Rather than spending tens of thousands of dollars to buy a property and test out the short-term rental strategy, they tested the idea by doing "rental arbitrage" with Jervais' parents' home. In the late 2010s, when Natia and Jervais were researching other real estate investing strategies, they found that short-term rentals could be lucrative. This strategy is known as "house hacking" and will not only help you offset your mortgage but can give you an idea of what it's like to be a landlord and have a tenant. Eventually, they started earning a profit from the property, which showed them that they could actually make money by renting out properties.Īnother option is to try renting out a room or section of your primary home while still living in it. Instead of selling their primary home, they found a long-term tenant that nearly covered all of their housing costs. She and Jervais tested out the long-term rental strategy when they moved from North Carolina to California in 2012. "We explored everywhere," said Natia, and that's ultimately how they found the subdivision they ended up buying their first home in. Natia and Jervais spent hours driving through neighborhoods in North Carolina even before they were pre-approved for a mortgage. That's why it's extra important to control what you can control, they said, which includes researching your market. No one can predict or control market conditions. Research the market you want to buy inĮvery type of investment is risky, from stocks to real estate, and there is no guarantee that you're going to see returns. It's time up front, but it will result in a bigger thing down the road." 3. "I know that people want to hurry up and learn fast, but it's better to really have the confidence and know where you're headed. "You're not going to learn everything you need to learn about real estate in a five second TikTok video," said Natia. The Genesis Program, which offers down payment assistance to low- and middle-income home buyers using an FHA loan, granted them $5,400 to put towards their down payment. You may come across grants and/or down payment assistance programs, which is what they used to fund their first home. Account icon An icon in the shape of a person's head and shoulders.
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