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House Hacking
What is House Hacking?
House hacking means finding ways to generate income from your home.
Traditionally, house hacking meant buying a multifamily property, living in one unit and renting out the others so that the tenants pay the owner's mortgage, and the owner builds equity while maintaining the property.
On average millennials are spending 30-45% of their income on their housing!
Think for a second.. how much you'd be saving if you didn't have to throw away a third of your income to your living situation EVERY single month. That means you could instead invest an additional third of your take home pay and dramatically increase your wealth fast!
That's exactly what I'm doing. I'm house hacking a multi-family property here in Chicago. The building is a 3 unit property. The top and bottom units more than cover my mortgage payment with principle and interest, but also my taxes and insurance! As of two months ago I started renting out the two spare bedrooms on my floor on Airbnb to increase the profit!