19) A Million Bucks By 30 & Are New Builds the Way to Go?

Real Estate Investing with House Money

House Money Weekly

In this week’s House Money Weekly segment, your hosts changed things up by discussing one of Alan’s books entitled “A Million Bucks by 30.” Alan shared some background on why he wrote this book and what he did to achieve that goal. Alan shared that to be a millionaire before you become 30 years old, you basically must live below your means and try house hacking. Putting 60% of your salary into a different bank, cutting down your finances, and budgeting your money is what he did to achieve it. He used the 60% that he saved as downpayments for properties. Tom became a millionaire by 31 years old. He did He did so by selling bras on eBay which he used to (among other things) buy a crack house on eBay. Tom bought a duplex and house hacked when he was in college, and he agrees this approach was huge for his trajectory. He had a roommate throughout college and the extra income he received help him save up for more real estate deals. Lauren’s story on how she became a millionaire was that she and her husband saved at least 40% of their income and that is what they used to buy their second house and rent out their first one. They started house hacking and that led them to get their first million. House hacking, especially when starting out, changed the trajectory of your hosts’ lives!

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Mortgage Minute: Jasmine answers the question: How many mortgages can one person have in their name?

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Real Estate Is Easy Interview

Lauren interviewed Builder Monk, who has been a builder for a year and a half and is based in Northern Kentucky. He was a real estate agent before he became a builder. Builder Monk is a spec house builder and he shared what a spec house in. Lauren asked Builder Monk what’s the difference between building a big neighborhood of homes and buying one lot, building a house on it then selling it, which he answered in depth, including numbers. Lauren asked the Builder Monk if it was better to buy a virgin lot or to buy a lot that has an old, dilapidated house and knocking it down (knocking down is better). She also asked Builder Monk how the quality of builds in 2023 compared to those from decades ago and he answered that it still depends on the builder. He also shared that in the past, some builds weren’t good and some used outdated practices. Lauren asked how long a house takes to build and for Builder Monk, 3,000 square the numbers. He also shared his take on the home inspectors and some of his experiences with them. Of courses, Builder Monk answers how he makes real estate easy and Tom liked that he made a shoutout to the subcontractors.

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Teatime with Tom

Tom’s segment talks about the bait and switch real estate practice. Tom shared his personal experience with a property listed and got ghosted by the realtor. The hosts share their own opinions about this issue. Alan shared his experience when buying a property and how slow the communication was. And Lauren shared they similar experience she had with Tom.

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