House hacks take on all different shapes and sizes. Some house hackers prefer the classic “I live on this side, they live on that side” duplex. If you’re cruising for cash flow, then maybe you’ll prefer three or four-unit investment properties. But what about renting by the room? Most investors know that room rentals combined bring in more than renting an entire house. But is the juice worth the comfort-first squeeze?
Meet today’s accidental house hacking millionaire, Jeff. Jeff has built a $90,000 per year income, solely by renting out the rooms in his house hacks. He’s also been smart enough to clock in “guaranteed rent” by utilizing his extra units for section 8 rents. Jeff has been persistent to buy a new house hack property every year, allowing him to slowly build a million dollars in equity with over five million dollars in property under his name.
He understands the reason why so many would-be house hackers are averse to renting by the room, and he’s got some pro tips that’ll make sharing a space not only comfortable but lucrative to boot!
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5 Reasons Why Section 8 Tenants Are the Best Renters:
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00:00 The Two-Strategy House Hack
01:34 Jeff's Two-Unit Property
02:50 Buy "Uncomfortably Awesome" Furniture
03:54 Short-Term Leases Win
04:56 Kitchen Tips
06:47 Strangers are Better Than Friends
08:01 Get 60% Higher Rents!
09:21 No More Parking Problems
10:27 Guaranteed Income with Section 8
12:51 $7,500 in Pure Cash Flow!
16:40 Connect with Chris!
#biggerpockets #househacking
