The Best Creative Real Estate Investing Strategy in Your 20’s
One of the top questions I get from new investors is what is the best real estate investing strategy?
And my take on this question is always the same…that there is no one best way to invest in real estate.
But if I was starting over again and had to choose a real estate investing strategy, I would choose the BRRRR Method which is covered here.
Today, I’ll be sharing a creative real estate investing strategy that I think is best suited for younger individuals used to living the college lifestyle.
Now you may have just saw that I said “creative real estate investing strategy” and started thinking to yourself what is creative?
In the real estate investing world, you’ll hear the term “creative” often, for example:
- creative financing
- creative investment strategy
- creative marketing
All that it means is doing things an unorthodox way. You are getting “creative” and not following the traditional methods or concept.
Getting creative in real estate is key to being successful especially when competition is tough in your market.
House Hacking Real Estate Strategy
Check out this short 9 minute video explaining this creative real estate strategy called “House Hacking”
In simple terms, you are buying a property to live in but also renting out that extra space so that it doesn’t go to waste!
It’s like college all over again except this time your roommates rent checks go to you instead of some landlord you never see and never hear back from.
House hacking works best by buying a duplex or triplex and living in one unit while renting out the other units of the property.
It’s a creative way to get your mortgage paid for by someone else while you still get to live on the property, unlike traditional buy and hold rental properties where the tenant occupies the house to themselves.
The alternative house hacking version is buying a property with 3+ bedrooms and renting out the extra rooms to roommates!
This is why it’s a top recommended real estate investing strategy for younger individuals who still want to live with roommates AND who have the financial ability to purchase a house.
But it’s not just limited to young investors. Many older couples who have extra space in their home after their kids have moved out tend to use this method to make extra money from real estate too.
In fact, California is a state where many people use house hacking to cover their bills by renting out extra rooms to tenants who will gladly pay $1,000 to $2,000 per month to rent an extra bedroom.
Now that you’ve learn what house hacking is in real estate, check out our favorite methods for finding deals including some creative marketing strategies!
And if you need help with funding a deal, check out these creative financing strategies as well. If you’re going to use a normal conventional loan with a bank, don’t forget to ask these 7 questions to your lender first.
- Sign up for our FREE 10 day email course on real estate investing
- Grab our cheat sheet of 10 marketing strategies to get more property leads
- Check out our YouTube channel for more helpful tips and lessons on real estate investing.
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