Podcasts about fi team

                            Listen in as Erin and Craig discuss: How Craig used house hacking to eliminate his living expenses and build wealth Craig's journey to retiring from his W-2 job in just 2.5 years through real estate investing Closing 100 deals in a year to building a team with a mission to reduce the U.S. retirement age Overcoming limiting beliefs, raising your financial thermostat, and embracing growth Strategies for thriving in both competitive and buyer-friendly markets.  The systems and metrics Craig uses to drive success, including setting appointments and tracking contacts … and much more!                                       About Craig Curelop started out as a house hacker in Denver. After reaching financial independence in 2.5 years after three house hacks, he graduated from his W2 job at BiggerPockets to pursue being a full-time real estate agent inspiring others to do the same. In his first year of being a real estate agent he did over 100 deals. That's an exhausting year. He realized that if he was going to continue onward, he'd have to create a team; hence The FI Team. In just three years, Craig has grown a team of over 20 agents that do $100M+ per year in volume. In addition to The FI Team, Craig has a rental portfolio of 24 units along with being invested in multiple syndications, and coaches agents to grow their investor-friendly real estate agent teams! How to Connect With Craig Website: thefiteam.com YouTube: https://www.youtube.com/channel/UCMJ0qEaSojNm8TCwVbLrK2g Facebook: https://www.facebook.com/groups/thefiteam Instagram: https://www.instagram.com/thefiguy/

In this special episode, we're joining the FI Team straight from their Colorado retreat! Hear from everyone's unique experiences in real estate, from Craig's rocky start in 2017 to Carrie's short-term rental that cost $40,000 and has since doubled in value! We also hear from first-time investors on the team who have recently leaped their first property or house hack - an excellent blueprint for anyone just starting their journey! Dive into Craig's story, which started with a modest goal of owning 6-7 properties and has now grown into an impressive collection of 26 properties, including single-family homes, duplexes, and syndicated units. We also discuss the more challenging aspects of real estate investing, such as Craig's tenant horror story, failures with previous partners, and mistakes when not checking out the property before investing. Despite these setbacks, Craig offers listeners a forecast of what's to come as he expands his investments and net worth. This episode covers valuable tips and strategies for both long-time portfolio holders and aspiring investors. Don't miss out on this as Craig and the FI team wrap up the episode by reflecting on favorite moments in house hacking and leaving listeners with realistic advice for anyone looking to succeed in the real estate market.  PODCAST HIGHLIGHTS:[0:45] Craig's Rocky Beginning in 2017 [4:00] Investing in Milwaukee in 2015 [6:00] Carrie From the FI Team [8:30] Why Anne Is Investing For the First Time - Despite High Rates [10:25] On Marsan's Very First House Hack [13:20] Investing Early at 21 Years Old [17:20] Craig's Horror Stories in Real Estate [20:55] Forecasting Craig's Portfolio [22:20] Experiences With Partnerships [24:15] How to Start in Real Estate When You Know No One in the Industry [25:45] Must-Dos Before Partnering With a Close Friend/Relative  [27:00] Beginner Investor Mistakes to Avoid [29:50] Should You Clear Debt Before Investing? [31:20] His Favorite Moment in House Hacking [33:20] Best Piece of Advice for Investors HOST Craig Curelop   

Join Nick Lamagna on The A Game Podcast with his guest Craig Curelop the man who literally wrote the book on House Hacking! He is a real estate agent, investor, author, podcast host and a staple in the Biggerpockets community and left his position there to chase his own financial freedom full time and went from sleeping behind a sheet in a shared apartment to making over a million dollars in one single year!   Craig runs the Fi Brokerage and heads the Fi Team helping average people break into real estate Investing through various forms of the real estate strategy known as house-hacking.  He and his team have established profitable deals and relationships in many markets across the country including Colorado, California, Idaho and Washington. Being inspired to model his business and lifestyle after being inspired by the famous Tim Ferris book The 4-Hour Work Week he has navigated the rocky waters of scaling and delegation and now has over 17 agents helping his team close over 125 deals and counting per year.  Check out Craig's content and resources including his book The House Hacking Strategy and of course his podcast Invest2Fi Topics for this episode include: ✅  ✅  ✅  ✅  ✅  + More! See the show notes to connect with all things Craig!  Connect with Craig: Craig Curelop on Facebook Craig Curelop on Tiktok Craig Curelop on LinkedIn Craig Curelop on Twitter Craig Curelop on Instagram Listen to the Invest2fi Podcast Here Get The House Hacking Strategy Book Here   Connect with The Fi Team: www.thefiteam.com The Fi Team on linkedin The Fi Team on Youtube The Fi Team on Facebook --- Connect with Nick Lamagna www.nicknicknick.com Text Nick (516)540-5733 Connect on ALL Social Media and Podcast Platforms Here FREE Checklist on how to bring more value to your buyers

In this episode, Craig Curelop, Founder of The FI Team, talks about the financial challenges that often plague entrepreneurs. He shares his insights on swiftly building a robust real estate team, despite industry challenges. He emphasizes hiring for culture fit and offering incentives to top performers. With the real estate landscape evolving, Craig's team adapted by shifting focus from lead generation to agent incentives and restructuring.Don't miss the episode!Key Topics:- Building a Strong Real Estate TeamRecruiting and Managing -Shifting Structures and Remote Team Dynamics- House Hacking, Airbnb Arbitrage, and Tax Implications- Prioritizing Profitability, Learning from Mistakes, Scaling -Responsibly- Focus on Single-Family Homes in Appreciating MarketsConnect With Craig CurelopLinkedin: https://www.linkedin.com/in/craig-curelop-a6457242/Website: https://figuy.com/about/Connect With Us:https://linktr.ee/thebigpictureblueprintJumpstart your land business with Ground Up Partners! We understand the challenge of finding capital in the land business. That's why we're here to provide all the funds you need to close your deals. No more worrying about finances; just bring us your signed contract. Visit www.gupland.com now to submit your deal and take the first step towards success.

Chad Rocke is a top performing, investor-friendly agent and The FI Team lead agent. But who is Chad Rocke to you, and why should you care??Chad's just a normal dude from the Midwest who  intuitively knew investing in real estate was the way to go. He didn't know about BiggerPockets or House Hacking, but he knew it was the path to financial stability and wealth building. Tune into this episode to hear how Chad snowballed his investment portfolio, retired his wife and built a solid real estate business in just a few years.If he could do it, so can you. Hit him up on IG and welcome him to the show: rocketherealtor

Tune in today for a market update from the field with FI Team lead agent Chad Rocke. Let's answer the burning questions:1. Are people still rate locked?2. Did you miss getting a deal?3. Is it a buyers or seller's market? 4. How to structure deals in this market?5. What will happen if rates come down?Will you be a buyer in this market?

As 2023 approaches, we're taking stock of the year that has passed and what's in store for the future. Join us as Craig and Ali sit down for an honest discussion on this year's highs, lows, and realizations.   Tune in for Ali's thoughts on becoming a full-time real estate agent and finding out what excites her in real estate investing. Learn how to regain control of your time through the unlimited potential of AI and optimizing your teams and systems. Craig also shares his realizations about downsizing his team while delivering the highest impact through the FI Team.  Amidst the hustle and bustle of the last year, Craig and Ali discuss juggling priorities outside of work, such as fitness, health, faith, and relationships. Don't miss out as we dig into the true meaning of success and share insights learned from the past year that can reshape your approach to achieving financial independence. PODCAST HIGHLIGHTS:[2:15] Ali's 2023 Investing Story [8:05] Dealing With Imposter Syndrome as a Real Estate Agent [12:50] Take Back Your Time With the Power of AI [20:50] On Staying on Top of Health and Other Life Goals [24:20] Craig's 2023 Business Challenges [30:25] Lessons Learned in 2023 [34:20] The Best Way to Approach Leads [35:50] Investing and Personal Goals for 2024 [38:05] Unveiling Craig's Latest Venture [39:35] Craig's Experiences With Faith HOSTS   Craig Curelop   

In this episode, we sit down with Max Cohen, who shares his journey of building a profitable real estate portfolio, alongside his W2 job, with the help of the FI team in just a few years!  Max didn't grow up with an understanding of real estate, he even had a somewhat negative perception of what real estate agent and investors did! But, with an analytical, engineer mindset, once he saw the numbers of investing in real estate and offsetting your living expenses he was hooked! In less than 3 years Max has purchased 5 properties, most of which he operates as highend, short-term rentals. In a market where people are questioning the profitability of STRs, learn how Max is managing a booming business.  Max provides valuable insights into how to take a loan against your 401K, profitable renovations, managing a management team and designing desireable rentals.  PODCAST HIGHLIGHTS:[4:40] Max's Start With Financial Independence [9:00] Learning the Ropes With the FI Team [13:53] Strategizing Renovations for Rent Increase [15:55] Must-Know Step of Screening Potential Tenants [19:40] Tips on House Hacking Larger Properties[23:10] Getting to Know the 401K Loan [26:40] Revealing Max's Short-Term Rental Numbers [31:45] Max's Real Estate Pivot And Strategy Now [34:10] Learning How to Say No to Deals [38:03] Dealing With Legislation Against Short-Term Rentals [40:35] Systems for Effective Team And Property Management HOSTS   Craig Curelop   

DAN GUENTHER IS BACK! Ian Jimeno, host of the Big Locals podcast, engaged in a dynamic conversation with realtor Dan Guenther. The first part delved into the intriguing concept of the 2-1 buydown strategy in real estate, where Dan expertly broke down the intricacies of this financing approach, offering a comprehensive guide for both buyers and sellers. The duo explored advanced concepts, such as interest rate dynamics and the potential impact of inflation on the housing market, providing valuable insights for anyone navigating the real estate landscape.Transitioning into the second part, Ian and Dan explored the practicalities of pre-inspection reports and how they might influence sellers' decisions. The conversation then shifted gears to the transformative strategy of "house hacking," where Dan shared his personal journey and highlighted the financial benefits of renting out portions of one's property. The duo provided a nuanced perspective on this approach, emphasizing the flexibility it offers to homeowners and the positive impact it can have on their financial well-being. The discussion concluded with a brief exploration of the economic outlook for the upcoming winter and the potential influence of an election year on the real estate market. Overall, the podcast offered a wealth of knowledge and practical advice for individuals navigating the dynamic real estate landscape.@dan.guentherrei@ian.realestateagent

Almost a year ago, we spoke with the Federal Initiatives (FI) team about the new ARPA programs. We catch-up with the new FI Director Kim Froemsdorf, and the Director of New Programs, Bradley Clark. Within a year, the FI Team launched nine new grant programs, conducted an extensive ARPA tour, and are currently working on additional grant programs. All this and more, in this episode.

Join us for this episode as we sit down with Craig Curelop, a seasoned real estate investor and accomplished real estate agent. Craig is not only a thriving entrepreneur but also the founder of The FI Team. His story is a great example of the power of pursuing one's passion and redefining what the American Dream means to you. Craig's journey began in a conventional job that many would consider the “American Dream”. However, he soon realized that his true calling was somewhere else. After doing research and finding Biggerpockets, he relocated to Denver, Colorado, where he began his path in the world of real estate. In this episode, Craig Curelop shares the pivotal moments and insights that propelled his career forward. Tune in to gain valuable insights into real estate investing, entrepreneurship, and the pursuit of financial independence.

