12/24/2021
House Hacking is a real estate investing strategy that involves renting out portions of your primary residence to generate income that is used to offset the cost of living.
People are usually shocked when I mention that I rent my spare bedrooms to strangers 🤷♂️. For me the benefits outweigh the cost.
PROS: Offset some or even all of your living expenses through the income generated, and purchase rental property with low money down. Save that money to buy more real estate!!
CONS: Shared living space (sometimes)
CHALLENGE: Take a look at this house hack and ask yourself if you could offset some, or even all of your living expenses without exceeding your personal boundaries. I said that I rent my house out to strangers. Truth is I vetted the crap out of over 200 inquiries, ran background checks, and these strangers have become my friends/roommates. If you don't want roommates consider other ways to segregate your living space, and drive income.
If you're interested in purchasing property, or want to learn about the systems I use to manage this rental, let me be "your guy"!
BiggerPockets Five Pillars Team Pints & Properties