A Growth Mindset For Real Estate with Ben Leybovich:
Ben Leybovich is a well known real estate investor online, but his career path wasn't always that. He was originally a violinist but was diagnosed with Multiple Sclerosis. Because of his diagnosis, he had to quickly pivot into a different line of work. Now, he runs JustAskBenWhy.com, teaching people how they can use real estate and house hacking to secure their financial futures.
You Can Listen On:
Multi-Generational Floor Plan
For Ben, quality of life mattered immensely. He was not willing to sacrifice in regard to the quality of life, which can sometimes happen with various house hacking strategies. So his way around it was with a multi-generational floor plan in Phoenix, Arizona.
This floor plan includes a “main” house, followed by a casita on the same property. At first, he used it as a short-term rental on Airbnb to provide needed cash flow to offset the upfront costs.
And now that the financial goals Ben has set out for have been accomplished, he no longer rents out the casita.
Ben's Deal Analysis
As Ben has invested in dozens of properties, his deal analysis is much more “dialed in” now more than ever. He explains a great analogy of an artist with a color palette to illustrate how because of his experience, he knows what colors to use where and how to blend them together.
As for his current strategy, he is still holding a few properties in Ohio, where he is originally from. However, he comments that is looking to possibly let them go as his needs and wants have currently outstretched their capacity.
As for future investors, he strongly recommends looking at markets that are growing in jobs, population, business-friendly, and have low property taxes for a successful investment.
The Famous Six
What is your favorite personal finance resource (blog/book/podcast/etc)?
None, actually! His advice is to take focus away from limiting (i.e. budgeting), and rather creating value and growth.
What’s your favorite real estate related resource you’ve read recently?
He is mainly learning from things “on the job”.
What is your favorite travel destination so far?
Where will you travel next?
Buy a house in the mountains in Arizona to escape the hot season.
What is the biggest bucket list goal that you haven’t accomplished yet?
He doesn't have one. But he has a long goal that he always wants to get better each and every day.
What is your favorite life hack?
Buy a Tesla if you have the money.
Be sure to check out our Ultimate Guide to House Hacking for a great overview of the different styles of house hacking and different types of tenant bases.
Check out the home page for “The House Hacking Podcast” here.