Starting down the path of real estate and financial independence can be incredibly intimidating for any beginner. But what if you heard stories from successful investors and real estate agents who have spent years building their portfolios from the ground up? Learning from experienced mentors can be an absolute gamechanger in this highly competitive industry.  Join us for this special episode as Craig and The FI Team sit down for an insightful fireside chat on their first real estate deals, worst experiences with hiring contractors, and making the most out of difficult tenants. This lively conversation among experienced real estate investors sheds light on real estate misconceptions and genuine financial figures behind multi-million deals nationwide. So if you're getting ready to jump in the game, this episode is the perfect place to have your burning questions answered and learn more about the unbelievable earning potential of real estate investing! PODCAST HIGHLIGHTS:[2:00] The FI Team Introductions [4:25] Craziest Tenant Stories  [12:00] Worst Contractor Horror Stories [15:05] The Real Estate Dilemma: Should I Sell or Keep? [22:40] How to Mentally Navigate Difficult Tenants [29:10] The Importance of Having a Well-Rounded Real Estate Agent [35:00] When Taking the Biggest Risk Paid off With the Greatest Rewards [42:00] Successful First Real Estate Deal Stories [56:45] The One Best Piece of Advice For Beginner Investors [57:20] Why Real Estate Is Worth It HOST    Craig Curelop   

Ready to unlock the secrets of real estate investing and house hacking? In this episode of Zen and the Art of Real Estate Investing, Jonathan sits down with trailblazer Craig Curelop, the founder of The FI Team and author of the acclaimed House Hacking Strategy book for Bigger Pockets. Craig shares his journey from his very first investment property, a duplex near the Bigger Pockets office, to becoming a respected figure in the industry. His advice? Break some comfort zones! Together, Jonathan and Craig navigate the ever-evolving world of house hacking, from its humble origins to the booming trend that it is today. Hear firsthand how pioneers like Brandon and Scott shaped the industry and how platforms like Airbnb have revolutionized house hacking. Craig emphasizes the need to stay abreast of industry trends and the value of having a diverse investment portfolio.  In the heart of their conversation, Jonathan and Craig get practical. Craig shares his expertise on building a competent real estate team and the fluctuating dynamics of house flipping. They also outline the pros and cons of different investment strategies and assess their relevance in current market conditions. Whether you're an experienced investor or just starting, get ready to venture into the exciting world of real estate investing and house hacking! In this episode, you will hear: How Craig discovered real estate investing and the significance of stepping out of your comfort zone, using his first investment property as an example The evolution of house hacking and Craig's  balanced perspective on the potential benefits and pitfalls of adopting such trends Why it's important to understand market trends and the potential risks and benefits of being an early adopter of a new investment strategy The pros and cons of residential versus commercial investing and renting-by-the-room as an alternative strategy in areas where housing is becoming more expensive Different kinds of house hacking strategies and why you must understand the market you're investing in as well as the potential value of auxiliary dwelling units (mother-in-law suites) Craig's experience with house hacking and how it highlights the importance of having the right team for real estate investing and the difference between residential versus investor appraisals Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. If you enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go to the episode page at http://www.trustgreene.com/podcast/zen/052 to download it. Supporting Resources: Craig Curelop's website - www.thefiteam.com Find Craig on YouTube - www.youtube.com/channel/UCMJ0qEaSojNm8TCwVbLrK2g Visit Craig's Instagram - www.instagram.com/thefiguy Connect with Craig Curelop on LinkedIn - www.linkedin.com/in/craig-curelop-a6457242 Get The House Hacking Strategy book - store.biggerpockets.com/products/the-house-hacking-strategy Visit Bigger Pockets - www.biggerpockets.com Website - www.streamlined.properties YouTube - https://www.youtube.com/c/JonathanGreeneRE/videos Instagram - www.instagram.com/trustgreene Instagram - www.instagram.com/streamlinedproperties TikTok - www.tiktok.com/@trustgreene Zillow - www.zillow.com/profile/Streamlined%20Prop%20eXp Bigger Pockets - www.biggerpockets.com/users/TrustGreene Facebook - www.facebook.com/streamlinedproperties Email - info@streamlined.properties   Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.  

In this episode, we're thrilled to interview one of our very own, FI Team lead agent, Chad Rocke. Since his start in 2015, Chad has been a passionate advocate about escaping the rat race and maximizing your time to achieve financial independence. His unique perspectives on portfolio building have helped countless clients to retire early and passively build incredible wealth. So if you're interested in getting your start in the world of real estate, this story is sure to inspire you to take action as soon as you can! Stay tuned to hear about how Chad began investing without relying on educational resources… and still made it big! From everything about, becoming a property manager, dealing with problematic tenants, and building an efficient team, this episode is jampacked with must-hear advice for both beginners and long-time investors. We also dive into Chad's experiences with the arbitrage model, his current Nomad Strategy, and the power of saying YES!PODCAST HIGHLIGHTS:[1:50] Unpacking The Shred Method (Maximizing Your HELOC) [6:05] How Chad Accidentally Learned How to House Hack on His Own [10:55] Dealing With Conflict Among Tenants [14:00] How to Earn More and Work Less as a Property Manager [15:45] Hiring and Vetting Local Hires [19:20] Handling a Death on a Property [23:45] Successfully Escaping the W2 With Chad [30:00] The Right Mindset for Starting in Real Estate [37:05] On Planning Versus Action [39:15] Diving Into Short-Term Rentals and New Markets[45:00] Avoid These Mistakes In Partnerships  [47:50] Chad's Nomad Strategy [48:50] Unpacking Chad's Experience With the Arbitrage Model [54:33] The Best Advice Chad Has to Share HOSTSCraig Curelop   

In today's episode, we have our special guest Craig Curelop went from a net worth of negative $30,000 to being financially independent in just 2.5 years. Now, with his financial independence, he has fun building a team of investor-friendly real estate agents at The FI Team, helping others achieve financial independence as he did. What's the secret? Tune in to the full episode, reveal his process, and enjoy! Key Takeaways: 2:16 Get to know Craig Curelop | The FI Team (@thefiguy) 4:26 Hundred deals in 1st year in real estate — Craig's process behind it.  6:39 Key attributes that real estate agents need to know when working with investors.  8:51 Craig's why being an investor-friendly agent? 10:27 What is Craig's ideal client profile?  13:56 How Craigs educate his clients 18:11 Why did Craig Join eXp Realty? 21:58 How Craig manages his multiple teams? 23:15 Reveal what is next with Craig Curelop 30:58 Keep buying... Keep buying 32:04 Connect with Craig ---- The Arizona Real Estate Investors Association provides its members the education, market information, support, and networking opportunities that will further the member's ability to successfully invest in Real Estate. Join AZREIA here. Is a Career in Real Estate Right For You? Take AZREIA's Real Estate Investing Entrepreneurial Self-Assessment at  

Thanks everyone, for all the good times.The stories, the struggles of starting a business, how you're making a name for yourself in a sea of other driven individuals, it's all in our memory banks and ready to be listened to on the Big Locals Podcast.However, this isn't the end!I have started a new podcast called the Invest in Denver Podcast, hosted by yours truly, Ian Jimeno. I'm broadening the guest criteria a tad to include those in the real estate space, from investors, to realtors (I'm a real estate agent myself!), to professionals in the industry who can help YOU with your next home.I'm ALSO including people within the small business and entrepreneurial journey, along with anyone passionate about the Denver scene, from beer makers, to chefs, to government officials, to magazine editors/writers, to professional athletes, and so on. There's so much to talk about within the Denver community, I have to see it from all walks of life.With that being said, appreciate you all joining me on this journey. When one door closes, another opens. I'll see you all at Invest in Denver Podcast!https://open.spotify.com/show/3w9aPaSuM5GCQzFYS6En9L?si=dcaef1dca4bc43c3Shop Local Support Local Big Locals Podcast, Signing Off!

Do you want to achieve financial freedom in just five years or less? Do you want to leave that corporate job already and see what's more to this life than just sitting in a cubicle all day? If yes, then that's great, for you're in for a treat today! Today's guest is a specialist in house hacking, a real estate practice that will help you generate and build wealth no matter where you live. So, tune in to this episode and learn how to achieve financial independence through house hacking! Craig Curelop is the Founder of The FI Team – a team of real estate agents that coach, guide, and mentor you throughout your journey of financial independence. He is a real estate investor with 22 doors and is now getting into large multifamily syndication. Craig is a newly married man who has recently settled into his family's forever home. In this episode, Craig shares how he's achieved financial freedom through doing house hacking as he gives out tips and suggestions on how you can do the same. Checkout -- Raising Capital Without Rejection Full-Day Workshop (Online): https://investorattractionworkshop.com/ What you'll learn in just 20 minutes from today's episode: Understand what house hacking is all about and how people get money from it; Discover whether house hacking is still a viable strategy to make money today; and Find out tips on how to best manage things once you start renting out your house by the rooms Resources/Links: Grab a copy of Craig's book, “The House Hacking Strategy”. Discover how to make house hacking really simple. Go to thefiteam.com/hhu and enroll in the House Hacking University now! Topics Covered: 00:57 – The backstory of Craig's real estate journey 03:15 – What house hacking is all about 04:40 – Taking his own advice and doing house hacking right away 06:00 – What happened years after he started doing house hacking 07:13 – Is house hacking still a viable strategy nowadays? 10:45 – Biggest mistakes people make when it comes to house hacking 11:50 – Tips for people living in an expensive market 13:34 – A house with multiple rooms vs. a duplex/triplex/quadplex 14:54 – Is house hacking feasible for people who already have a family? 15:47 – Tips on how to best manage things when renting out your house by the rooms 18:47 – Connect with Craig Curelop Key Takeaways: "I kept thinking of dumb ideas, until I realized that I didn't need to become like Mark Zuckerberg or anybody like that. I can just become a real estate investor [and] do what 90% of millionaires have done.” – Craig Curelop “Sure, I got lucky, but I've put myself in a position to be lucky though. If you never buy, you can't get lucky. And so, I always just say make sure you're buying in an area where you're going to [get] a cashflow.” – Craig Curelop “No matter where you live or which way you go, house hacking will for sure help you generate and build wealth.” – Craig Curelop Connect with Craig Curelop: Instagram: https://www.instagram.com/thefiguy/ Website: https://www.thefiteam.com/ TikTok: https://www.tiktok.com/@thefiguy Connect with Dave Dubeau: Podcast: http://www.propertyprofitspodcast.com/ Website: https://davedubeau.com/home Investor Attraction Workshop: http://www.investorattractionworkshop.com/ Facebook: https://www.facebook.com/thedavedubeau LinkedIn: http://linkedin.com/in/davedubeau  

In this episode, we have Craig Curelop, who is known for previously being a part of BiggerPockets. He is a real estate entrepreneur, investor, Lead Realtor of The FI Team, and the author of "The House Hacking Strategy." Tune in as we delve deep into how he started with BiggerPockets and House Hacking, what it looks like to transition to multifamily deals, all about his book, future plans, and learning about life and personal growth. 

Have you ever wondered how to get into real estate but were afraid of making mistakes. If you are lucky enough to live in Denver, you can engage the FI Team. This group of real estate agents will teach you how to achieve financial independence through rental real estate. 

If you're working hard to achieve financial independence, pay attention to this episode as Craig Curelop is joining to share ideas and strategies to manage your money in intentional, mindful ways for your lifestyle and making passive income through house hacking.Key Takeaways To Listen ForSteps to own your first investment propertyTips to find major investors and realtorsAmerica's top 2 biggest expenses and how to manage themIs it a smart idea to invest in stocks for retirement?Ideas to generate adequate passive incomePractical ways to manage your finances and grow your portfolio  Resources Mentioned In This EpisodeThe 4-Hour Workweek by Timothy Ferris | Hardcover and PaperbackBiggerPocketsFree Apartment Syndication Due Diligence Checklist for Passive InvestorAbout Craig Curelop Craig Curelop went from a net worth of negative $30,000 to financially independent in just 2.5 years. Now, with his financial independence, he has fun building a team of investor-friendly real estate agents at The FI Team, helping others achieve financial independence as he did. When he's not slaying dragons with his newfound mustache, he is rocking podcasts episodes and living the biohacker good life in Colorado and Hawaii.Connect with CraigWebsite: The FI Team Instagram: @thefiguyTiktok: @thefiguyTo Connect With UsPlease visit our website: www.bonavestcapital.com and please click here, to leave a rating and review!SponsorsGrow Your Show, LLCThinking About Creating and Growing Your Own Podcast But Not Sure Where To Start?Visit GrowYourShow.com and Schedule a call with Adam A. Adams.Dream Chasers PodcastWant to listen to another Next Level Show?Subscribe to DREAM CHASERS | Interviews with the Future Podcast!

Craig Curelop went from a networth of negative $30,000 to financially independent in just 2.5 years. Now, with his financial independence he has fun building a team of investor-friendly real estate agents at The FI Team, helping others achieve financial independence as he did. When he's not slaying dragons with his newfound mustache, he is rocking podcasts episodes and living the biohacker good life in Colorado and Hawaii.

