If you follow me on social media, you may have heard already that Jake and I are embarking on our next big adventure! And no, it does not involve a tiny human.
This week, Jake and I closed on our second home, a house just a few minutes South West of our condo in Austin. We absolutely love our condo and are sad to be leaving it but we’re very excited about our new adventure. Now, you may be thinking, “Jackie, didn’t you just get your condo? Haven’t you been married less than a year? How and why are you buying a second home already?” Well, my curious friend, I’m happy to answer all of your questions!
Jake and I bought our condo in November of 2016. It’s small, cute, and in a fantastic location in Austin, within walking distance of a Torchy’s Tacos. It’s in a quiet community, on a bus line, and is no more or less space than we’ve needed for just the two of us and Stella. We really hit the jackpot with this one.
But Jake has spent the last few years studying the real estate philosophy made popular by BiggerPockets called House Hacking. The idea behind house hacking is that instead of buying a single-family home, you buy a multi-family home (duplex, triplex, or 4-plex) and live in one unit while renting out the rest. This allows you to essentially live for free and even make a profit. So using this philosophy, we’ll be renting out our sweet little condo and learning how to be awesome landlords.
“But, Jackie, you bought a single-family home…that doesn’t count, does it?”
Well, no, not exactly. Single-family homes aren’t exactly what BiggerPockets suggests as ideal for house hacking. Jake and I tried to buy a duplex but ran into some tricky financial boundaries that we just couldn’t commit to right now. We tried and learned and now we know some of the restrictions we’ll face if we attempt to buy a multi-family property again in the future.
The current plan for our new adventure is to live in this house for the next few years, fixing it up, and renting out rooms on Airbnb to help fund our home improvement projects. Once we’ve saved enough and are ready to move on, we’ll rent this house out just like we’re renting the condo and move on to Property #3. We’ll continue this process until either managing multiple properties gets to be too much or until we decide we actually hate moving and should really stop.
While Jake and I may not be following the ideal house hacking model, ideally we’ll be setting ourselves up for a secure financial future that will allow us the freedom to spend our lives doing what we feel is most important: loving God and serving others.
“But Jackie, you know nothing about being a landlord. What on earth makes you think you’ll be able to do this?”
You’re absolutely right. As of maybe a month ago, I knew nothing about what it takes to be a great landlord. But I’m learning. BiggerPockets literally wrote the book on managing rental properties and Jake and I have been studying like college students who care. We’re approaching this whole management thing like a business, and as such Jake is putting his degree to work while I’m getting some hands-on experience setting up efficient business processes. We have a lot to learn and I’m sure we’ll find in this process that we don’t know nearly as much as we think we do but we are nevertheless positively pumped to fail and learn and succeed.
All of this to say, the Ruesinks really are up to something big and we would love your prayers as we take on this new challenge. Ultimately, we’re hoping that God uses this adventure as an opportunity to minister for His kingdom. However, we’d also appreciate prayers for our marriage as we’re basically going into business together which certainly adds a new dynamic to our relationship.
Finally, we’d like prayers for our hearts to resist the compulsion of greed. Yes, financial security would be great but God does not say that Christian’s lives will be financially secure. We are repeatedly told that as believers, we can expect to encounter hard times. While the financial benefits of our plan are appealing, we want to focus our hearts not on money (which God can take away whenever He so desires) but on the lives we’ll have a chance to impact through the doors this adventure opens.
Jake and I recognize that God has given us more than we need in this life and we want to be good stewards of everything that he’s given us. We want to enter into this adventure with the intentional mindset that what resources we have are God’s first and we’re just taking care of things for Him. We appreciate your prayers as we move into this exciting next phase of life and we cannot wait to see what’s in store for us!