Real Estate Investing School Podcast
Episode 121: House Hacking to Multifamily Mastery with Lisa Moore
Date: January 8, 2024
Host: Joe Jensen
Guest: Lisa Moore
Episode Overview
This episode dives into Lisa Moore’s impressive journey from house hacking her first property to owning 19 rental units, partnering in a 192-unit syndication, and achieving full-time financial freedom through real estate. Lisa shares practical, candid insights on leveraging house hacking, transitioning from W2 to real estate, analyzing deals, and lifestyle design. The conversation is packed with tactical advice, entertaining stories, and a challenge to rethink your path to financial independence.
Key Discussion Points and Insights
1. Lisa’s Entry into Real Estate: House Hacking Roots
- Lisa began in 2017 by house hacking—renting a spare bedroom while living alone to offset costs ([02:08]).
“I was single. I didn’t want a big giant house, but I knew that I wanted to offset some of my expenses … I did it on Airbnb ... And actually I had a lot of fun. I met some really cool people.”
— Lisa ([02:08]) - Emphasis on traditional, low-barrier forms of house hacking, reminiscent of Airbnb's original intent ([02:48]).
2. Evolving Approaches: Buy Box and Privacy
- As Lisa and her husband grew, their preference evolved toward privacy—but still maintained the house hacking model:
"...when we were looking for the house we live in now, we were looking for something that either had a mother in law or ... [where] we could add one in ... we could also block off the yard."
— Lisa ([04:43]) - Demonstrated versatility: from sharing a living space with strangers to having totally separated units.
3. The Power and Variety of House Hacking
- House hacking is “customizable” and available to almost anyone:
“The barrier to entry is so simple and easy now ... Once that ball gets rolling ... anything’s possible.”
— Joe ([06:09]) - Lisa’s advice: Leverage low down payments (sometimes as low as 3.5% or even 1%) and first-time buyer programs ([07:04], [10:26]).
4. The Mindset Shift: Sacrifice and Lifestyle Choices
- Challenging the idea that sharing space is a bigger sacrifice than decades in a 9-to-5:
“Well, what are you gonna sacrifice? Like, just … you get maybe think a little more holistically about what you’re sacrificing as opposed to like, oh, I don’t want to have someone in my basement because they might cook salmon…”
— Joe ([12:11]) - Lisa smartly reframes the tenant/neighbor perspective:
“...you live in an apartment complex with people above you, below you, and on both sides ... I’ll take my house hack and I can choose who's in the basement.”
— Lisa ([12:38]–[13:45])
5. Transition from W2 to Full-Time Investing
- The pivotal moment: Remote work during COVID became fully in-person again; Lisa chose freedom ([15:02]).
- Calculated her “true” cash flow needs, not just W2 replacement—encourages deep budgeting and cutting unnecessary expenses ([16:31]):
“A lot of people think they need to replace their income, but if they actually really dig into their budget and see what they spend…”
— Lisa ([16:31]) - The upside of time-freedom: ability to work and earn more in real estate compared to fixed W2 limits ([18:09]–[21:58]):
“...as hard as you work, you might get recognition, but you’re not going to get necessarily those big raises where now with real estate, the harder I work, I see a direct correlation...”
— Lisa ([21:58])
6. Lifestyle Trajectory vs. Money Trajectory
- Joe and Lisa discuss choosing a life path that leads to BOTH more income and more time, not just more money with less freedom ([22:46]):
“Are you building the lifestyle trajectory you want?”
— Joe ([22:46]) - Lisa: “We spent almost six months this year traveling … we want to take advantage of being able to travel and do the things we love while still building our real estate and having that freedom.” ([23:13])
7. Deal Analysis Skills and Building Your Own Calculator
- Lisa’s financial analysis background paid dividends, but she recommends everyone try building their own deal calculator to understand the numbers deeply ([25:13]–[31:17]):
“If you can go and create something and really force yourself to learn, you're going to understand how the numbers work and how they correlate with each other way more.”
— Lisa ([31:17]) - Both guests stress that the “best” calculator is the one you understand and matches your thought process:
“If you can’t figure out how to use it, then it’s useless.”
— Lisa ([29:35])
8. Maximizing Financing Before Leaving W2
- Strategic advice: Use your job to max out lending options (including primaries, cash-out refis, HELOCs) before quitting ([41:01]):
“We maxed out my debt to income. On top of buying the properties … we also did a HELOC … so leading up to me quitting, we were doing everything we could to max out my debt to income ..."