Craig Curelop is an author and the co-founder of The FI Team, a group that focuses on helping people attain financial independence through real estate investing. In 2017, Craig took a 50% pay cut to move to Denver to work with bigger Pockets and begin his house-hacking journey. Craig achieved financial independence in about 2 years, climbing over a mountain of student debt on the way. When it comes to house hacking Craig is the guy you want to learn from.  In this episode, we cover what house hacking is, how to do it, and what it takes -- Just enough to inspire to jump into this powerful investment strategy.    Check out Craig's book here: https://store.biggerpockets.com/products/the-house-hacking-strategy Craig is @thefiguy on Instagram and Tic-Tok --- Transcript Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.   Michael: What's up everyone? Welcome to another episode of The Remote Real Estate Investor. I'm Michael Albaum. And today with us I have with me Craig Curelop who is an author, real estate investor, former BiggerPockets employee, and Craig's gonna be talking to us today about House hacking, how he did it, how you can do it too. And all the benefits it's afforded him over time. So let's get into it.   Craig Curelop, thanks so much for taking the time and joining me today. Man, I really appreciate you hanging out.   Craig: Yeah. Thanks, Michael, so much for having me on. It's a pleasure to be here.   Michael: Awesome. So today, I want to talk to you about House hacking. And I think you are one of the best versed people in the subject. And so for anyone who doesn't know you your story, can you give us a little bit of background on who you are? And kind of what you've done with your house hacks?   Craig: Yeah, for sure. So let's see, we can go back to I guess, 2016 When I absolutely hated my job, right? So.   Michael: Like so many   Craig: Like, Yeah, I think if you're listening to this podcast, you probably hated your job. At some point. If you're on the track toward financial independence, you felt some sort of pain from your job, right? Well, I felt a ton of pain. And I was like, Okay, how the heck do I get out of this? And I kind of fell into the financial independence community. But really, I found real estate investing first. I found it through. I found the idea of passive income through Tim Ferriss book. And then I found the idea of real estate investing through a friend who then introduced me to bigger pockets. And then I went down the rabbit hole of bigger pockets.   Michael: It's such a deep rabbit hole,   Craig: Oh its…  and you can't climb back out of it. Right. Yeah. And so you know, for months and months, I would be like listening to webinars, watching the podcasts and reading the books and all that stuff, just educated myself. And then in 2017, is when I actually moved from Silicon Valley to Denver to work at bigger pockets, which was like a dream come true. But then also start my real estate investing career.   Michael: Okay, that's awesome. So you moved. Were you? Did you give up a California Silicon Valley salary to take a pay cut to move to Denver?   Craig: Yeah. So all in, you know, if you include like the 401k match and all that stuff, I was making about 115-$120,000 a year in Silicon Valley. I accepted a job at bigger pockets for $65,000 a year.   Michael: Wow.   Craig: Almost a half a pay cut.   Michael: Okay. And then so then bring us up to speed. So you're working at bigger pockets, you got introduced to real estate investing. What next?   Craig: Yeah, so 2017. You know, it took me two months, working on bigger pockets to then buy a property in Denver. The property I purchased was just a mile and a half from the office. So like and walkable. It was a duplex that was totally finished. Right. You hear a lot of people in real estate podcasts be like, Oh, you got to like find the sweat equity and find the thing that needs work. Buy rehab, no, like, no, no, no, no, no. Like, no in a house hack. That is not what you want to do. You want to buy something that's turnkey, so you can move in and get it rented, ASAP. Because otherwise you're going to be paying for rehab. You're not going to get tenants. And the whole name of the game of house hacking is exactly one year later. You want to take what you saved and buy your next house hack, right. And so if you're doing a rehab and not collecting rent, you're taking away from the next next down payment.   Michael: Okay,   Craig: So that was my strategy for kind of getting some of this relatively turnkey now. So it was a duplex top bottom, one bed, one bath each unit, I was determined to make this thing cashflow, and live for free. So I purchased it for 385,000 I lived in the bottom rented out the top my mortgage payment was $2,000 a month. I was getting 1750 For the top so I wasn't quite getting it.   Michael: Start digging in couch cushions.   Craig: Yeah, that's right i mean living in this is maybe some you know, tapped into some of the my experience in Silicon Valley. I put up a futon in the living room and slept behind this curtain in room divider like cardboard box room divider thing. Slept behind that for a year while Airbnbing out my bedroom. So now that property was making me I was making $1,100 a month from the Airbnb on average. So 2850 in total rent a month $2,000 mortgage so I was making like 850 over the mortgage after reserves maybe like 600 or so. And I was living for free. Right and so   Michael: Amazing.   Craig: Yeah, that was my you know, my first story and I wanted out I want to be financially dependent, so bad that I really would do anything for it. And as at the time I was a 24 year old single guy All day, like take advantage of your situations, right?   Michael: Absolutely. Absolutely. So, looking in hindsight in the rearview mirror, I mean, is there anything you would have done differently on that first one are you like now I pretty much nailed it. Because it sounds like a home run.   Craig: Yeah. So I bought I got lucky, right? I bought in a really good area that I didn't know was that good. And you know, that $385,000 property is probably worth close to 600,000. Now, it's not over that. So and that misses, you know, we're talking four years later, four and a half years later. So like massive increase, right. But I got lucky there. And so had I know, I know now, I probably would have done a rent by the room situation, which is kind of what I did going forward after that. So I would buy a house in the suburbs, right a five bed two bath a five bed three bath live in one bedroom actually have my own private space with like a bed and a window and a closet and   Michael: Not just a curtain and a futon?   Craig: Not just a curtain, a futon, yeah. Right. And then I rent out the other rooms, they actually cashflow better, then, than the duplex did. I slept in a better place. The only downside about these suburban places is you don't get the same appreciation. So in a way, I'm happy because I got really good appreciation on this place. But, you know, at that time, I was like, Oh, you don't bank on appreciation.   Michael: So right, right. Okay, so in the rent by the room? Are you doing short term or long term rentals by the room or both? Craig: So we do long term rentals, six to 12 month leases, typically. But you can take it on a case by case basis. And just because I do a super 12 month lease doesn't mean you have to. I know plenty of people that do months a month, some people do it furnished, kind of like you know, three to six month lease on furnish finder. There's a million ways to do it. So there's not one right way. But I just liked the idea of get somebody in don't worry about it for another year.   Michael: Yeah, totally. And are you managing all the leases and the tenants and the relationships and all that sort of thing? Or do you have a property manager handle it for you?   Craig: At the time that I purchased that property? You know, this is 2018 I purchased my first rent by the room, I did do it myself, but I have since moved to property management and I no longer do it.   Michael: Okay, even when you're living in those properties, use a property manager or is this now once you move out, now you outsource the property management.   Craig: No even when I live in there, now I do the property management, right. So that's the luxury of having more real estate and getting more passive income. Right. It's that toasts things you don't like to do you just outsource because they can do better than you and you won't be doing it. So   Michael: Yeah. Have you ever seen that show Silicon Valley speaking?   Craig: I have seen that show. Yeah, not the whole thing. But I've seen probably two or three seasons.   Michael: That's what I picture you like you're like the Erlik Bachman character having all these other roommates.   Craig: Take like 20% equity of the company.   Michael: Startup incubator.   Craig: Yeah not a bad idea.   Michael: Yeah. So good. So So getting back to that first one, did you buy it very traditionally with 20%? Down? Are you were using like an FHA loan? How did you get into it? Cuz I think that's the biggest hurdle for so many new investors is this downpayment piece.   Craig: Yeah. So when I was back in 2017, when I bought my first one, the only way to do it with an FHA loan, right, like, and that's not really true. It's just the only way that I knew how to do it. And the only way that was kind of popularized. Okay, so the only way to house hack that I knew of was you buy a duplex, triplex or quad, live in one unit rent out the others. That's why the single family wasn't really on my radar. So because of that, I had to do a 3.5% down FHA loan on that first one.   Michael: Okay. Awesome. And now, knowing what you know, now, I mean, what tools you find at your disposal and your tool belt to, to get into properties?   Craig: Yeah, so I recommend if you're going to do you know, depends on your market and whatnot, but in Denver, duplexes, and triplexes. And quads are really hard to cash flow. So I really like doing the single family homes on single family homes, you can do 5%, down conventional, and what the great thing about that is, is you can have pretty much as many conventional loans as you want. And the limit is like 10, but you know, it's not one with FHA loan is just one, right. So in order to get that FHA loan back, you'd have to refinance. And it's sometimes it's hard to refinance. Because if you put in 3.5%, down, you have to refinance, such that you can pull 25% out, loan to value have to be 75%. And so I was fortunate in that property and appreciate it like crazy. I have refinanced that one, I do have my FHA loan back in my pocket now, but again, right, like in 2017, I didn't know where we'd be in 2021.   Michael: Right, right. Okay. And so just taking a total step back, I'm realizing that many people might not even know what a house hack is, give us your definition of what a house hack is.   Craig: Yeah, so the house hack house hack is the idea that you purchase a one to four unit property with a low percent down, typically 0% to 5% down, you those if you have a zero to 5% down, you're required to live there for one year. So you move in you live there for one year, and while you're living there, you're renting out the other rooms or the other units, and that rent is covering your mortgage and you're either living for free or drastically reducing your living expense, while purchasing and owning property. And you can do this every single year systematically. So you build up a decent portfolio for yourself.   Michael: That's awesome. So Craig, do you think it's the best place to start? Or could you house hack even after you have a pretty sizable portfolio?   Craig: I mean, you can have a sec anytime, right? I think it is absolutely the best place to start. Because in frankly, it's really good. Because you really can't have a better return on your 20 or $30,000. Right? Because you're you're you're purchasing, I can purchase a $500,000 property for 30. Grand, right? Between if that appreciates just 10% $50,000. Right, that's 100% return right there, that doesn't include the cash flow, the loan pay down and all the tax benefits that you get so.   So we're seeing like, we help a lot of people get into housefax. And I've done quite a few myself, and every single one has 100% or more total return on investment.   Michael: That's so good.   Craig: If you've got right, like, it's not it, I think it can be for everybody. But like, if you're Elon Musk, or Bill Gates, like, do you think they care about putting $20,000 down? Right, like they can't be bothered, right? So there are people that you know, if your net worth is in, you know, 10s of millions of dollars, then like, you know, you probably don't care, and you're probably well off enough where you don't need to buy either $20,000 or $30,000, you'd probably rather, you know, spend 300,000 or $500,000 to put your money somewhere a little bit more efficiently.   Michael: Okay. Love it. Love it. So Craig, have you now purchased traditional rentals in the traditional sense, like just pure rentals without having ever lived there?   Craig: Yeah, yep. So I have six traditional rentals in North Carolina, and I've got one here in Denver, and then two plots of land, which we're building on one of them in Florida.   Michael: Oh, man, that's frickin exciting. And you became financially independent over the last couple years, right?   Craig: That's right. Yeah. 2019 is when I officially hit the financial independence mark, and I went from a negative net worth of $30,000. But when I bought my first property to financially free and like a little over two years,   Michael: That's incredible. And so house hacking, was that the main vehicle that you were using, or did you do something else to juice it?   Craig: Oh, there was a lot of house hacking was by far the biggest thing. Probably 70% of that was because of house hacking. But I had a big student loan obligation, I had a $90,000 student loan, student loans. I think the payment was 800 bucks or something like that.   Michael: Okay,   Craig: So I had to wipe that out. And I did that through I rented my car out onto Touro, which was about an extra $700 a month, I did some Airbnb arbitrage where I rented a place for my buddy, pay him month rent each month, put it on Airbnb, and I kept the difference.   Michael: So good.   Craig: Yeah, that was probably like, maybe 10 or $15,000. Over the course of a year, we ended up getting shut down because the condo didn't allow Airbnbs. But it was good while it lastes. And then also, I got I asked my job, this is probably the biggest kind of lump sum things that I got. Is that a bigger pockets? I went and I asked my boss, hey, is there anything that I can do outside of my current scope of work, that would drive revenue and drive the business forward that I could also be paid for? Right? So basically asking for a bonus, but not just asking for it? Because I deserve it, but actually earning? Right? Like, how can I provide value to the company and then the company can be they give me a fraction of the value that I provided back? So it's a win win? And so that was another thing that I did. And I think I did that twice? For a total of, like, $45,000.   Michael: Nice. And just out of curiosity, I do. What did they say? Were they like, why would you ask that? I mean, How was that received? Because that's not a question that I hear people going and asking their bosses on any kind of regularity.   Craig: Yeah. So you know, we work bigger pockets is a was was a pretty small company at the time. And they were all about the hustle and all that right. And so I just figured, hey, it didn't hurt to ask, right? How do you be creative. And there was this project that was on the back burner for a while, but it kept wanting to get out of it kept wanting to get it out. They kept wanting to get it out. But like no one was the person to do it. And I was just asked, Hey, can I like, Can I do it? And can I get paid for it? And so what we did was the landlord forums. So we've I basically got in contact with a lawyer and every single state asked him to review our landlord forms, put them up on the BiggerPockets site for them to sell or include as part of the pro membership. And so because of because of that, they were like, yeah, we'll pay you $500 per state. So quick math, that's 25 grand. Right? And I'm like, like, Heck yeah, we'll do that.   Michael: That's incredible. So you were just hustling your your butt off for two, two and a half years and investing the whole time.   Craig: Oh, Yeah, I mean, I was saving mostly right, because I was, I was saving just everything I made from my house hacks. Everything I made from my job, I was very, very frugal, even at 40, and then those lump sum kind of bonuses and all that I would use to pay down my student loans. And you could argue that wasn't the most efficient use of my money. But my student loans were actually kind of expensive. They were like, 6%. But again, House hacks, or, you know, they never gotten in my way of house hacking. So as long as they're not in my way of house hacking, they're doing me good. And I just wanted to see that payment get removed, because like, once, once that debt is released, is just, you know, everything takes off.   