My family comes first—always. So when I think about money, the question is: “How can I best provide for my loved ones?”
That was my motivation to join the military after I got out of high school. I’m Filipino, and there’s a tradition in Filipino-American culture of serving in the U.S. Navy. Plus, that job security and income meant I could care for my siblings and parents back home.
I met my wife on the USS Ronald Reagan. We got married within a year, and just a year after that, we were expecting our first child. I liked the Navy and took pride in the work, but I didn’t want to miss any time with my new family—and being deployed means being away from home. As we planned our future, we looked into new careers in real estate investment.
I also learned about a strategy called “house hacking.” You buy property—either a home or small multifamily building, like a duplex—and rent out the other rooms or units while you’re living there. You put the rent you’re collecting toward your mortgage and generate passive income while you build equity.
House hacking sounded like a good way to reach our goals, so my wife and I focused our search on small multifamily properties that we could live in and rent out. We made quite a few offers before finding the right place—a triplex. My daughter was a few months old when we moved into one of the three units.
As we continue to work on growing our business, we’ve moved out of the triplex. Two of the units are used for short-term rentals. We have long-term tenants, another military couple, in the third unit.
We’re able to pay our mortgage and live off the income from our investment property. Today, we live in a multigenerational home with my mom and my brother. After spending so much time at sea, it’s great to be close to family again.
We can’t wait to see what the future holds.
What I’ve learned from my experience: 3 tips for investing in a rental property
If you’re looking into house hacking or buying an investment property, there are so many things to consider to make sure you’re financially ready—including the costs of the mortgage, utilities, renovations, and repairs. Like I said, find a pro to help you on the money side.
You’ll also need a support system of family, friends, and people you trust to help you stay focused and motivated. I’ve been so lucky to have my wife as my partner and my rock as we’ve gone into uncharted territory. Here are three more lessons we’ve learned about keeping a positive mindset through our experience:
- Set expectations. If you’re house hacking or buying a property for its potential income, you’re probably not buying and living in your dream home. But you’re building assets so that one day you can buy that dream home.
- Shoot your shot. The investment housing market can be incredibly competitive. There are going to be multiple high offers on most places. It’s a numbers game, and it might take time. Don’t get discouraged.
- Fail forward. I always do a lot of research before taking action—and that’s helped me a lot. Sometimes the best way to learn is from experience. If you fail, that’s just an opportunity to learn and try again.
Owning our investment property has been an awesome experience, and I believe it’s just the beginning of our journey in real estate. We’ve created new careers and generated this passive income while building something we believe in to support our family.
But the best part has been the freedom it’s given us to be together. When I come home and see my mother and brother playing with our kids, I know it’s because we’ve kept in mind our number one priority: family.
