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There are numerous ways to cover your housing costs with a system known as house hacking.
Now with the unemployment house hacking can be an alternative that will reduce or put an end to your housing costs completely.
If you own a small (2-4) multifamily property, there are few ways to earn extra money and cover your mortgage payment faster.
With long term renters
A long-term renter is a classic house hacking model. Where you live in one of the units and rent out the others and charge a monthly rent to the tenants so that it will cover your monthly rent cost.
With vacation renters
Instead of renting to long-term tenants, rent your property can be rented in the short term to vacationers eg. Airbnb. People rent out An extra unit can be rented to guests for a fee.
This option allows you to charge more per night compared to one in long term, though it comes with some risks.
You are in charge of paying for utilities, furnishing the property, and other costs of making your guests feel welcome and comfortable, and earning good reviews so it helps you in the future too.
Sometimes vacationers can cause damage, or steal small items, and also the vacancy rates can fluctuate with the seasons or the economy.
However, check your state’s local renters law before proceeding with renting out your space.
You can try these house hacking alternatives even with single-family homes.
Roommates
Roommates are effective it will help you with paying a good amount of your mortgage and also split your utility bills.
The downsides being, with someone moving into your single-family home, your personal space is gone.
It also requires you to consider many aspects of cooking, sleeping and waking time, family and friends coming over, their partner, etc.
Rent out storage space
If you don’t want to share your space then you can also rent out the storage space so it helps you with some extra cash because this will not help you with your mortgage payment coverage.
Foreign exchange students
There are many exchange student placement programs that pay a good amount to host students.
Add a basement or garage apartment
While most of us use our basements as a “junk” room you can consider transforming it into a studio apartment and rent to others.
Provided it has its own separate entrance a full bathroom and a kitchen. Make sure to properly insulate it and there is proper plumbing.
Get a job that offers free housing
If you don’t have the option to offer living space to someone else, then seek a job that offers housing in the contract.
So at the end of the day, you are eliminating your housing expenses.
This way you are boosting your savings rate. And investing in your property and reach financial independence sooner.
Reference Source: Realty Biz News
