If you live in a high-cost-of-living area, a house hack could solve many of your money-related problems. Sharing your living space isn’t always easy, but with a few simple tricks, you can make it more than worth your while. From subsidizing your cost of living to generating cash flow while you’re still staying at the property, house hacking has some almost unbelievable benefits that ANY investor can capitalize on. And Ashley and Tony have some great tips to share!
Welcome back to this week’s Rookie Reply! Whether you’re a homeowner, landlord, or both, you’ll want to hear our hosts’ tips for preventing frozen pipes and what to do when it happens anyway. We also explore unpermitted rental property renovations, the nuances of buying properties that are for sale by owner (FSBO properties), and when and why to use electronic keypad door locks. You’ll even learn how to find the lender on ANY property in the nation the next time you plan a creative real estate deal!
If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE).
Ashley:
This is Real Estate Rookie Episode 266.
Tony:
Most people, when they’re going into a house hack, their goal isn’t necessarily to make $500 a month in cash flow. Their goal is to subsidize their cost of living. So if you can cover the majority or sometimes all of your mortgage by renting out these additional units, then you are probably doing a pretty good job, because now you’re able to save that money you would typically be spending on your rent or your mortgage, say whatever, it’s 2,000 bucks a month, and now you can put that aside to start saving towards your next property. So for a lot of people, when they’re house hacking, not necessarily the cash flow, per say, that they’re looking for. It’s how much of my mortgage can I offset by renting out these units?
Ashley:
My name is Ashley Kehr, and I am here…