Michael: You're off to the races. Yeah. So that's such I mean, such a great question. And a question that I get regularly as part of the Tech Academy is like, Hey, I've got these other debts here. And I also want to invest, where do I spend my money? First? What are your thoughts there?   Craig: Yeah, I think I think a house hack is always the number one thing that you should do. Right? And it also depends on the returns that you're expecting. So if you're expecting returns that are like 5-6-7 percent, and your loans are like 5-6-7 percent, you might as well pay off your loans, because you're paying it off with no risk. Whereas your 6% 7% is a risky six to 7%.   So yeah, there's no, there's no right or wrong way. Like I people. People have told me oh, you should have paid like you should pay off your all your debt first, before you start investing? It's like, well, no, because a house hack will make me 100%. And my student loans are at 6%. Right? That's a massive difference. I paid off my student loans in like 15 months, you know, like, I would never have been able to do that. If I was still saving to pay down my student loans. I still am paying them off today. Yeah, right.   Michael: So it's so good. It's so good. I've heard the response, a rebuttal to when suggested house hacking. Oh, but my won't cover my full payment, or I'm still gonna be paying 2500 bucks a month, whatever my mortgage? I mean, what do you say to people that have that response? Like, oh, if I don't live for free, it's it's a loss, or I didn't do it, right.   Craig: You do not need to live for free to have a successful house hack, especially if you're in a more expensive market, it's really hard to make it live to live for free. I know, I know, people that are house hacking in the Bay Area in LA in Chicago, like, more expensive places, for sure. Yeah. And they're not covering their mortgage, but maybe they're paying $1,000 a month to live in a place that would typically cost him two or $3,000 a month. So that's $1,000 in savings right there. And that's massive. So and not to mention that you're still going to get if you're in one of those big cities. You know, those cities tend to appreciate a lot faster than if you're in Podunk. Somewhere. Right. So yeah, I just think that, you know, those, get the getting that appreciation makes you very makes you very rich.   Michael: Yeah, yeah, I know one more. I'm actually about to close on my first Beriah house hack here in a couple weeks.   Craig: There you go.   Michael: Yeah, I'll we'll circle back in a couple of months. And I'll tell you how it's gone. Yeah, please do pretty soon. And so now I'm just curious. We always joke on these podcasts. They can be so self serving in going the short term rental route for the because basically it's a it's a full three two with an upstairs unit with a full adu short term rental, mid term rental or long term rental. What are your thoughts there for the house act?   Craig: Obviously depends on like where you are stuff. You're buying your place in San Francisco.   Michael: In Petaluma, so the North Bay,   Craig: Okay, okay. Yeah, I mean, if there's a good Airbnb market, and there's not rules and regulations, I would say, Airbnb will probably make you the most money. However, you know, you have a little bit more volatility, right, with summers are probably really good winters, maybe stink. You know, if there's a pandemic that hits then you're kind of screwed, right. Like, there's more, there's more risks with short term, medium term. Usually, it's like traveling nurses, they're always going to be Yeah, furnish finder. So those are good usually can charge a little bit more than on a long term. And then on a long term, obviously, everyone knows what that is so. I would say like, you should have plan A, plan B, plan C, right? So if you're gonna maybe your Airbnb in it for a couple years, while your nest egg is small to get a larger return on your investment, but then you maybe decide that you don't want to live and die by Airbnb reviews, you don't want to manage it, or you don't even want to manage a manager that's managing it. And then you're so you decide, you know, I'm going to switch it to a long term rental, and make it easy and a little bit more passive.   So yeah, whatever floats your boat. Because,   Michael: Yeah, that makes total sense. Cool, man. So now, it's so fun. We're jumping all over the place. But this is great. So turn the clock to yours, you become financially independent. I mean, you've reached the pinnacle of what so many of our listeners are trying to achieve. So what did you do? I mean, I don't see you on a beach with a Muy Thai in your hand right now. So what have you been spending your time doing over the last couple of years?   Craig: You know, I actually once I became financially independent, is when I quit my job, right? Because now I've got that buffer. a safety net. And I went in and basically started helping other people achieve financial independence through real estate investing through being a real estate agent. And so for the first year, right in 2020, I was basically just doing it all myself, I think I did, I did almost 100 deals myself that year. And I was running around like a chicken with my head cut off   Michael: That's like one every three days.   Craig: Yeah, it was nuts. It was nuts, for sure. And I was like, Okay, I'm either going to quit this, or build a team. And so we decided to build a team of investor friendly realtors in so that are all house hackers that are all investors. So we can talk topic and walk the walk, we got the vendors, we got the contractors, we're literally like a turnkey agent service, where wherever you need we guy. And we have, we're also building a really cool community of people here in Denver, of house hackers. So like, can surround like, we can all build each other up. And you know, we can all love each other. And someday, when we're all finally dependent, we can hang out with each other because no one's hanging out with a bunch of old people when you're in your 30s. Right.   Michael: I think that's the biggest problem. becoming financially independent young is like none of your friends, you don't have any homies to go play with.   Craig: you'll make friends that are financially independent, if you're in the community, if you're, if you're like achieving this financial independence, and you don't have a friend group that's doing it, then you got to find that friend group in your city, because I guarantee you it's in every city, you just got to find the people that are doing it. And then you'll find that you kind of transition away from your friends not pursuing it and hang out a little bit more with your friends that are.   Michael: That makes total sense. So now that you're an agent, I mean, how should people approach finding a house hacking friendly agent, if they're interested in doing this for themselves? Because not every real estate agent, as you know, are created equal?   Craig: Oh, for sure. They're hard. They're hard to find, right? Like you can reach out to me, honestly, we have a massive network of real estate agents all around the country that are investor friendly. So @thefiguy, you can just shoot me a message and we'll coordinate.   Michael: Awesome.   Craig: Or, you know, I think if you go on to bigger pockets and shoot out a message in the forums, that's a good place. BiggerPockets has an agent, kind of finder as well, it's pretty good. But those guys, the only my only shtick with that is you just got to make sure you've got them, right, because I'm not sure that I think BiggerPockets is vetting them, but we don't know how well they're vetting them. And so it's always so don't blame BiggerPockets if you find an agent through their site, and they suck, right, like it's still on you to vet them. And there's a handful of questions that can be asked and all that kind of stuff.   Michael: Awesome. Awesome. And I love it. I love it. So you're working as an agent, you got a full team, what's next for you?   Craig: Yeah, so we're continuing to grow the team. So we just expanded into Colorado Springs. So now we're kind of covering all the Front Range in Colorado, and we're looking to kind of just keep expanding kind of throughout the country. So, you know, we don't know where we're going next. But we're planning to, you know, hopefully hit all 50 states, and just help. You know, our whole goal is help people achieve financial independence through real estate investing. Our big hairy audacious goal is to reduce the US retirement age to 55.   Michael: So Killer.   Craig: Yeah, so if we can get enough people to start house hacking, or even just start seeking financial independence, even if it's not the real estate, you know, I think that number could easily be put downward cuz I think it's going up now. I think it's like, 67. I heard it's like, they're pushing it up. So   Michael: Yeah, I think the age that you can collect social security keeps getting pushed up. That's crazy.   Craig: Yeah, let's let's have a bunch of young, financially free retired people. So we can actually like love it, do something and change the world with our newfound energy.   Michael: With the with the time and money that we have.   Craig: Yeah, absolutely.   Michael: Yeah. That's so good. Craig, you also wrote a book, which is so humbly not mentioning, what's it called? And what can people expect to find in it if they pick it up?   Craig: Yeah, so the book is called the house hacking strategy. It's published through bigger pockets. And basically it is your how to guide in the house hack. Basically walk you step by step through the entire house hack process, whether it's finding a deal, getting the loan, analyze the deal, getting your tenants you know asking those questions like What questions did you ask your lender? What questions did you ask your realtor? Just you can reiterate your playbook for a house hack so yeah, I think I definitely poured my heart and soul into it. And yeah, it's been it's been doing well   Michael: That's great and that's available on Amazon on bigger pockets where can people find it?   Craig: Yeah, you can find it you can go to bigger pockets calm slash house hack that there you can find the book as well as other bonus material that's only sold on bigger pockets. I think I give you like the house hacking calculator. Some leases like some rent by the room type leases a couple other things and then all your purchase purchases on Amazon. It's cheaper, but you don't get all that all the sweet stuff. So   Michael: Okay. Right on. So yeah, definitely. All you listeners go check that I've read it. It's a great book. I think you really We're going to enjoy it. So Greg, I'm curious, where have you seen people go wrong with House hacking? Because I mean, it sounds great. In theory, it sounds like you can't lose. But like with every investment, there's got to be some risks and downsides. So where have you seen people get tripped up?   Craig: Honestly, like, I've never met a person that's bought a house hack that regrets it. However, I'm totally serious. Like, I, I've literally never seen it, but where I see people potentially tripping up, and they're not that they trip up, it's just that they don't make it as efficient as possible, is the kind of slack I'm trying to get tenants in. Right. And so I decided, like, once you go under, once you get past the appraisal process, like the thing is probably going to close. So get right, get, you know, get your listing up, start creating it, like the minute you close. Start, try and start trying to find tenants. And, you know, post, get your listing posted, and then go into your Facebook groups that reach out to people and ask around, hey, does anybody know anybody looking for a room? And, you know, if you're proactive and get it done, I see people renting out five, six rooms in two or three weeks. So   Michael: Holy crap,   Craig: Yeah if you're proactive on it, right? But if you're not and you think they're just gonna, everyone's gonna come to you in only three or four months. So   Michael: Yeah, yeah. And so aside from Airbnb furnish finder, maybe Facebook, where are you seeing people post their listing that gets a lot of traction? Are those really the main sites?   Craig: Those are those are big ones. Facebook marketplace is really big. You know, if you're going to rent by the room, there's roomies and Roomster, which are really good. If you're gonna do your traditional kind of rental, like if you're doing a duplex, you want to rent out a four unit. You know, Zillow, Trulia, hot pads, all those typical, typical sites. Yeah,   Michael: That's awesome. And in terms of screening tenants, I mean, I've used I live with roommates for forever. And I'm very comfortable having that conversation on how to screen a roommate. But how do you screen a tenant a potential tenant?   Craig: Yeah, so the first thing you want to do is, is basically like, so someone says they're interested, right? You put all your criteria in the listing, right? So if it's, Hey out, you know, you need a 700 credit score, clean background, clean credit, whatever, like, you got to put all your criteria listed in the in the listing, okay, hopefully, that screens people, but some people are stupid, and they just, they just request it anyway. Or they don't read it. Yeah. And so usually, if someone, if I'm getting a lot of feedback, like, hey, I want to come see they want to come see it, I want to come see it. I hold like an open house type thing.   So that way, you know, people stands you up, they're not wasting your time, right? It's like, hey, on Thursday, from five to 7pm, I'm going to be at the house, come by and see, please, and I sit there, and I just like my computer, whatever. And as they come in, I show em the house. And honestly, I've only ever once I feel this a million times, only one time have I ever had two people show up at once. So some sort of serendipity there. I don't know, maybe I'm just lucky. But and even if they do show up to people at once, it's kind of nice, because then it shows like this in competition, like whoever it was quick,   Michael: I got a rush.   Craig: Yeah. And so you know, just by seeing them in person and talking to them and showing them the house in that five or 10 minutes, you get a pretty good idea of whether you want to live with this person or not. So if they seem cool, you say, hey, like, Yeah, I'll send you an application, fill out the application. We'll go from there. And then on that application, you know, they got to do a background check, a credit check, pay stubs, land, land, past landlord, recommend, references, employer reference, all these things. And like, make sure that they meet your criteria. And if they meet your criteria, you let them in, if they don't see ya.   Michael: Love it. Love it. Man, crack. This has been so awesome. Any final tips for folks, as we're getting you out of here?   Craig: he whole point of house hacking is to get started and get started soon. Time is your biggest enemy on House hacking. So don't go and try to look for like the best you with the best value add or whatever it is right? Just like look what's on the market right now. And try to figure out what is the best deal that's on the market right now? And try to go after it. Because again, right? Like, if you wait six months and find a good deal, right? That means you can't buy your second property for a year in six months. So you're losing out on six months of appreciation, six months of cash flow six months of tax benefits, and that that compounds every year, right? So then it's like, Okay, the next one, you can apply to yours in six months. And if you like, you know, I did this analysis one time where it's like, what if someone bought an okay deal every year for 10 years, versus someone bought an amazing deal every 18 months. The person who bought one deal a year for 10 years, ends up being like a million dollars richer than the person who just buys one every 18 months, because they've got 10 properties versus like five or six.   Michael: Yeah, that's so nuts. That's so nuts. Man. Real estate is this insane vehicle when you start really getting into the weeds and running models like that. That's incredible.   Craig: That's true.   Michael: Awesome. Well, Craig, if people want to learn more about you, where can they reach out? Learn about you ask you questions. Have people get in touch?   Craig: Yeah, so we have a podcast it's called investor fi. We have you know, I think a similar audience so definitely feel free to check that out as well as the fire guy on Instagram and tick tock so feel free to hit me up on Instagram Tik Tok   Michael: Right on thanks again Craig for hanging out appreciate you Take care man talk to you soon.   Craig: See you Michael thanks for having me on.   Michael: Alrighty everyone that was our show a big thank you to Craig for coming on and hanging out with me. I had a lot of fun. I always joke I get to selfishly ask all these professionals and experts questions that I've had on my mind. Hopefully you got a lot out of it and are thinking about now house hacking because I think it's a pretty kick butt way to get started or to help boost your real estate investing career. As always check us out wherever you listen to your podcast, give us a rating or review. We look forward to seeing the next one and Happy investing    

