Logan Allec, the founder of MoneyDoneRight, stops by to talk about real estate investing and house hacking in your 20s.
- Logan bought his first investment property in his 20s. It was a quadplex and Logan lived in one of the units while renting out the other three.
- Since one of the four units was his primary residence, he was able to qualify for a 3.5% down FHA loan on the property.
- And since he was renting out the other three units, he essentially lived mortgage-free — a strategy often called “Housing Hacking.”
- Living near Los Angeles, many of Logan’s peers were recommending that he invest in out-of-state real estate. But he decided to stick with properties close to home. He explains why and the pros and cons of investing in Los Angeles-area real estate.
- After succeeding with his house hack, Logan tried his hand at his first flip. He used a targeted mailing list strategy to identify landlords that weren’t receiving tenant payments and would potentially be interested in selling at a discount.
- After buying his first single-family dwelling, Logan outsourced $8,000 worth of renovations before flipping it for a nice profit. He talks about ways to find dependable independent contractors if you’re not particularly handy.
- Finally, Logan talks about why he decided to launch his website and how he was able to scale it into a full-time job.
- Learn all Logan’s real estate investing tips and tricks (and self-employed business advice) in this week’s episode!
Are you interested in turning your investment property into a short-term rental through a site like Airbnb? If so, here are the Pros and Cons you’ll want to be aware of.
