House Hack Your Way to a Life Near the Beach with Joe Prillaman
Joe Prillaman – the Founder and ‘Average Joe’ of Anchored Investing, talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Joe Prillaman has been investing since 2018, where he got started with a BRRR of a single-family home in Fayetteville, North Carolina. He currently owns five properties in Fayetteville, North Carolina and is living near the beach on the Carolina coast by way of a house hacking a duplex as a short-term rental.
Key Lessons Learned: Stay consistent. Airbnb is a business, not passive investing.
How did they acquire their knowledge or what knowledge did they need to acquire? Do something every day and connect with mentors.
How much money did it take to get started? The purchase price on Joe’s first property was $43,000 and about a $17,000 rehab, all in for about $60,000 of private money and it appraised after for about $80,000. He did delayed financing which allowed him to pull most of his original capital out in about 10 weeks.
How much time does it take now? He spends a lot of time on this. It is a full-time job for Joe Prillaman and his wife.
Could they do this strategy from anywhere in the world? If he had a system set up, then he could be away for several months.