New Delhi, July 19 -- Real estate can be a powerful tool for building long-term wealth and Cody Berman is one example of that. The "Retire by 30" author says investing in property played a major role in helping him achieve financial independence.

The US-based entrepreneur's journey began with a house hack, a strategy that involves renting out part of your home to offset or even eliminate your housing costs. Over the years, he has followed two simple real estate principles that he credits with helping him and his spouse build wealth.

"I think house hacking is probably, on the expense front, the biggest lever you can pull bar none," Berman said in an interview with Business Insider.

He added that housing accounts for about one-third of t...