Manage episode 291274087 series 2919954
Value-added house hacking is a great strategy that is often ignored by people. It needs a keen eye and a larger budget which most new investors don't have.
Nick and Sam started dating in their teenage years. They were still living with their parents when Nick started to think about the future and fell in love with the idea of house hacking. He started reading books and listening to podcasts which made him feel more confident about house hacking. However, Sam wasn't too fond of the idea and often had reservations towards it even when Nick managed to convince her to try and house hack.
They lived in their parent's basement and started saving money. However, feeling unsatisfied with their current work-life, they decided to leave their high-paying jobs and truly focus on house hacking.
Nick and Sam had the hobby to talk things out and plan their actions while lying on the couch. This helped them realize that value-added house hacking would be the way for them.
Adding value to a property might need a bigger investment but the returns would also increase. Imagine buying a property with one bed, one bath and converting it to three beds, two baths. If you rent by the room, you could easily earn hundred dollars as extra and more if you Airbnb. It will also increase your chances of getting tenants with the additional facilities.
Podcast Episode 57
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