Episode #462
Episode Show Notes: https://link.chtbl.com/Rookie
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Home Equity: What It Is, How To Calculate, & How To Use It:
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This assistant principal slowly and steadily used home equity to invest, helping him acquire seven properties in just over ten years. These properties have now seen sizable appreciation, and he has hundreds of thousands of dollars in equity, all thanks to taking it slow and making the right moves on the right rental properties. This might be one of the most repeatable paths to wealth out there, and you can copy it to a tee to build wealth, too!
James Likis got his start where many rookie investors do—house hacking. Except it started WAY before he was an adult. James remembers his family house hacking as a kid, which prompted him to buy, not rent, as soon as he started looking for his own place to live. After house hacking for years, he saw his equity grow and later used this one property to buy his dream home, which would help him build even MORE equity.
James has used this equity-recycling strategy to buy over a million dollars worth of real estate, and it all started from ONE house hack. You can do it, too, and like James, you may begin searching for even more affordable housing markets where your dollar can stretch further. Today, he’s sharing how he used his home equity to grow his real estate portfolio, why he decided to invest out of state, and a specific home renovation loan he used to turn his second property into a fully-renovated, high-appreciating family home!
00:00 Intro
00:59 House Hacking Since Childhood
05:16 Using Equity to Invest
09:33 Buying Rentals Out-of-State
15:59 Home Renovation Loans
19:45 HELOCs and BIG Equity Wins
27:10 House Hacking as a Family
31:06 Managing a Home Renovation
32:41 Was It Worth It?
