EP031 Creating Wealth For Yourself - How to use a little known loan to purchase and rehab your first House Hack with Kevin Murphy
I firmly believe that one of the best ways to get into real estate investing in order to create your own financial freedom is to purchase a multi-family property and live in one of the units. This is called House Hacking, and its a fantastic way to build wealth while reducing your expenses by having your tenants pay your mortgage.
Today I'm excited to take this concept to the next level with Kevin Murphy, who just completed his first House Hack. The exciting part is that he discovered a little known way to finance the purchase and rehab costs using a HUD 203K loan in which he put down less than $4,000 for the purchase and rehab.
Now Kevin's tenants are paying his mortgage and utility costs, he is living 'rent free', and pocketing several hundred dollars a month! Not bad for a recent college grad!
Today, Kevin walks us through the entire process: His search for the right property, how he learned about this loan, and the challenges he faced making it come together.
If you'd like to learn more about Kevin and his business, you can visit his website at: