Should you get into house hacking? House hacking is to rent out a portion of your home to generate some rental revenue. The reason the strategy is so powerful is that typically your home only comes with expenses.
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In today's video, we're going to answer the question, should you get into house hacking? We're going to talk about what it is and if it's right for you. And we're also going to describe the five best methods in order to do house hacking and the different pros and cons that come with that. My name is Koukun, and I've actually been house hacking now for over a year. And I'm a real estate investor and I have a real estate team that helps investors and house hackers get some great real deals. If you're interested in learning more about what we do, check out the House Hacking Profitability Guide in the comments below. So let's look at the five methods of house hacking.
1. Rent out a bedroom in your home to a student or a working professional. This is probably the easiest way to get started into house hacking, provided you have a spare bedroom. So when you're looking to purchase a home you look to purchase a home that has more bedrooms than you need, or maybe in the home that you already live. This strategy does come with some loss of privacy, as you'll be sharing typically your living room, your kitchen and maybe a bathroom. So based on the configuration of your home, that is something you'll have to consider if you are willing to give that up and make that sacrifice. With this method, you can look at getting anywhere from 500 to $800 per bedroom per month and again, this varies based on the city you live in and the location and how desirable it is to live in your home. However, you now have the potential to create some more revenue, especially if you're in an area with high demand for short-term rentals. This can be a great way to create more income, and the plus side of this is when there are weekends or when there are days that you have friends coming over or family coming over. You can block off the days that you want to keep that room empty so that you can use it.
2. Renting out a room on Airbnb or as a short term rental. So you may have multiple guests per week, per month. As a result, you will need to clean this room and there will be a lot more ongoing work involved.
3. Renting out a basement apartment to a student or a working professional. With this third method, you now need a home that has a secondary apartment. This can be a basement apartment or you know, if you really want to be adventurous, you can even buy a property with two or three units, four units, right? And rent out the other units.
4. Renting out your self-contained basement apartment on Airbnb. This method, same as with method three, will require you to have a home with a fully self-contained basement apartment and you will now need to furnish this apartment and it will require some extra work on an ongoing basis to manage this short-term rental. This strategy is that you'll be able to create a significantly higher monthly income, but one of the important considerations is you have to check in your city.
5. This fifth method is to rent to students from September to April and then rent on Airbnb from May through August. This specific method is extremely beneficial if you live in an area where there's a high demand for short term rentals. But during the summer only, for example, in the Niagara region, there is an incredible demand for Airbnbs from May through August.
And if you really do this well, you may be able to live completely for free in the home that you live in. I hope you found this helpful. If you have any questions, feel free to comment below. If you're interested in house hacking, check out our House Hacking Profitability calculator in the comments where you can run the numbers on different properties that you may be considering purchasing to know what it will cost you (estimated) on a monthly basis after accounting for the house hacking revenue.
