Live in one of the best areas in South Florida with little to no expense! How is this possible you may ask? Allow me to introduce house hacking.
What is House hacking?
House hacking essentially is renting out a section, or room of the subject property in order to help cover the expense of a mortgage and taxes.
- Biscayne Park is the neighborhood we will be using as an example as there is an excess of duplex, and homes with a cottage in the rear. However this principle can be applied to virtually anywhere.
- Biscayne Park does very well with short term rentals in fact the most popular Airbnb in Florida is within this area, this Bnb being a cottage located in the rear of a main house.
- To hack, you will rent out a section or portion of the property you purchased using Airbnb, and live in a highly desired area at virtually little to no expense to you , while still gaining the equity of home ownership.
- You may choose to lease out one side of the property long term or annual if working with a duplex. This being another great method often used to House Hack for those not looking to run an Airbnb buisness.
No money for a down payment?
- House hacking may even be done with a property you are leasing
- You will need to receive permission from the landlord, then you can hack by simply renting spare bedrooms out to cover your monthly rent payment.
- This can work for those looking to lease a bigger space than their budget allows.
Why House Hack?
- Gives one an opportunity to purchase a home in a desired area that their budget would not normally allow for.
- Can allow for someone who would normally lease a property, get in to home ownership.
- Great for a young person looking to get into Real Estate Investing early.
- Allows for cutting down or ridding of living expenses, allowing you to save $ and accomplish your investing goals!