How to live mortgage-free while building wealth by house-hacking.
House-hacking is how I ended up getting into real estate in 2002. The first home I bought was a three-bedroom, two-bathroom home. I got a 30-year mortgage on it and I rented out two of the rooms. I had $1,200 per month coming in, which offset my mortgage. I was essentially living for free.
It was a little difficult having roommates, but was it worth it because I was able to claim that $14,000 of extra income I was getting per year on my taxes. Then I went to the bank and they approved me for more properties. I ended up buying four more homes and renting them out as well.
There are different types of house-hacking. You could buy a duplex , rent out one of the units, and live in the other, for example. You could also buy a two-acre property, build another house on the land, and rent that out to offset the mortgage.
If you’d like to know more about how house-hacking works and want to do a no-obligation consultation, please reach out to us. We’re also here to answer any real estate-related questions that you might have.
Here’s what homeowners should know before selling to iBuyers.
The term “iBuyer” stands for “instant buyer,” and they use data and algorithms to tell you what your home is worth and make a cash offer based on that figure. There are lots of them out there in the Charlotte area, so I just wanted to quickly take you through how these companies operate.
Let’s say you’re ready to sell your home for $300,000. You call up an iBuyer, tell them your price, and they’ll send you a contract with that exact price. They’ll get you to sign it, they’ll sign it, and then there’s some confusion about what takes place after that.
The iBuyer will come to your property, bring inspectors, and go through it with a fine-toothed comb. They’ll uncover anything and everything wrong with the home while also charging a 10% fee. By the time you get your final bill back, you’re only going to sell for $220,000 to $240,000, not the $300,000 you were promised.
We can help you in the same way that these iBuyers do, but better. We are working with families who are willing to pay your price for your home without pulling the wool over your eyes. We’d love to meet to show you what you could net at the closing table by choosing to sell with us over an iBuyer.
If you have questions for us about this topic or anything else related to real estate, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.
We’re going to highlight the best parts of the Charlotte area.
According to the news, Charlotte is one of the top 20 cities to move to in 2021. In fact, Charlotte has been in the top 20 for the last three years.
There are so many reasons to move to the Charlotte area and there are so many amazing things to do. If you’re a nature enthusiast, there are incredible trails, outdoor centers, and activities for kids every day of the week. Do you love grilled cheese, sushi, and french fries? We have carb stops all over the place. Do you have three dogs? We have dog bars, parks, and paved paths everywhere. Are you a huge sports fan? We have teams for that too. Charlotte is the place to be.
As a Charlotte native, I’ve seen this city change a lot over the last 40 years. I’m still exploring new places every week. With so many options of places to eat, events to attend, and people to meet, it can get very confusing on where to begin. We’re here to fix that. High Performance Real Estate Advisors has decided to launch a mini-series called “Where To Go in Charlotte If You’re Into ______.” It’ll come out once a month, so whether you’re a nature lover, sports fan, a family of four, have three dogs, or love carbs, we’re here to help.
If you’re interested in something specific about the greater Charlotte region, please reach out to us. We’d love to spotlight this beautiful city. Follow along each month as we give you a warm southern welcome.
Here are three reasons why I believe our housing market is not in a bubble.
So many people have been asking me lately if we’re in a housing bubble. My answer is that we’re not, and here are three reasons why:
1. Inventory is 3.8 million homes short. We need more homes to be built. We stopped building them after the market crash of 2008 and a lot of builders went out of business. Now, they’re back at it.
2. Lumber costs are down. We’re down 46% from the all-time high we were at a few months ago. Although builders are still passing along the extra lumber costs to consumers, they don’t mind it because interest rates are still so slow. I just locked in a 30-year mortgage for 2.375% a few weeks ago.
3. Only two million homes are in the foreclosure or forbearance phases. They have an 85% pass-through rate, which means a majority of these homes won’t go to foreclosure. The worst-case scenario is that we’ll have 15% of two million, which is about 300,000 homes in all of the U.S., that will go into foreclosure.
As you can see, we’re not in a bubble and not headed for a crash. If you have any questions about the market, buying/selling, or anything else related to real estate, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.
Here’s how we can help with any type of home inspection you may need.
Do you know how many different types of home inspectors there are? Of course you have the general inspector who looks over the whole house for defects or damage. However, there are also electrical, HVAC, crawlspace, radon, pool, and soil inspectors, just to name a few.
Here at High Performance Real Estate Advisors, we have a full list of vetted inspectors for any type of inspection you might need. We can assess your situation, figure out which inspectors you need, and make sure we help you protect your largest asset.
If you’re thinking of buying or building a new home, we would love to help out or answer any questions you might have. Feel free to reach out to us at any time with your questions, concerns, or real estate needs. We would be happy to assist you.