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Fitting Real Estate to your lifestyle, preferences, skills, and budget.
Fitting Real Estate to your lifestyle, preferences, skills, and budget.
Househacking has many meanings but is customized to meet your specific wants and needs.
Lump sum or regular income, or both
Long, Medium, or Short-Term
Furnished or unfurnished
from Marketing/WebDev to decorating, to maintenance/upgrades, to accounting/finance, to leasing, management, and brokerage, real estate offers LOTS of jobs and CAREERS.
Real Estate can be your:
* place to live,
*a sound financial investment,
and/or
*a source of passive income (investment),
*a career (active income).
How do want to "Hack" it!
What do you need/want?
1. A place for you and your family/friends to live?
2.A good but safe after tax return on your extra money?
3. A Satisfying Job and Career
or
Some combination?
1. Some portion of your capital to invest?
2.Good credit/job...ability to qualify for loans?
3. Some knowledge and skills that would be valuable to the project or team?
4. Time and Bandwidth to work on any aspects of real estate sales, leasing, maintaining, improving, and managing fix and hold properties.
5.Creativity, flexibility, and willingness to think "outside the box"?
6.Just paying rent makes it easy to be less successful.
1. Hacking the space into separate "lockoff units" with separate bathrooms, entrances, kitchenettes (aka wet bars), laundry, parking, and private spaces. Just enough to meet the occupant needs, including their budget.
2.Hacking in time- Short, Medium, or Long-Term rentals...the shorter the commitment, the higher the rate, vacancy, and management. Just enough for each guest/tenant.
3.Hacking the financing- through creative financing, seller finance, silent investors, master lease options, LLC/partnerships, rent to own, subsidies and grants...tax advantaged structures and incentives.
4. Hacking the leasing - Whole house or private room. Vrbo/AirBnB lodging, Temporary/executive/corporate housing, and/or long term leasing.
5. Hacking the bills- sharing, internet, heat/cool, water/sewer/trash accounts saves expenses.
6. Hack the garage- separately rented garage brings more revenue than including into the residential unit(s).
7.Hack the ownership- Buy the whole property, owner occupy part, rent the rest. Team up with others to customize your investment.
8.Combining several of these techniques could meet your needs and give you what you want, with minimum compromise and maximize your long term success.
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