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When you hear the term "real estate investor," you might picture someone who owns a hundred properties or a hotel empire, lounging in a mansion while the money rolls in. But here’s the truth: you don’t need to start big, or even start with something you think looks like an investment property. Your first home can be an investment—even if it’s your primary residence.
This shift in mindset is exactly what can open the door (literally!) to your future as an investor. It’s about seeing your home not just as a place to live, but as a tool to build wealth and create opportunities for your future.
Let’s dive into how you can do this, step by step.
Step 1: Do the Mindset Work
Buying your first home can feel overwhelming—finances, responsibility, the what-ifs. It’s normal to feel this way! But often, those fears are rooted in stories we’ve been told or experiences we’ve seen. Taking the time to understand what’s holding you back is the first step in moving forward.
Ask yourself:
- Did your family own a home growing up?
- Were they renters, or did they buy and sell multiple properties?
- What emotions or stories do you associate with mortgages, repairs, or even homeownership in general?
If you’ve seen homeownership as stressful, unachievable, or just plain hard, you’re not alone. But here’s the thing: your journey doesn’t have to look like your parents’ or anyone else’s. By understanding the fears or beliefs holding you back, you can shift your mindset and start to see buying your first home as a stepping stone—not a weight.
Step 2: Pick Your House Hacking Strategy
Let’s talk about house hacking—a fancy term for using a home that you own and live in to generate income. At Open House Education, we love it because it’s creative, flexible, and doable even for first-time buyers. Here are some ways to get started:
1. Rent Spare Bedrooms
You can choose long-term tenants who stay for months or even years, or short-term guests through platforms like Airbnb. Short-term rentals can bring in more money in certain areas (hello, tourist towns!), while long-term tenants provide stability.
2. Create a Sneaky Duplex
We coined this term, and it’s one of our favorites! A sneaky duplex means converting part of your home—like a garage, basement, or separate wing—into a livable space you can rent out. Think of it as creating an income stream right within your home.
3. Build or Use an ADU (Accessory Dwelling Unit)
If you have land, you can add a tiny home or convert a shed into an independent rental space. This option keeps your main home private while generating passive income.
Step 3: Find a Home You Can Add Value To
Now that you’ve got a strategy in mind, it’s time to find the right house. A great real estate agent can help you identify properties with potential, whether it’s a fixer-upper or a home in an up-and-coming neighborhood.
When house hunting, ask yourself:
- Will this home attract renters if I decide to house hack?
- Does it need updates I can handle over time?
- Is it in a location that’s appreciating in value?
If you can buy a home that needs a little TLC, even better. Fixer-uppers are often more affordable upfront and allow you to build equity quickly as you renovate.
Step 4: Get Organized
The difference between a successful investor and a stressed one? Systems. Staying organized with your finances, tenant communication, and property management will save you time, energy, and money.
Start with spreadsheets to track:
- Monthly expenses (mortgage, utilities, etc.)
- Income from rentals
- Contractor contact info
- Maintenance schedules
If you’re renting out a space on Airbnb, set up automated messaging for guests and clear expectations. And don’t hesitate to outsource tasks like cleaning if it fits your budget.
Step 5: Repeat!
Here’s the exciting part: you don’t have to stop at one home. With low down payment options, you could buy a new home every year or two, turning each one into an investment. Your first home can also give you leverage to buy more, whether through a cash-out refinance or a home equity line of credit.
Some of our members only want one or two homes—a place to live and maybe a vacation spot. Others see real estate as a full-fledged career. Whatever your goals, there’s a strategy that fits.
Ready to Start Your Journey?
Whether you’re just curious or ready to take action, you don’t have to do this alone. Join our online community for women across the country. Our accountability program is the perfect way to stay motivated, set real estate goals, and connect with others who get it.
And if you want more tips and stories from women making real estate work for them, listen to our podcast. You’ll leave inspired and ready to take your next step.
Let’s rewrite the story of what’s possible in real estate—together. 💫
