(Newswire.net — July 18, 2020) — FI by REI & The House Hacking Podcast has launched the 10th of its weekly house hacking case study series. It features Mike, who was able to reduce his housing expense and save $350.
A new weekly series on house hackers has been launched in Fresno, California. FI by REI & The House Hacking Podcast created the series with the aim of helping individuals make smart financial decisions centered around their living environs.
Details can be found at https://fibyrei.com/house-hacking-case-study-10
The most recent case study, which is the 10th in the series, focuses on Mike Damazo who started building wealth through his roommate-style house hack in a single-family home. Mike was able to do all this while working in the US Navy.
Through the podcast, readers learn that Mike decided to complete a house hack in 2013 with the aim of getting into real estate to build wealth and increase his savings. Since house hacking seemed like the most achievable strategy, Mike decided to learn about it from popular podcasts.
The first step that Mike took towards house hacking was to purchase a house. He then made some adjustments to the structure, transforming it into a roommate-friendly home. Readers are taken through Mike’s journey as he installs new floorboards and repaints the walls to his new home in order to make it comfortable for him and his potential roommates.
Following the renovations, Mike encouraged two of his work colleagues to be his roommates and they readily agreed to move in and pay him $500 each per month. Through this house hacking strategy, Mike was able to secure financing without putting any money down through a USDA loan.
By receiving $1000 each month from his tenants, Mike was able to dramatically reduce his housing expense and save $350.
FI by REI was created in 2018 with the purpose of helping individuals that want a better life. Through the weekly case studies presented, people learn the different ways in which they could invest in real estate and live debt-free while doing what they enjoy.
Interested parties can click on the link above to find out more.