House Hacking is what the kids are calling it these days. Essentially leveraging a space in your primary home as a rental that produces enough income to cover your living expenses. Duplexes are most commonly used in House Hacking techniques, but I’m not sure where historic century old homes fall in terms of commonality, although rest assured we’ll use that heavily when it comes time to market it as a rental.
Maybe the 2nd most important reason we wanted this home? Or the 3rd? Doesn’t matter…
This finished basement measures out to almost 800 square feet and it’s this almost 800 square feet we’ll renovate with nice furnishings then market as a short term rental directly to travel nurses, CRNAs, etc. (thanks @cahabacreek 😉). Originally, we had the idea to rent it as a STR similarly to our vacation cabin because our home is a stones throw to a historic downtown with breweries, shops, coffeehouses, etc but our friends gave us a better idea. This area has multiple hospitals nearby and has travel nurses that come & go frequently. After some initial research, there aren’t many available STR units near us or even close to the hospitals for that matter. Less competition is always good for marketability 😉.
The best part of this finished basement…
Is the fact that it has its own external entrance and separate parking. This is huge for house hacking. Our guests will be able to come & go without us having to cross paths for the most part. Additionally, this finished basement will provide us a place to live while the rest of the historic renovations are happening upstairs to the main living. Lastly, once we decide that we no longer want it as a rental, this space makes a perfect retreat for close family to stay when they come for a visit.
Working smarter > Working Harder
Even if you have to put in a little more effort initially, finding creative ways for money to work for you leads to working smarter. Money is a tool and once you learn how to sharpen that tool, the path to financial freedom becomes much clearer.
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