Welcome to Summary School
What is House Hacking? Is it for YOU?
Hello Everyone, thank you for joining me, today we are discussing HOUSE HACKING. This message applies to Buyers and Investors
Today I want to show you how to minimize what is most likely your single largest personal financial obligation, your mortgage payment. Think about this, what if you could cut your monthly mortgage payment by 25%, 50% or even more? What if you could make money to live in your house every month? Wouldn’t that be great?
So, the strategy to make this happen is called House Hacking and it can be done by any one and in more ways than you might be thinking about.
The basic premise of house hacking is that you rent a portion of your primary dwelling or lot to another person. Some common ways we see this done is through buying a multi-family unit, living in one unit and renting out the remaining units. Another common way is to rent out bedrooms or a basement inside a single-family unit.
Think about any situation whether you are young, middle aged or elderly that additional income, reduced expenses, companionship and security might be improved by having a roommate.
Let’s talk about some other ways to house hack.
You can rent storage or parking space on your property (storage shed image)
If you have a large lot you might be able to rent the land for livestock or gardening (horse on paddocks image)
You can buy a home that has additional dwellings on the lot and rent those (cottage home image)
In addition to long term rental opportunities, you may be able to use short term rent situations to offset your mortgage expense. Short term rentals may work for individual rooms, separate dwellings, an RV camper, or even your entire home while you travel for work or are away on vacation. Additional options include housing for major special events, corporate housing and travelling nurses.
House hacking is only limited by your creativity and maybe some local regulations. For some in-depth case studies in to how we have helped clients with their house hacking journey be sure to follow the link in the notes.
I would love to hear about any house hacking ideas that have worked for you.