The House Hacking Blueprint: Lessons from a 17-Unit Owner, with Seana Caine

Introduction – Seana Caine

Seana Caine is a real estate agent in Rochester, NY. She loves working with first time homebuyers and helping them buy their first home. When she is not working she loves traveling and spending time with her husband.


Real Estate Career Journey and Communication Skills
Laura Moreno and Seana Caine had a discussion about their professional backgrounds, particularly Seana’s journey into the real estate industry. Seana shared that she graduated in 2013 with a degree in communications, but found her initial job in the field unfulfilling. She then transitioned into real estate, securing her license in 2015, and has been working independently since. Seana’s husband is also in the mortgage business, and they met through their shared connections in the real estate industry. The conversation concluded with a discussion about the importance of communication skills in the real estate sector.


Real Estate Communication and Challenges in Rochester, NY
Seana and Laura discussed the importance of effective communication in real estate transactions, with Seana emphasizing the need for regular updates with attorneys and lenders. They also touched on the challenges faced by first-time homebuyers in Rochester, New York, where the market heavily favors sellers. Seana advised first-time buyers to listen to their agents and make competitive offers to increase their chances of securing a property. They also discussed the role of agents in helping buyers navigate the market and the importance of not blaming an agent immediately if offers are not accepted.


Rochester Real Estate Market Overview
Laura Moreno and Seana Sharpstene discussed the state of the Rochester real estate market. Seana explained that the average sale price was between 200,000 and 225,000, which is lower compared to many major cities. She did not anticipate a market crash and believed that the current prices were the new normal. The area’s strengths, including large hospitals and universities, attract people to the area despite the cold winters. Seana also shared her personal experience of buying her first home in November 2020, which was also her first investment property. She and her husband began their investment journey by house hacking, buying multi-unit properties and using FHA loans. They now own 13 units.


Property Investment and Mortgage Qualification Discussion
Laura and Seana discussed Seana’s experience with property investment. Seana shared that she and a partner own 13 units, which provide a significant passive income. They were able to purchase these properties with a small down payment, thanks to their owner-occupied status and Seana’s ability to use her commission as part of the purchase. Laura was surprised by the substantial difference in purchase cost between owner-occupied and investor purchases. Seana confirmed that the rental income from the properties is taken into account when qualifying for a mortgage, which can help first-time homebuyers to afford more expensive properties.


Real Estate Investment Experiences Shared
Laura Moreno and Seana Caine discussed Seana’s experiences with property investment. Seana shared that despite the fluctuations in the market, she has managed to increase her equity through her 13 units in Rochester. She emphasized the importance of keeping track of all costs, including mortgage payments, rent, plowing contracts, water and sewer bills. She also mentioned that they are currently increasing rent on a few of their units due to rising taxes and insurance costs. Seana revealed that she was the first in her family to invest in real estate, and she credited her husband for the idea of investing. She acknowledged that living in a multi-unit home wasn’t always fun, but affirmed that it was worth it and she would do it again. The discussion concluded with Laura expressing jealousy of Seana’s life as a real estate investor and Seana emphasizing the importance of being next to the properties.


Real Estate Agent Shares First-Time Buyer Tips
Laura Moreno interviewedSeana Caine, a real estate agent with 24 years of experience. Seana shared her journey about working with first-time home buyers and how she enjoys watching their transformation from buying their first homes to upgrading and selling. She emphasized the importance of first-time home buyers consulting with a lender before starting the home buying process to understand the costs and financial implications involved. Seana also advised first-time home buyers to save money for unforeseen repairs and emergencies. She mentioned that she keeps in touch with her clients even after they close on a home, offering advice and updates. Seana expressed her love for the real estate industry and how it has become a significant part of her life. She also shared that her husband’s daughter, who watched and learned from her, recently purchased her first investment property.


Escape the Rat Race: Real Estate Insights
Laura and Seana discussed the concept of escaping the rat race, with Seana expressing her admiration for Robert Kiyosaki’s work. Seana offered her assistance for any questions about real estate in Rochester, and shared her contact details, including email and phone number. Laura expressed her appreciation for Seana’s insights and invited her to be a guest again in the future.

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➡️ Disclaimer
Laura Moreno is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only. This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you.

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