When you hit rock bottom, the only way is to go up! Joining Craig and Zeona on the show are Bryce Givens, founder of Elevate Recovery Homes, and Kayla Govier, a licensed realtor and a member of the FI Team. Since 2019, they have been house hacking with the primary goal of saving lives—and they are crushing it! In this episode, Bryce and Kayla share how they met, their transition from “debt is bad” to “debt is good”, and their foray into sober living homes. They break down the numbers for their first 2 properties and explain how their business is set up. They also offer advice to people who are looking to build a business around real estate.

Craig Curelop is a Real Estate Agent and Investor. He is an Author of The House Hacking Strategy: How to Use Your Home to Achieve Financial Independence and Co-host of FI Team podcast. In this episode we talked about: - Craig's Bio & Background - House Hacking Strategy - Expansion of Craig's Real Estate Portfolio since 2017 - Working at BiggerPockets  - Real Estate Investing Strategies  - Writing a Real estate Book - Sourcing Deals - View On Current Market Environment - Short Term Rental Market Outlook - Financing Deals - The Advice to People who Consider Making a Career in Real Estate - Building a Team  - Mentorship, Resources and Lessons learned Useful links: https://thefiteam.podbean.com https://www.instagram.com/thefiguy/?hl=en Transcriptions:  Jesse (0s): Welcome to the working capital real estate podcast. My name is Jesper galley. And on this show, we discuss all things real estate with investors and experts in a variety of industries that impact real estate. Whether you're looking at your first investment or raising your first fund, join me and let's build that portfolio one square foot at a time. Ladies and gentlemen, my name is Jesper galley and you're listening to working capital the real estate podcast. Our special guest today is Craig . Craig is a real estate agent and investor. He is author of the host hacking strategy and co-host of FII team podcast, Craig, how's it going,   Craig (37s): Jesse? So good to be here today. I'm doing great. How   Jesse (40s): Are you? I'm doing awesome, man. I can't complain we're on the tail tail end or just, just pass Halloween. So I, for those that can't see us right now, we've got a couple of mustache here, but I feel like yours is for a Movember   Craig (53s): Mine's is just for life and his life. The lady, the lady loves the mustache, so we   Jesse (58s): Keep it. That's amazing. So it's just a lifestyle choice.   Craig (1m 1s): It's a lifestyle choice. Yeah, man. It's been like a year. I think it's, I'm almost, I'm approaching my one year mustache anniversary, so I love it. There should be a, there should be a celebration for that.   Jesse (1m 10s): Oh, I said we were just chatting. I have mine on, I meant to shave it off. I was afraid of mercury for Halloween and now I, and now we're in November, so I don't know what to do, dude. You   Craig (1m 18s): Look good. You should keep it.   Jesse (1m 21s): I appreciate it, man. Are you joining us today from, from Denver?   Craig (1m 25s): Yeah, I am here in Denver. Yeah. Been here four and a half years.   Jesse (1m 30s): Sweet. Well, thanks. Thanks so much for coming on the show. Really appreciate it. I think we'll have a great episode here. Talk a little bit about your background in real estate and love to get into house hacking and the book. But before we do, maybe what we could do is talk a little bit about how you got into real estate and bring us up to speed of what you're doing these days.   Craig (1m 52s): Yeah. So I got into real estate because a lot of people like a lot of people, I hated my job. And so I was actually working like a venture capital type role in Silicon valley, which sounds super sexy and super cool. And I was hanging out with mark, like I was hanging out with mark Zuckerberg and Elon Musk and all that, but that wasn't, that's not really the case. Right. I'm actually just like buried in spreadsheets, working hundreds of hours a week is what it felt like. And really just getting paid like an abysmal amount on an hourly rate. And I just kinda came to this conclusion that there's no way I wanted to do this for the rest of my life and what, like, what's the way to out.   What's an early way to retire. How do I achieve financial independence? And that's what kind of real estate came to mind through a lot of iterations I went through, I tried to do start my own startups, which was just horrible, horrible stuff. And then I was like, I don't need to be mark Zuckerberg or Steve jobs or anything like that. Right. I can just be a real estate investor. And so I found bigger pockets pretty quickly after this deciding I wanted to get into real estate just was absorbing absorb, absorb information for about six months. And then I was like, okay, I got to get out of Silicon valley. Cause I just can't afford anything here.   It doesn't seem like this whole house hacking thing really works in Silicon valley. So I actually moved to Denver, got a job at bigger pockets, which was like a dream come true. Started surrounding myself with real estate investors and people that were doing things that I wanted to do. And, you know, got my first property in that was April, 2017 or actually started June, 2017. I got my first property   Jesse (3m 21s): Right on. And that first property was that a, was that a house hacking proper property. And, and I guess before you answer that, maybe for listeners just to update people that don't know how sacking would, is it?   Craig (3m 33s): Yeah. So how's hacking is the idea that you buy a one to four unit property with a low percent down, typically three to 5% down. You have to live in it for a year. So if it's a single family house, you're living in a room, if it's a two to four unit, you're living in a unit and you rent out the parts that you're not living in, so that the rent covers your mortgage and you're able to live for free or at least drastically reduce your housing expense. And because your housing expenses probably your largest expense, you're actually able to save a lot more money. So you can go ahead and buy the next investment.   And so that's what I did on that first property. I purchased a duplex. This was before anybody really knew about the rent by the room strategies before that was popular. So the only way to house at this time in my head was to buy a duplex live in one side, rent out the other. So it was an uptown duplex. I lived in the bottom, rented out the top and I wasn't quite covered my mortgage. And I was like determined to cover my mortgage. It would have been a great house either way, but I was determined to cover my mortgage. So I Airbnb it out my bedroom and put up this like cardboard box room divider thing, slept on a futon and made that where I slept for one year.   And that was my 24 year old hustle self.   Jesse (4m 47s): So that, that is a pure house hack right there. So in terms of the, the uptown, was it already, was it already converted to the ability to have a walkout? What did that?   Craig (4m 58s): Yeah, it was totally turnkey. And so with house hacking, I firmly believe, and I stand by this. I was like this to the grave. Is that a turnkey property? That in by Turkey, I just mean the rehab is totally completed for you is much better than doing a rehab when you're doing the house. Heck because with house hacking, right, the, the magic is buying one every single year on the year and your year does not start until you close on that first property. And so let's say you close today's November 1st, let's say close today, November 1st.   I can't buy another one until November 1st of next year, but if I'm doing a rehab, that means I am spending more money. I am not getting money from my tenants. And that may push me back if I have to save another 20 or 30 grand to get the house hack on November 1st. So who cares if I have an extra 30,000 of equity in my house, which I can't use, I need 30,000 in my pocket, which I can go buy the next house for.   Jesse (5m 52s): And the one year is that, is that a financing thing? Is that just a strategic thing?   Craig (5m 57s): Yeah, that's a financing thing. So in order to get those low down payment loans, the three to 5%   Jesse (6m 1s): Down the bank says, you need to live there for at least one year. So yeah. Yeah. I find, I find too, there's a, depending on kind of the weather American Canadian, depending on which state you're in, I know that the ability to move in or displace a tenant oftentimes has a one-year horizon on it that they want you living there for one year. But to your point, yeah. In terms of finance, I think most areas you're going to get that lower financing. When you can say that you're personally moving into the, to the property in terms of the, so, so you start with, you start with that property, how, and that was a 2017, you   Craig (6m 37s): Said 2017.   Jesse (6m 38s): So from 2017 to where we're at right now, a couple of things have changed in the market. You know, some minor things in terms of how you kind of grew the portfolio. If you have from then to now, what does that look like?   Craig (6m 52s): Yeah. So the growth at first, it's really slow because you just don't have a lot of money, right? Like, you know, I remember on that first one, I pretty much depleted almost my entire savings and maybe had like 10 grand left and I needed to save up another 20 or so grand and get the next house hack. And you know, at that time I was maybe saving $2,000 a month. So it was like gonna take me probably a whole year to save up for the next house. Heck. So what I was doing, you know, I call it the lull period in between house hacks where there's really not much you can do. I mean, if you want to be a real estate hustler and start wholesaling and flipping, you could get into that, but I wasn't really interested in those things.   So I just doubled down at my work. I was working at BiggerPockets at the time, doubled down on my work there. I actually asked Scott who Scott trench to see yogurt buckets, basically, how can I make more money here? And I was able to, he actually gave me an opportunity and we created a pathway together to where I could make more money at my, at my W2 job. I was doing Airbnb arbitrage. I was throwing out my car. I was basically just figuring out any possible way that I can make some more money because I want to hit financial independence as early as possible, like so badly because I hated that feeling of being stuck.   Jesse (8m 4s): Yeah. Yeah. It's great. It's looking for different or different streams of income. And for those that don't know, like Turo Turo is great. It's a, it's basically an Airbnb for your card and I'm pretty sure they're in every major market, but so it sounds like, it sounds like for you, it wasn't so much the flipping and the fact that you're going to run a business, you wanted more so passive income and, and longer term, longer term growth.   Craig (8m 25s): That's right. Yeah. I was, I mean, maybe I was scared honestly. Like I didn't want to handle hard money. I was in Denver. Right. So buying a house for 400 grand hard money on that, it's going to be like 50 grand. And I was like only about 20 grand. Right. And then you still got to put 20% down. So it became such a high effort thing that like, I wouldn't be able to do that and have my W2 job. And I really loved my W2 job at the time. Like I was hanging out at BiggerPockets, we were talking real estate network was growing. I had a lot of opportunity at BiggerPockets.   So I was like, just, that is my number one focus. So   Jesse (8m 59s): At the time, what were you doing at BiggerPockets?   Craig (9m 2s): So I was their finance guy. So I say the finance guy, because I was the only person on the finance team at the time. And so basically like doing all their books, running the numbers, making reports for management and stuff to look at. So I, at one point I knew pretty much every number that BiggerPockets had, but unfortunately I don't have that anymore. So my numbers are probably three years expired.   Jesse (9m 26s): Okay. Fair enough. And you've moved at sounds like you've moved from BiggerPockets to another W2 job or are you investing full time?   Craig (9m 35s): No, so yeah, I knew that BiggerPockets is going to be my last w two jobs. And so my, yeah, so I figured pockets. I basically had done three house hacks. So over the course of about three years, I did three house hacks and I felt like I was financially independent, but I wasn't sure. And so the way I test it was I took a zero paycheck and maxed out my 401k. So like my entire paycheck for three months was going to my 401k and I figured, Hey, if at the end of three months, my checking account is higher. I'm financially free.   And if not, well, then I'm pretty darn close. And I just, I just maxed out my 401k. And so lo and behold, it was a lot bigger and I was like, I can, I think I can make it on my own. And so pretty much a month after that, at the end of January of 2020, I quit BiggerPockets and went full-time as a real estate agent, helping people, coach guide and mentor people, helping coach guide and mentor those who want to house hack.   Jesse (10m 32s): Fair enough. So in terms of the, the host hacking itself, so you, you move on to that anniversary, you move in purchasing another property. How sack of that property, what are you doing with the former property in terms of whether you're selling refinancing? What does that look like?   Craig (10m 46s): I don't do anything. I just move out and I put someone else in my place. So just rent it out. I did refinance my first two properties because interest rates were so low this past year in 2021. And so it made a lot of sense. I think I reduced my monthly payment by like, like a total of a thousand dollars over the course of two properties. So easy way to boost your cashflow. And so, so yeah,   Jesse (11m 9s): Yeah, absolutely. Absolutely. But in terms of the, cause the Denver market, it's not the cheapest market in the world. So in terms of you were still able to cashflow, even when you're, you're moving out of these properties with, with the down payment as low as it was.   Craig (11m 24s): Oh yeah. So on that first property, my, my mortgage payment before I refinanced was 22, 2300, I was getting 1650 for the upstairs and 1300 for the downstairs. So my rent was 29 50 and my mortgage payment was about 2300. So six 50 over the mortgage, of course there's reserves and all that kind of stuff, but it was a newer property. So there wasn't a whole lot of maintenance and stuff. It wasn't a great location, so not a whole lot of vacancy. And you know, maybe you put reserves for two or $300 a month and it's still cashflows $300.   And it's in a great area. It's appreciated like probably 200 over 200 grand now in just a few years. So like great property now, since I've refinanced it and rents have gone up this year in 2021, you know, it's, I think I'm making a little over $3,000 on the rent and my mortgage payment is only like 1700 or maybe 1800. And so, you know, now it's closer to a thousand dollars of cashflow on the property and then yeah, same, same thing, same thing as it goes like each one, probably each property that I have in Denver cashflows about a thousand dollars a month.   Jesse (12m 33s): That's great. So being the numbers guy, when you look at these properties specifically on the host hacking side of things, is there an approach that you take that might differ from, from other investors or other investments?   