Surfing BP i have came across the term house hacking and I did not realize that my wife and I managed our first home this way. In the early 80,s we bought our first home a large duplex in Ventnor NJ 2 blocks from the beach. Our friend was renting his house out for the summer and we decided to do the same My wife and I moved in with my father in law and we rented both units out for $8000 for little over 2 months . This is money up front. The added cash was great and we moved back in and rented the bottom unit for 9 months We repeated this process for a number of years but just the bottom unit ( it was tough living with in laws) my friend was single and would rent his house out for over $10,000 for summer rent from a friend and then have roommates all year Another great house hack.just wanted to share with those staring out that there a plenty of ways to make the most out of your real estate choices
Additional "house hacks" are to convert a long term rental in to a vacation rental which is rented by the week. Advertise on vrbo or airbnb to get 3-4 times more rent.
If you have a large property with 4+ bedrooms, convert it to an assisted living facility. (following your states rules of course). You can get $3000 to $8000 PER BEDROOM.
I've been wanting to get a beach house but l l'd never thought of this strategy. It's better than having a condo especially if you know where you want to vacation every year.
Having a vacation rental as a house hack is an interesting strategy!
I'm using my own house right now as a short term/vacation rental, and we're not in a tourist destination by any stretch of the imagination. I'm still averaging over a 50% occupancy rate in Lawrence, KS (at $59/night). Its a little more work than traditional house hacking, since there's so much turnover, but the cash flow is great.
I guess my point here is you don't necessarily have to go out and buy a vacation rental to do this. Check out your own area on Airbnb and see if you can rent out an empty guest room in your house.
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