House Hacking.
A real estate investment strategy by which a property owner subsidizes their monthly mortgage payments by renting part of the property. The strategy is popular in the FI (Financial Independence) community as a way to reduce monthly household overhead.
Many House Hacking scenarios allow a property owner to live for free or nearly free. Examples: Purchasing multi family property like a duplex, taking on roommates or my favorite: adding a short term rental unit to an existing property. AirBNB can pay your mortgage!
See that detached garage? I see a $129/night VRBO bungalow. See that musty basement with the high ceilings? I see a finished basement suite that hosts traveling nurses for $1,500 per month.
My family and I live in our house for free. We added a rental unit to our large basement, and we save $25K per year. Oh, and purchased the house and the funded renovation with only 5% down.
You can too, and I can show you how.
Before.
My wife and I bought this house specifically for this basement. Yes, really. It was creepy and dingy and completely unfinished, but it had 13 foot high ceilings, and a completely separate entrance accessible from the street. THIS was going to be perfect AirBNB unit.
In Progress.
This construction project was by far the biggest undertaking I had ever accomplished, and it was so worth it. From digging up concrete to laying a french drain, to carting each and every cement block that made up the retaining wall, I earned my sweat equity.
After!
Jackie swooped in towards the end with the design details, furnishings and guest amenities to polish it all up. We earn anywhere from $79/night to $189/night depending on the day/season, which covers our mortgage completely, and then some.
Contact me.
ryan@drgphilly.com
215 . 498 . 4379
1616 Fairmount Avenue
Philadelphia, PA 19130