Craig (12m 46s): Yeah. So when you're house hacking, you want to fit, you want to have multiple strategies that you can do, or at least I like having multiple strategies. And what I mean by that is, you know, if you've got a duplex, can you rent it out? Each unit like traditionally and still cashflow, it may not be your best cashflow, but can you still do it? Can you Airbnb it? Can you rent it by the room? How does the layout work? Can you, you know, in a single family house, can you split the upstairs and the downstairs or, you know, the left side from the right side and make two different units out of it. And so properties like that are the ones that we really like.   I pretty much in Denver now, I pretty much only buy single family houses that we could easily convert it to duplexes just based on the layout. And that way, you know, you're getting the house at a single family price in a single family type neighborhood. He renting it out as two separate units that are actually would get you higher rent than you would have to duplex because it's in a nicer area, it's a nicer house. And so the numbers work really well in places like,   Jesse (13m 41s): Yeah, no, that makes sense. And you kind of moved into, I guess, writing with the house hacking strategy. How did that come about? What was that process like?   Craig (13m 52s): Yeah. So writing has, you know, the miracle morning. I do. Yeah. Great. But yeah. Great. So amazing. Both of you haven't read that book. You need to read it a life-changing book, but ever since I started doing that, I started to write every morning and I think he had Ellen Rogers who wrote the book meant means like journaling, but I just enjoy actually just like writing content in the morning. And so basically I write every morning and I was writing blog after blog, after blog for bigger pockets. I think I have probably close to 60 blog posts on bigger pockets. And so they asked me, Hey, do you want to write this book on how second you can?   I was like, hell yeah, I do. And so I, you know, basically instead of writing the blog post every morning, I would just take a stab and write a piece of the book every morning. And after about a hundred days, I had a first draft of a book. And then, you know, for a few months later after the edits and stuff like that, it got published. And that was definitely a, an inflection point in my life.   Jesse (14m 43s): Yeah. I'm always fascinated as listeners probably know of the, the process, the, the, the writing process. We had Chad Carson, coach Carson on the show, by the time you're listening to this, that episode probably has aired. He was talking about the same thing. It was basically from blog to multiple blogs to book. It seems like a strategy that a lot of writers, especially in our space use, as well as, you know, on the other side of, for the individuals that maybe writing isn't isn't their passion, or it's just something that's that doesn't come easily easily to them.   I found that some, some people put content out audio and then basically transcript the audio and then kind of edit from there. But yeah, it's, it sounds like you were the former on that.   Craig (15m 24s): Yeah, no, I, I genuinely like to like touch the keyboard, which is weird, I guess, but like, I like to like make that thing go and yeah, it doesn't take long, you know, if you can just sit yourself, I mean, there's a word counter right on the bottom left, like a Microsoft word document. So I would just be like, I'm not, I'm not leaving this computer until a thousand words richer or whatever you want to call it.   Jesse (15m 43s): And for those that are interested, we'll put a link up for where you can reach out and where you can get the book. But in terms of the, the framework of the book, did you, I mean, obviously you, you wrote through blogs, but in terms of the framework itself, did that change from when you initially wrote it and you know, how did you approach that?   Craig (16m 1s): Yeah. So when you're running a book, it's all about the outline. Like you should spend half the time of half the total time writing the book on the outline, because that is the most important part. If you got the outline, good, the book will just write itself. Right. And so it's almost like almost, you just keep expanding, expanding its spending on the outline until it becomes the book and then you have to go back and, and make it flow. And so really it was just a mixture of yeah. Having a solid outline. Also, I took a lot of my blog posts and just kind of repurposed them a little bit for the book because I mean, a lot of my information is out in the world somewhere.   That's the great thing about a book, because you can even sit into one little thing. And so, and so, yeah, I mean, that was pretty much the process, you know, outline, outline, outline. And then after I had a thorough outline and I went over it with bigger pockets, I just, just started writing a thousand words a day. Every day. You had a, before you had a book.   Jesse (16m 55s): No, that makes sense. So in terms of the, you know, one of the biggest things right now that we're seeing in our market is it continues to be a lot of capital chasing fewer and fewer deals. And it just seems that deals are harder and harder to find where, you know, it's usually one or the other. And in times where there's a lot of deals out there, it's usually financing is harder to find. So in this environment, for those, whether they're looking for longer term properties or looking specifically to do house hacking, what's your approach for sourcing deals and you know, what do you tell clients and investors that you coach?   Craig (17m 28s): And so we get almost all of our deals on MLS and how second is kind of a different beast, right? And the reason for that is you don't need to get a property, super undervalued, add value to it and refinance it, right? The magic is just like slowly collecting rental properties with a low percent down. So you can buy a $600,000 property here in Denver and you're putting 5% down. That's 30 grand, right? And so you've gotten this, you have this property for 30 grand. You have to make the deal work by creatively trying to figure out ways, right? So we've got a lot of people that like to Airbnb, a lot of people that do rent by the room, we've we teach people how to do these split things that, that I like to do.   And those almost always cashflow, right? It may not be a thousand dollars a month at first, but over time, rents are going to increase. You're going to be paying more of your mortgage payment down. Maybe you can refinance to a lower rate. You can take off your PMI and you figure out ways to increase your cashflow over the course of five, seven years. And you know, that that's, the play is the long-term buy and hold. So that's why the MLS works is because again, we don't, we're not trying to like add a whole bunch of value and refinance it, deployed money back out. We're just okay with letting the $30,000 in and keeping it in there.   Jesse (18m 38s): Yeah. And it kind of sounds similar to what we do on the commercial real estate side. We always find that the owner occupier is the one that can pay the highest price for the, for the property because of the, the economies that they have, or the fact that because they're operating out of there. So I guess in a similar way, the person that is house hacking, maybe, you know, not that you're going to pay more than you should, but you probably can be more competitive than somebody that's purely going in there to rent it out.   Craig (19m 2s): Yep, exactly. Right. You can, you can. Yeah, exactly. You can pay more because again, like you're going to be thinking about your competition because the, the, the market's competitive. Right. And if your competition is a lot of it is like home buyers, it's probably more so than house hackers. And so as a house hacker, you can pay more because you're already offsetting your mortgage payment with rents. And so sure, like, what's the difference of like a $50,000 difference is like $250 on your mortgage. Right. It's significant, but it shouldn't be life-changing.   And that $250, you're going to make that back in a month with appreciation. Right. So like, it doesn't even like the price almost doesn't even matter, but make sure you run the numbers and it makes sense, but like with how exactly, I've just never heard anybody lose. Like, and I know a lot of house hackers.   Jesse (19m 50s): Yeah. No, it makes sense. I mean, especially that you're in the property, are there properties that you basically try to avoid or properties that, you know, comparing two properties, say one, like you said, that needs, needs renovations or needs capital improvements. Do you try to avoid those? And, and also just kind of on the same, on the same wavelength when it comes to properties that, you know, you can put a walkout in that doesn't currently have one that would be perfect and create a house hacking property. Is that something you also would look at when you're, when you're looking at properties?   Craig (20m 23s): Yeah. So we like to look at, so creating a walkout can be very hard if the house, like, you know, if the basement isn't already at like our level. So we try to find a house where the stairs to go, like stairs to go from the main level to downstairs is right by maybe a back door or garage door. So you can just kind of wall off where, you know, the backdoor meets the upstairs. And then the, so then just, so when you walk in the back door, it's just, you go down the steps.   And so that those lamps are the ones that we really like, and there's a ton of them in Denver. So that's what tends to really work. I think you had another question, but I forgot what you asked   Jesse (21m 4s): In terms of the, just other capital improvements. Are there, are there certain properties that you, you try to avoid when it comes to, you know, when it comes to spending a certain amount of money to get it to where you need it to be? Okay.   Craig (21m 16s): Yeah. So again, I like the layout to be, like I said, right where the, the less amount of work I have to do the better. So if I have to like dig a separate entrance, like that's a lot of work, expensive egress windows can be very expensive and they've gone up in price in my market when I was putting them in like a couple of years ago, it was 3,500. Now it's close to $5,000 for a regressed window. And so if, if egos windows are already in there, that is really helpful. If there's some sort of plumbing fucked up to the downstairs, we can hook up a kitchen fairly easily.   That's really nice. And so, yeah, those are all the things that I kind of look for. There's nothing that I, I like nothing in particular that I wouldn't do, but if it's like, not even like it, but I wouldn't like force a house to make it a house hack. If the layout doesn't work and all that, like, there's, there's plenty of houses where the way it does work.   Jesse (22m 5s): Yeah. Fair enough. So just shifting gears in terms of where we're at in the market right now, I know that, you know, as you mentioned, you, you write a bunch of blogs. I've seen different posts that you've had. I'm curious to get your thoughts on the current market environment that we're in. Obviously, you know, there's been lockdowns for a few years, almost two years now, if not, yeah. Over we're coming into it right now to two years in terms of how that's affected, if it has at all, the way that you're viewing the real estate market. And is it informing decisions that you're making today?   Craig (22m 37s): Yeah, that's a good question. So, so COVID was probably the best thing that ever happened to me from a, it from a financial standpoint, which maybe I'm, I think I'm one of the few, because when everything's shut down in April and may of 2020 is right. When I basically started my real estate agent business and no one was doing showings. Right. And it was super competitive before that, but no one was doing showings and Denver never really shut it down. Like they never made it. So you couldn't schedule it. Like there were some markets where you couldn't schedule it Denver, you can still schedule it.   And I was talking to like my buyers and I was like, well, no one else is looking right now showing percentages, showing times like showing rate is down 88%. So I swear we're probably the only ones even looking and the seller wants to sell and you want to buy, so if you're cool with it, like I'm cool with it. Let's just go and it will be, you know, six feet apart wear the mask, whatever, like, you know, and, and so we did that and we were for like a few months there, every offer that we were putting out there was getting accepted and it was at asking price. And it was like, it was even below asking price, which was like beautiful for them, for the buyers.   Obviously that was only a short window. And then as things started to heat up again towards the end of last summer, and then all through winter 20, 20, 20, 21, and throughout 2021, things got started really heating up and getting really, really competitive. And that's where house hacking comes into play. Right. Because it's like, Hey, not only were the price is going up, but rents were also going up as well. But we were saying like, okay, let's just analyze the deal, right? Like it's listed for 500,000, can you pay five 50 for it? Like, this is what your mortgage payment would be.   This is what you'll get in rent. You're still going to be making over a thousand dollars a month, like who cares what the listing price is and how much over we have to go. Then the only downside was the appraisal gap coverage, right. Where, you know, for the listeners that may not know is if the appraisal is, comes in lower than the purchase price, someone's got to make up that difference in cash buyer or seller or combination of the two. We kind of had a, a way around that as well. And so should I get into that or please do so, so one thing that we did a lot of was we would set the inspection.   So we would set the inspection for maybe seven to 10 days out. So let's say, you know, you're under contract on November. First inspection would be November 10th. We would then immediately call the lender and get a rush appraisal to be done like that same, the same week. So we're reporting this on a Monday, the appraisal would be backed by Friday before the inspection deadline. If the appraisal comes back super low, we can still back out because of the inspection. So we were able to fully waive the appraisal while still having to be able to back out on the inspection. And that was a strategy that I think a lot of, well, maybe we were the only ones to do it, but I'm sure we're not the only ones to do that strategy, but that worked really well for us in terms of getting deals in our contracts, getting deals done and making sure both parties were very happy.   Jesse (25m 33s): No, fair enough. And in terms of the short-term rental space. So I think you've, you've written blogs on this in terms of that area of the business, you know, how has, how do you see that market given everything that's transpired over the past year and a half, two years? And do you think, do you think it's a S it's a space that is going to be coming back? If it has an already   Craig (25m 55s): It's already come back and it's tough. It's like, it's doubled since, but it was, so I had a whole bunch of short term rentals. I was one of the scared ones that shut, shut everything down and turn into long-term rentals during COVID. And I think a lot of people did that. So the supply and demand just wasn't there. So then as more and more Airbnbs came on and we started air, like our clients started being, they were just crushing. It they're like, dude, I like you told me I was going to make like 3000 a month. I'm making 5,000 a month, like, like the are conservative numbers. Like they were blowing our numbers out of the water, which was great.   