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Welcome back to my channel. I don’t know about where you live but here in Canada, Real Estate prices have been blowing up! People are finding it harder and harder to find a place they can actually afford to Buy and cover the cost of the House. So in today's video I am going to give you guys some tips and ideas on some creative ways you can buy a property that may allow you to live for Free or at the very least, live for a lot cheaper.

What I am talking about today is most commonly known as House Hacking. In case you don’t know what House hacking is, it's when you purchase a property with the idea in mind that you are going to use some strategy and creativity to structure things so you can drastically reduce your Household expense.

I am going to start with a the easiest way and move on to some more complicated ways

Here are 3 ways that you can do a House Hack?

Rent out Rooms in your Home- One of the easiest ways that you can House Hack is by renting out Spare Rooms in your House to people. For example, say you and your partner live in a 4 Bedroom House. You probably have two or three spare Bedrooms that you can actually rent out to other people to help cover your expenses. You can either do longer term rentals, monthly rentals, or even put the bedrooms up on Airbnb and rent them nightly. Renting out your rooms longer term would typically involve less work on your part, compared to renting out on Airbnb, but you can definitely make more rent using the Airbnb strategy provided you're willing to do the additional work involved: Cleaning, changing sheets, towels between stays.

Next up is a strategy that is a little less invasive then the Room Renting option. This strategy is to Purchase a Duplex, whether it be a Side by Side or the more common option here in Ontario is a House with a Basement Apartment. The great thing about this strategy is you each have your own separate living space, at most you might share a Laundry room, but nowadays most of these are being set up where each unit has their own laundry.

The best thing about this strategy is it does provide a little bit of flexibility. For example, if you are a younger couple, you may decide to rent out the Upstairs unit and live in the lower unit, because you can get more Rent for the Upstairs, then as your family grows you can move to the Upstairs and rent out the lower unit. Or you can just live Upstairs and only rent out the Basement if you prefer that arrangement.

In our area of Canada we can rent a 3 Bedroom Upstairs for $1800 - $2500, and a basement apartment for $1000 - $1500. This can definitely help lower your cost by a huge amount and possibly cover your mortgage for you depending on where you live.

Another option is that you can look at renting out the other Unit on Airbnb instead of getting a long term tenant. Once again there would be more work involved with this Strategy but you can definitely bring in more in monthly rent doing this.

The Final Strategy that you can look at doing for a House Hack if you are able to. Is to purchase a Multi- Unit Building for example a Triplex or Four Plex. Depending on the bank you may be able to Buy a 5 or 6 Unit Building and still Qualify as a Residential Purchase with the Bank.

This is a Fantastic way to cover your Monthly Living costs and possibly be able to live for Free and Make some monthly Cash-Flow each month on top of it.

With this strategy you would live in one of the Apartments, and rent out the other 2-5 units to tenants who would pay you monthly rent and cover the cost of the Mortgage and other expenses.

If you liked this video give it a thumbs up , Subscribe and leave a comment down below if you have ever Hacked before or if you have any questions. Thanks again for watching and i'll see you next week.

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*This video is not sponsored. All opinions expressed are my own. I sometimes receive products for free from brands for consideration but will disclose when videos are sponsored and I am getting paid to talk about the brand/products mentioned. Thank you for support.

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