One of the smartest ways to reduce your housing expenses is through "House Hacking." This strategy involves renting out part of your primary residence - the property where you live - so others help cover your living costs.
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What is house hacking? Renting out part of the property where you live, which helps you cover your cost of living.
What property size works best for house hacking? Can you do short term rentals like Airbnb? You can househack even when you only have a studio apartment, but keep in mind that you'll be sharing with people. I find the best is when you own a small multifamily (2 to 4) unit building and rent out the other units. With smaller, single units, you will be renting out other bedrooms and having flatmates share your property. And yes, you can find short term renters if the local laws allow it. The short term rent you receive is usually higher than long term rent.
Can I house hack if I am a renter? You can technically "rent hack" if you only rent the place (or part of the place) you live with written permission from your landlord. This is akin to sharing with other tenants...or even rental arbitrage if you the renters you locate are short term renters. Be careful to get a lease addendum if you are entering into such an agreement with your landlord.
What about renting out the property and living somewhere cheaper? This is my current strategy. The rent I pay is the maximum per month and I don't have to take care of the apartment I rent. By hiring a manager for the units I own, they take care of most of the landlord tasks. The rent I earn for a similar unit is over double what I pay.
Get creative! How about building a portfolio of assets that pay for your accommodation and living expenses? How comfortable are you at living below your means for a short period of time? Can you live in a place that isn't perfect? What about temporarily living in short term or medium term extended stay places that may be cheaper? Can you share with friends, family or a significant other? Do you have an RV or have you considered van/car life? Check out @LitNomad channel: https://www.youtube.com/@LitNomad and see my video for more.
00:00 Intro
00:50 House Hacking
03:35 Property Size + Rental Term
06:17 Own vs Rent
06:57 Multifamily
09:51 Be Creative
10:51 My Story
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