Like, I would much rather have people be happier in that regard. But, you know, as, as, as, as far as where it's going to go, like, I don't have a crystal ball. I don't know. That's why I always say like, Airbnb can be your plan a right. And that could be the way you make your most money, but like, make sure you have a plan B that also cashflows, even if it's only a hundred bucks over the mortgage, just so you can hold it, hold it through this recession or whatever, because, you know, when, when, whenever this recession hits that we're going to have at some point, right? Like the first thing that's going to go is recreational travel business travel is probably going to be a lot less, especially with zoom and all of these things that have come to fruition through COVID and there's going to be a lot less reasons for people to travel and want to travel.   And so if the Airbnb, I mean, at the end of the day, Airbnb hasn't even gone. Hasn't even made it through a recession yet the company Airbnb. Right. So we don't even know how they would handle it. So just to have that, have that like backup plan, I think it's super important.   Jesse (27m 24s): Yeah. In terms of the actual financing of deals, obviously you're doing a particular strategy and niche when it comes to the house hacking, but generally speaking, do you have a, a certain methodology or philosophy about how you handle the debt side of your business?   Craig (27m 41s): So I, I personally am trying to get as many, as many Fannie Freddie loans as I possibly can, because we all know that's the cheapest and that's the best kind of debt you can have. I think you're allowed to have up to 10 Fannie Freddie type loans. Once you've maxed out at your 10, you know, then you have to start thinking about other creative ways. And so right now, I think I'm at like seven or eight, I'm going to probably be at 10 by early next year, but I'm fine with that.   Like, I kind of just want to exhaust my 10 because now I'm going into like more commercial real estate investing, triple net, lease side stuff and all that. And that's where I see the future of my real estate investing going. But yeah,   Jesse (28m 24s): No, that makes sense. I want to kind of shift a little bit to something we talked about at the beginning. So your W2 job, or, you know, your, your normal kind of day to day job. You're not dissimilar to a lot of people that we have on the show that make the jump into full-time investment for people that are looking to get into real estate or people that are into real estate. And they're coming up to what, you know, you had an inflection point, you know, what do you, what, what would you say to those individuals in terms of actually kind of leaving the, the day job and you know, what seems like a pretty, and it is a scary, scary move, you know, what, what are your thoughts on that?   Craig (28m 59s): I mean, it's uncomfortable doing so, right. But think about it this way is that your worst case scenario is the scenario you're in right now, right? Your worst case scenario is as you quit, you maybe lose $5,000 on an experiment of trying to, you know, do something for yourself. And then you have to go back and get another job. Right? Like that that's really a hardest. And so if you can kind of just like, look at it as an experiment and look at it, like nothing is permanent, just because you say you quit, it doesn't mean you have to quit forever.   Right. And also, I like the idea that, yeah, you've got enough rental property, passive income to support at least your basic living expenses so that you have enough runway. So that it's, it's not, you know, it's not an issue, you know? Yeah. So   Jesse (29m 44s): For you, it wasn't, it wasn't like a burn, the boats thing where you just absolutely, you know, drop it and say, I'm going to start buying real estate. It was buy real estate, figure out what that number is to make it, make it at least somewhat more comfortable to make, to do that transition. Do I have that right?   Craig (29m 59s): Yeah. Yep. Is that right? Right. I mean, I think for me, I had like $3,000 of passive income and I was like, I'm a single dude. Like I can live off of that as long as I say frugal. And then once you become your entrepreneurial self, you can make a million times more than you ever could have W2. And that will just funnel you're, you know, getting more financially independent or, you know, more fat financially independent, or however you want to call it.   Jesse (30m 22s): No. Fair enough. So in terms of the, you know, you mentioned you, you did get licensed, so as a licensed realtor, you kind of moved into that space, the fit team. Is that, is that on the investing side or is that the, is that on the broker agenda things?   Craig (30m 36s): Yeah, so I ended up being like so busy last year that I either had to quit or start a team. So we started a team. We, we got a team about 1520 agents now that are all house hackers, all investors, at least on the investment side. And so we help coach guide, mentor people through that process of house hacking. We've got pretty much everything you need in terms of, you know, relationships with vendors, leases, calculators, like we'll walk you through the entire process if you need us to just because that process is so scary to like the first person putting their, like 30 of the $40,000, they've saved up for their whole life into one house.   It makes you feel better when you've got a whole team of people with, you know, hundreds of deals under their belt, kind of guiding you through that.   Jesse (31m 23s): Yeah, for sure. And I mean, in terms of the team itself, the, the team that you built out and the coaching that you have, was that something that happened, it seems like you, you had the demand. So you built out the team for those that are building their own team w with real estate, whether it's sourcing real estate, trying to get property managers, what are your recommendations? Kind of some of the stuff that you've found that were helpful to you when you were starting out and you're buying these first few properties,   Craig (31m 52s): I I'd say like, just document your systems as best as you can. Loom is something that I use a lot. So I'm sure people know about it by now, it's a screen recording thing. It's a plug-in on Chrome and anything you do that is repetitive, you should be looming it. Right. And you save it somewhere so that someone else can do it. Right. So, so these days I'm doing very few. I really don't do any showings. I really don't do any contract writing. I've got the team that does that and they can ramp up so easily without asking me hardly any questions, because I literally have videos and videos and templates and samples of all of that.   Right. So we can onboard a new agent pretty quickly and they're up and running very quickly. And the questions they asked me are like high level questions that they should be asking me. And so I can stay kind of in my 20%, which is know content creation coming on, podcasts like this, right. Doing stuff like that to just to just grow the, grow the brand.   Jesse (32m 46s): Yeah. That's great. I love the loom. And it's funny now, like two years or a year and a half after everything, that's, that's really been going on in the world. It's nice that we have zoom, loom, Skype, where you can actually, you know, when you're hiring something, somebody just the other day, my partner and I were like, okay, we can give instructions to this person. Or we could just record the call, the onboarding call. And then, you know, they, he, or she has a reference.   Craig (33m 7s): Yeah. It's, it's so amazing. Like, and I think it's way easier. Like the old fashioned, like paper trail documents, like your type every step-by-step. We have a little bit of that, but the loons are just so much easier and so much better too. Like it's a picture is worth a thousand words. Right. So video's worth like a million.   Jesse (33m 24s): Yeah, no, a hundred percent. A 100%. And then you ha it's, it's more dynamic, right? Yeah. You can have somebody in real time asking you questions and then solve it, solve it right there. Awesome. Well, we have, we've got four questions that we ask every guest that comes on the show and want to be mindful of the time here. But before we get to that, in terms of the coaching that you have for people to reach out we're where can they find find you? And, you know, what's the best route for them to, to take on.   Craig (33m 51s): Yeah. So, you know, we've got our podcast, the fight team podcast is actually being rebranded here shortly. So we're going to come up with a new name, so be on the lookout for that. And then, you know, if you're, if you're in the Denver area or you need a real estate investor from the real estate, Adrian, the fight team.com is where you can find us. And I'm also on Instagram. If you want to just kind of check out my stuff at the fire guy.   Jesse (34m 12s): Absolutely. We'll put a link to everything in the show notes, but yeah, let's go to the final four here. If you're, if you're ready to go, I'll send them your way. Let's do it. Okay. What's something, you know, now in your career, it can be real estate or business that you wish you knew when you first started out.   Craig (34m 30s): I wish I knew the who, not how concept have you heard of, you know, that mother basically. Yeah. That whole thing of why stay in, what do you do best in stay in your zone of what you do best at anything. You don't do good. Hire someone to do it for you. Cause they're not only going to do it better, quicker and probably cheaper, but it's going to also grow your business much faster and you're going to be happier.   Jesse (34m 56s): Yeah. I can't, I can't recommend that book enough when we were at the BP con BiggerPockets conference in new Orleans, I was think Dan Sullivan is the author awesome book. It's it really is. It really changes the way you look at things because for so long, we're taught, you know, if you, if you get somebody to collaborate with you, if you give somebody a task that you're, you know, you're cheating in school. Right. But really the idea of find, find out who's the best person to do that. And it should be, should it be taking up your bandwidth or not? Yep. Love that.   Awesome. All right. Number two here. What is a, a book that you seem to constantly be recommending and we'll put the who not, how on put that aside for a second or podcast that you, that you keep recommending?   Craig (35m 40s): I guess the miracle morning doesn't count either. Cause he already mentioned that one, definitely the miracle morning and who knows how or applied my tattoo a podcast, obviously there's a bigger pockets podcast. That one is kind of a no brainer. Can I just depends on where you are in your journey. But I think like for, for fundamental business books, miracle morning changed my life. Who knows how it changed my life. And also the E-Myth is, is really, really good if you're thinking about growing a business and long people wanting to step away someday.   Jesse (36m 9s): That's great. We'll put links up to those as well. In terms of people that are getting into the industry, people that are, whether it's through brokerage or looking from the investor's lens, what would you tell them in today's market? And just generally your thoughts on mentorship?   Craig (36m 27s): My thoughts. So, so in terms of the market today, I think like you have to just like keep buying no matter what the market's doing, because timing the market is like been known to be fail failure right now, known to fail. So just dollar cost, average it by one a year with the course of 10 years and you'll buy it the highest you'll buy it. The lowest in terms of mentorship and stuff. I think you really, I hate that term mentor. I hate when someone asks me to be their mentor, I kinda just wanna be your friend, right? Like I'll be friends with almost anybody, as long as you're, we've got the same values, the same morals, and we're kind of on the same page.   So just like go to meetups and just start talking to people, right. And then follow up with them and grab a coffee with them and grab dinner with them and go on a hike with them. And before you know it you're, you've got a friend and maybe they're more experienced than you. Then they become your mentor. Right. They're going to naturally just give you advice. They're going to want to help you. And so that's like my favorite way to mentorship is just becoming friends with people that are both above you. So you can be the mentee and below you. So you can be the mentor.   Jesse (37m 25s): That makes sense. All right. The last one, Craig, first car make and model.   Craig (37m 30s): Oh man. He tried to get to my bank accounts. It's a 2002 Dodge. Intrepid was my first car   Jesse (37m 38s): Right on. And I said, that's not the one you put on Turo.   Craig (37m 41s): No, no. The one I put on Turo was a Toyota Prius, which got smashed up. But yeah, that's a fun, fun story. Maybe we'll dive into it real quick. I think I lost you on the yeah.   Jesse (37m 57s): Okay. Yeah, no, you can get into it. Cause I know you put a, you put a blog out as well about, about just different income streams I think. And Turo was a Toro was definitely one of them I believe.   Craig (38m 8s): Yeah. So yeah, back in the day, Touro was a street, was an income stream that I had to kind of while I was at bigger pockets and I could fight to work. And so basically I, I was proud of myself. I read, never split the difference by Chris Boston negotiating book. And I was able to negotiate the price of that car from 12,500 down to 10,000. So I bought the car for 10,000. I Ubered it for awhile. I toll road for awhile. The car probably made me about $10,000 over the course of two years. And then someone crashed on Turo. The Touro com whatever the company has, some insurance policy where they actually paid me out like 11,500 for it.   I ended up like getting more than I ever paid for it initially after, you know, however many miles later. And then I bought a crappy car for like 50, for like five grand and kept the six grand and invested in real estate. So   Jesse (38m 57s): There you go. Always, always on the move. Awesome. All right. Well, we'll put links up to, to everything that we talked about here. And just for those that, you know, I know you have a presence on Instagram as well. Could you just let us know the handle for that as well?   Craig (39m 11s): Yup. It's a, the fire guy. So like the financial independence guy.   Jesse (39m 17s): Awesome. My guest today has been Craig Kurloff Craig. Thanks for being part of working capital.   Craig (39m 21s): Thanks for having me on Jesse. Appreciate you.   Jesse (39m 31s): Thank you so much for listening to working capital the real estate podcast. I'm your host, Jesse for galley. If you liked the episode, head on to iTunes and leave us a five star review and share on social media, it really helps us out. If you have any questions, feel free to reach out to me on Instagram, Jesse for galley, F R a G a L E, have a good one. Take care.  

