place. I'm going to save and see if anything is affordable when the market drops, or might look in investing somewhere else. We'll see.
@@jenniferg3251 thats hard. might be better to invest somewhere else or do a different form of house hacking depending on your situation
Great video
Great video thanks
Thank u. U inspired me
Sorry your video answered my query - cheers
👍
"House Hacking"?
Teach how to "run the numbers"?
How to screen renters?
How to qualify for an FHA?
How to find a REA who will mentor?
great video. as far as location are you looking to stay close to your current property? how did you choose what neighborhood to focus on?
Inspiring
Thanks for putting yourself out there and sharing this helpful info for us young folks who always feel like we cant do anything cause we broke lol....well at least I am
Glad you got some value! It doesn't take much to really change your life just some decisions early on
I wish to know how to do the same. Running the numbers
Not to be all sassy I realize your relatively new to UA-cam but if your going to make all these cuts, keep your audio consistent
Thanks I absolutely agree I had some problems with this one lol
Why wouldn't someone living in a bigger city (ex.Miami) take the same approach? (FHA loan + house hack)
Sometimes with more expensive houses the numbers just don't work and you have to use a different method if you start getting into multimillion-dollar buildings it gets tricky and you might have to do rent hacking or something like that depending on how much money you have
New subscriber from philippines
Philippines? that's awesome! thanks kert!
Can you make an update video, to include for those broke men how it works step by step
Step one, choose a father that owns a company
Are you going to put down 20% on the next house hack? Love your videos. 😀
Lol yup that's the plan so I can start reusing my money
I will talk a little bit about your renters in the methods you used to keep up with rent
sure ill be covering that at some point soon. for one property its pretty easy gets a little more complex with more propertys
it is funny to understand the cultural difference between American and Chinese. My parents pay everything for me eg. car, house, college tuition. I still live with my parents and I am very happy about that. My dad will leave me 3 million inheritance and I'm basically retired at the age of 40. :) I like my dad a lot.
That's great! Yeah it's very different everywhere in some places when I make would be a lot and others it is nothing. The whole point is happiness
@@GabeBult to be honest, I'm not proud of my net worth because it is inheritance. However, it does give me luxury not to work for someone else and I am a minimalist and so I do not buy things. I wish you reach your financial goal soon or already and enjoy your life! it is so good not to deal with nasty boss and colleagues. :)
In Chinese culture you will care for them when they are old.
@@detoxlady6777 it is cool. I care for my parents. I consider my dad as one of my best friends. My mom.. hah..
Crazy, definitely different
4:01 the most peaceful laugh
Were you limited on the choice of properties that were accepted for an FHA loan? Were there more specific qualifications the property had to abide by? Since it’s a government insured loan? Up to codes and safety? When I bought my first property I found myself extremely limited with the properties available to me if I had chosen and FHA loan. Which is why I ultimately went with conventional. It’s hard to find FHA insured multi family properties in my area. I’m about 30 minutes north of you in the lakes region area.
I didn't really have any problems and the one I got was kinda a wreck u just can't have chipping lead paint ect
how did you get approved for a loan with such a low income ? awesome video and helpful by the way!
You can't really buy a multi family house in Bay Area for $2,5m
Absolutely in a high-priced market like that you'd probably want to rent hack or do this a different way
The day when he didn’t have a perfect audio and mic 🎤 imagine how his videos now are extremely perfect
The further back you go they get pretty hard to watch lol
Gabe Bult your videos now are stunning 🤩
Thanks 👍
College is not the current meta
nice, i’m 19 and my 2021 goals is to save most of my income which should be easy because I have no debts and I work, and live with my parents. My goal is to house hack !!! can’t wait to see my journey
I’m also working on my credit
Bro you went from 15-18 back to 11 😂😂😂
my guy if you dont stop calling yourself dumb lmfao youre clearly not , also new sub
Most realist video ever.
Nice video man. I live in MA actually 30 mins from Manchester Nh. The market here is pretty bad a 3 family house around me are about 500-600k and neighborhood not that good. I would actually move to NH also, are there more similar to yours a 3 family for 200-350k? Looking to buy first home in the next yr
Hey Gabe, where did you get your license (real estate license) and how long did it take? Or were you specifically talking about your drivers license? I also live in Canada and am very much interested in getting into real estate
it was my real estate license it took like 6 or 8 weeks and is like $500
@@GabeBult Thanks Gabe. Which website did you go to get licensed? I'm looking at OREA's website and one course [out of 5] costs 575 alone. Each course ranges from 450-600 CDN. Not sure how you were able to get it for $500.
So what do you do now for a living? Other then UA-cam?
And then came 2020
I never noticed someone having a nice camera until this video
Wait are you on one of those stick things
What about property tax? Sometimes it costs just as much as rent would.
I’m looking to go into college very soon here (next fall). With me most likely using a FASFA loan, do you think it’s wise to also purchase a Duplex/home and house hack even though I’d be in college ?
If you can I would absolutely try to depending on your circumstances in the price etc but if you're in a good financial position living for free or having some income wouldn't hurt anything
What website do you look at for buying property or do you just look at local real estate??
Well I'm a real estate agent so I look on the MLS or when I wasn't an agent I talked to a realtor and they set me up for emails of new peropertys