— Lisa ([41:01]) - Final tip: Don’t quit until all loans are funded—lenders can check employment up to the funding date ([43:22]).
9. Partnering and Networking
- For those unable to find deals or lacking credit/income: become a credit partner (sign for loans), especially with a W2 ([45:13]):
“If you can't find properties on your own, people are looking for credit partners ... partner with them ... as part of the deal and start getting involved that way.”
— Lisa ([45:13])
Notable Quotes & Memorable Moments
-
On House Hacking Sacrifice:
“You live in an apartment complex with people above you, below you, and on both sides ... in an apartment complex, you don’t get to choose who your neighbor is ... With a house hack ... we can choose who’s there.”
— Lisa ([12:38]–[13:45]) -
On The Power of the Primary:
“What else can you do where you put nothing into it and own, truly own a multi hundred thousand or million dollar asset. It’s crazy.”
— Joe ([10:26]) -
On Replacing Your Income:
“A lot of people think they need to replace their income, but if they actually really dig into their budget and see what they spend ... most people ... probably don't need to replace all of their income.”
— Lisa ([16:31]) -
On Lifestyle Trajectory:
“Are you building the lifestyle trajectory you want? ... What ladder are you climbing? ... Was this the ladder I even meant to climb?”
— Joe ([22:46]) -
On Creating Your Own Deal Calculator:
“If you can go and create something and really force yourself to learn, you're going to understand how the numbers work and how they correlate with each other way more.”
— Lisa ([31:17]) -
On Taking the Leap:
“My worst case is I end up back where I am right now. And like, to me that was a risk that … the bigger risk to me was not taking that chance.”
— Lisa ([37:03])
Timestamps for Key Segments
- [02:08] – Lisa’s initial house hack: renting rooms via Airbnb
- [04:43] – Shifting to more private house hacking arrangements
- [07:04] – Why house hacking is the best real estate entry point
- [10:26] – The power of primary residence loans
- [12:38] – Retort to anti-house-hacking mindsets
- [15:02] – Lisa’s W2-to-full time investing pivot
- [16:31] – True cost of quitting your job (budgeting vs. income replacement)
- [21:58] – Direct correlation between effort and income in real estate
- [22:46] – Choosing lifestyle trajectory over mere income
- [25:13] – Building your own analysis tools and understanding the numbers
- [41:01] – Using your W2 to maximize mortgage & lending eligibility
- [43:22] – Don’t quit your job until your loan funds
- [45:13] – Value of credit partners for those with W2 income
Final Favorites & Flubs
Dream Deal ([49:19])
- “If we could find a 30, 40, 50 unit that’s a killer seller finance deal in Utah, that right now, that—that would be awesome.”
Pivotal Book ([49:49])
- The Miracle Morning by Hal Elrod
“...ending your day with those positive things and knowing already what your day is going to look like the next day ... has been a really helpful and a big shift for me to be more focused and be way more productive.”
— Lisa ([51:12])
Most Costly Mistake ([51:39])
- Misprized a duplex sale using the income approach rather than comparable sales, resulting in a $60K loss.
“We priced it based on income approach, and it was worth this, awesome, perfect ... lender said, we will not use the income approach.”
— Lisa ([52:54])
Best Purpose for Life ([55:56])
- “It's finding your true happiness, not paying attention to the life others live and what other people want ... finding your happiness and it just makes you want to help other people find their happiness and give back ... it just creates, to me, just a much more fulfilling life...”
— Lisa ([55:56])
Connect with Lisa Moore
- Instagram: @MoreDoorsWithLisa (with two O's)
- Facebook: Lisa Field Moore
- Email: info@reallifecapital.com
- Looking for: Off-market, seller finance/sub-to multifamily (up to 50 units) in Utah, especially from mom-and-pop/tired landlords ([47:32]).
Takeaways
- House hacking is a flexible and powerful launchpad—even minor sacrifices can lead to major wealth and freedom.
- Leverage your W2 while you have it: maximize lending, seek partnerships, and set the foundation before going full-time.
- Lifestyle choices matter more than just income trajectory—design your days and your investments with intention.
- Control your numbers: Building your own deal calculator strengthens both skill and confidence.
- Think through worst-case scenarios realistically: Often, the “risk” of change pales compared to the cost of not acting.
Host’s closing reminder:
“Focus on your lifestyle trajectory and act accordingly.”
— Joe ([57:16])