Couch flipping may be the best side hustle you’ve never heard of. It’s so lucrative that today’s guest Parker used couch flipping to save up his down payment for his first house hack! Of course, who could have assumed otherwise from someone like Parker? He’s a financial analyst who made an intelligent move from expensive Boston to sunny Tampa to house hack for the first time with one of his best friends. He’s making some impressive moves at a young age, but he still has questions about what to do next.

Although Parker is thankful for buying the house hack, he doesn’t know what he should do after he moves out. Does he sell the property, keep it as a rental, transfer it into an LLC, or go back to renting as he saves up enough money for the next house hack? He also has some very pressing capital expenditures on his mind, like a new roof, HVAC, and other large system replacements that could cost him and his house-hacking partner tens of thousands out of pocket. These replacements won’t be cheap, but they could help improve the property before he potentially sells.

And like most FIRE-minded twenty-something-year-olds, Parker needs to know where the highest ROI for him is. Does he continue to save up to buy another house hack, or should he be contributing to his tax-advantaged Roth, HSA, and 401(k) accounts? Plus, with such an unbelievably lucrative side hustle like couch flipping, how much time should he put into building this income-replacing revenue stream? Parker is on a great path, but with guidance from Mindy and Scott, he could reach financial independence even faster!

00:00 Intro
02:15 Income, Expenses, Assets and Liabilities
04:56 Parker’s Money Story
11:05 How to Improve a House Hack
15:26 House Hack Numbers
22:59 Should It Be in an LLC?
29:15 Title, Tenants, and Shared Spaces
33:34 Sell or Keep the Property?
41:21 Couch Flipping Fortunes
50:13 Action Items

Show Notes at:
https://www.biggerpockets.com/blog/money-367?utm_source=youtube&utm_medium=description&utm_campaign=none
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Join the BiggerPockets Money Facebook Group:
https://www.facebook.com/groups/bpmoney
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Find an Investor-Friendly Agent in Your Area:
https://www.biggerpockets.com/agent/match?utm_source=owned_media
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House Hacking 101:
https://www.biggerpockets.com/real-estate-investing/house-hacking-strategy?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Estimate Future CapEx Expenses on a Rental Property:
https://www.biggerpockets.com/blog/estimating-capex-real-estate?utm_source=youtube&utm_medium=description&utm_campaign=none
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How to Run a Rental Property Cash Flow Analysis:
https://www.biggerpockets.com/blog/rental-property-cash-flow-analysis?utm_source=youtube&utm_medium=description&utm_campaign=none
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Here’s Why You Shouldn’t Use an LLC for Rental Property:
https://www.biggerpockets.com/blog/real-estate-llc-not-best-option?utm_source=youtube&utm_medium=description&utm_campaign=none
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
Guests: https://www.biggerpockets.com/guest?utm_source=youtube&utm_medium=description&utm_campaign=none
Finance Friday: https://www.biggerpockets.com/financereview?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Scott and Mindy on BiggerPockets:
Scott: https://www.biggerpockets.com/users/scotttrench?utm_source=youtube&utm_medium=description&utm_campaign=none
Mindy: https://www.biggerpockets.com/users/mindyjensen?utm_source=youtube&utm_medium=description&utm_campaign=none

Episode 367

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