House hacking is something you can do over and over again, and it's going to build wealth. Take it from Bryan Balducki. He became a rental property investor by accident, but now, he is one of The FI Team's agents.In this episode, Bryan talks about his very first investment property and how he got into rentals. While giving a breakdown of his 4 properties, he gets into a discussion with Craig and Zeona about 15-year mortgages versus 30-year mortgages. He also weighs in on the pros and cons of investing in a house and a townhome.

Today's Guest is Craig Curelop - Author of "The Househacking Strategy: How to use your home to achieve Financial Freedom".Craig  started with $90,000 in student loan debt and a NEGATIVE $30,000 net worth in 2017. Utilizing the strategy in today's episode "HouseHacking", Craig became Financially Independent only 2.5 years later in 2019 through the passive income created and increased ability to save!Today Craig ( @TheFIGUY) Leads his own real estate team in Denver "The FI Team" to help empower others to accomplish the same as him. Top 5 Ideas/Action Items from today's show:- Read  "Househacking" article by Brandon Turner on Biggerpockets blog (7 min)- Read "The Househacking Strategy" by Craig Curelop-Join local FB community to meet potential friends/mentors- Schedule "coffee dates" multiple days per week to learn from people above-Connect with local realtors to discover Househack Options

Real estate investing is the way towards financial freedom, and for some, house hacking is a step on that path. In this episode, learn the basics as you take your first steps towards real estate investing. Dale Corpus talks house hacking with the co-founder of The FI Team, Craig Curelop. Craig shares how he got into real estate and shares his top tips when it comes to hacking houses. Tune in and learn the secrets of hacking homes.

After first learning about house hacking in the fall of 2016, Jeff White closed a 4-unit property in August 2017 and got to work. Now, he has 5 house hacks and is a member of the FI Team—all while holding down his W-2 job! In this episode, Jeff walks us through his bumpy start, how he dealt with tenants who were on a tourist visa, and his transition from multifamily to single-family homes. If you're an aspiring house hacker, stick around because he shares tips and presents the advantages of not quitting your day job too early.

Craig Curelop is co-founder of The FI Team and a real estate agent and investor in Denver, CO. He moved to Denver in April 2017 and closed on his first property in June 2017, a duplex that he house hacked for one year. He got a little bit creative and rented out the top unit, while creating a quasi-bedroom in the living room by putting up a curtain and a cardboard wall divider so he could AirBnb the bedroom. Needless to say, it cash flowed :). Since then he has purchased two more house hacks each of which cash flow about $1,000 per month. Between these three house hacks he is now financially independent and helping others achieve financial independence through the creation of The FI Team. Outside of real estate and personal finance, some may call him a health nut. Craig's primary goal is not to live to be 200. His goal is to be able to perform at the highest possible level for the most amount of time. Exercising and eating healthy are the best ways to do that. For fun, he loves to exercise, hike, travel, read, write, snowboard, golf, and play/watch sports. Go Pats! https://www.thefiteam.com/   Want to learn more about passive investing? Grab our FREE Course: https://www.passiveinvestorsclub.com/course Thank you and I appreciate you watching this video. Please like, subscribe, and share with others that you may find this valuable. Your comments are useful and help us generate better quality content based on your feedback.   Subscribe to my channel here:https://www.youtube.com/channel/UCb66-jA-WR4-LlJqp8Sn2wg?sub_confirmation=1   The Passive Investors Club is a community of like-minded individuals seeking financial freedom through passive investing in commercial real estate. More information about our club: https://www.passiveinvestorsclub.com Follow Me Online Here: Instagram: https://www.instagram.com/dwainelclarke/ Facebook: https://www.facebook.com/DwaineClarkeOfficial LinkedIn: https://www.linkedin.com/in/dwaineclarke/ Website: http://passiveinvestorsclub.com Twitter: http://twitter.com/dwaineclarke Medium: http://medium.com/@dwaineclarke SoundCloud: https://soundcloud.com/dwaineclarke Podcast: https://podcasts.apple.com/us/podcast/wealth-through-real-estate-investing/id1457606006 Spotify: https://open.spotify.com/show/7B2wIQyiMgrcEJoqBUJzRR      

https://youtu.be/TXW4vyUrlpASuccess Science Episode 061, Season 7: Craig Curelop: House Hacking To MillionsPublished Date: 04/06/2021Guest: Craig Curelop is co-founder of The FI Team and a real estate agent and investor in Denver, CO. He moved to Denver in April 2017 and closed on his first property in June 2017, a duplex that he house hacked for one year. He got a little bit creative and rented out the top unit while creating a quasi-bedroom in the living room by putting up a curtain and a cardboard wall divider so he could AirBnb the bedroom. Needless to say, it cash flowed :). Since then he has purchased two more house hacks each of which cash flow about $1,000 per month. Between these three house hacks, he is now financially independent and helping others achieve financial independence through the creation of The FI Team. Outside of real estate and personal finance, some may call him a health nut. Craig's primary goal is not to live to be 200. His goal is to be able to perform at the highest possible level for the most amount of time. Exercising and eating healthy are the best ways to do that. For fun, he loves to exercise, hike, travel, read, write, snowboard, golf, and play/watch sports. Go Pats! Follow Craig and his story on Instagram @thefiguy.I'm sure he'd be happy to talk about the bigger picture of self-dev work, and the mindset of his millionaire by age 27 success. Contact Info and links:www.thefiteam.comhttps://www.instagram.com/thefiguy/Book Recommendations: Atomic Habits: https://amzn.to/3w64t8AMiracle Morning: https://amzn.to/3rwJiJsLinkTree: https://linktr.ee/TheFiGuySuccess Science:Studying and Modeling the Science of Success. We will Explore what creates financial freedom, what turns passion into purpose, and what habits lead to success in Life, Business, Real Estate, Investing, and much more. Studying the tools, systems, mindsets, and strategies of other business owners, investors, and entrepreneurs just like you so we can implement the habits and strategies of Success Science. Subscribe and join the journey using the links below. Halo Group- Real Estate Advisors: https://linktr.ee/HaloGroupREYouTube: http://bit.ly/YouTubeAustinHartleyInstagram: @AustinJamesHartleyPodcast: The Success ScienceLinkTree: https://linktr.ee/AustinjHartleyWebsite: https://www.halogroupre.com/

Today on the show, we welcome hustler, inspirational investor, and member of the FI Team, Ben Rhodin! He lost his W2 job because of COVID, but instead of taking it easy, he used his free time to get into real estate investing. He managed his parents' rentals, learned about financing, closed his first property, renovated it, and got his license—all in 2020(!).From film school graduate to real estate agent, Ben is an example of someone who's made the most of the hand he's been dealt. He shares some of the lessons he's learned from his parents and what he was able to do with a HELOC.

This week Craig Curelop and Zeona McIntyre are joined by Chris Gomes, a mechanical engineer by day who learned about house hacking from us (!) The FI Team by night. We were super impressed with how quickly Chris succeeded with his very first house-hack — rocking it luxury style with his own private unit no less — by keeping a can-do attitude, putting a lot of time into learning so he could do it right, and trusting the process even when the next step seemed impossible!Give a listen to learn from his creativity AND mistakes for yet another great model for how anyone can build a life toward financial independence — even with the W2 and fresh out of grad school!

In today's episode, we interview the founder of the FI Team, Craig Curelop. From how it all began to plans from the future, Craig tells it all. House hacking was a key part of his story and he literally wrote the book on it. We go through the ups and downs, and all the pro tips to become a successful house hacker.

Today's show is the debut of the new co-host and Financial Independence guru, Zeona McIntyre, who started small but ended up big in the real estate industry. She got her inspiration from the FI Team shows that guided her throughout her journey.Zeona is a real estate investment mentor who builds her way through the industry by turning Airbnb listings into a cash flow generator. Join Zeona as she shares about herself, her experiences in doing business, and how she finally got her financial independence. Listen and enjoy the show!

If there's a FI Team that helps investors with real estate investing, there's also a FI Couple that is on the journey to achieve financial freedom! Introducing Joshua and Ali Lupo: a young power couple house hacked their way out of $100k of debt!Joshua and Ali Lupo were getting married when they realized that they were $100k in debt from student loans. They knew they needed something different when they realized that their 9-5 jobs weren't going to cut it.So, they are house hacking properties while paying off their debt. Now, they are slowly able to settle their debt, and their cost of living is completely free!Get to know them and relate to their stories as they share the details of their house hacking deals, the mental barriers they've overcome, and their favorite weird food combinations! They'll also share their approach to financial freedom and how they are investing as a team. Listen and enjoy the show!

Today's guest has personally the biggest influence on me – she's the one that convinced me to get the FI Team started. In today's episode, Shelby Osborne will also inspire you with her stories and her optimistic attitude.Shelby Osborne was a US Army captain when she realized she didn't want to trade her own time for money. So she dropped out of the army, and in just three years, she has acquired over 50 units – and still counting!She was even awarded the Keller Williams Rookie of the Year. Now, she is the owner of Five Pillars Realty Group and the founder of Pints & Properties!Shelby is a living “wealth of knowledge” when it comes to real estate investing. In this episode, she will share how she made a brand for herself, her unique BRRRRnB strategy, and why you should learn to develop your personality and not just your investing skills!Want to pick her brains and learn from her experience? Listen and enjoy the show!