Introduction to Sammy Lyon
Sammy Lyon is a Los Angeles-based real estate agent who brings a decade of project management expertise to the real estate industry. After leading innovative educational programs at schools and nonprofits for over ten years, Sammy earned a certificate in construction project management from CSU-Dominguez Hills. Sammy found an unexpected interest in real estate in the quest for a first home and discovered the concept of house hacking. Sammy Lyon purchased their first rental property in 2018 and quickly expanded to ten units in ten months. Sammy then began working in affordable housing development and became a licensed realtor to help more people build generational wealth through real estate. Sammy is enthusiastic about making housing more accessible, with strategies such as “house hacking” and the construction of Accessory Dwelling Units (ADUs). Sammy also commits 5% of gross income from real estate to racial and social justice work.
What is House Hacking?
The term “house hacking” refers to the practice of living in a home and renting out a portion of it to help pay the mortgage. In other words, house hacking is an excellent way to live for free (or cheaply) while building wealth! Housing is the most expensive monthly cost for most people. If you want to save money, minimizing your home costs will give you a major advantage in reaching financial independence quicker.
How does it work?
Instead of buying a house just for yourself or your family, think about how you can make money from it.
For example, you may own a single-family home, live in it, and rent out rooms as long-term or short-term rentals. You could also purchase a 2- to 4-unit multifamily property and live in one unit while renting out the others. In certain places, such as California, you may buy a 1–4 unit residential structure, construct an ADU (accessory dwelling unit/granny flat), and rent it out as well.
In expensive cities like Los Angeles, you may not always be able to cover the whole mortgage with house hacking, but you may be able to significantly reduce it!
Who is it not for?
Because you are committed to running a rental business out of your own home and sharing living space in some way or another, house hacking is not for everyone. However, for many people, it is a terrific strategy to help pay down your mortgage and move toward financial freedom.
Featured as a top real estate agent in many publications, Sammy advises people who are thinking about buying a home to consider the many possibilities open to them for building generational wealth through real estate, including house hacking. Sammy loves working with clients to help them get their dream house, with an eye toward financial independence, investing and passive income. If you ever need any help or guidance in real estate, you can always contact Sammy on Instagram. Click here or on the link.