Now hackers can hack your house?! No, Well yes, but we aren't talking about unsecured smart home features like doorbells and cameras. We are talking about the new term used by many for getting other people to pay your mortgage!
Wait, Ben, That sounds like a scam!
House Hacking means you are a landlord. You can be a "mini" landlord and have roommates, or you can house hack a multi family property and be an actual landlord.
Interested in learning more? Check out our House Hacking Winter Haven Post.
This is one of the many benefits of being a homeowner.
One of my biggest arguments for home ownership is the ability to build wealth (equity) in a property, and eventually live for free.
Being a renter makes this never a possibility, you'll always be paying for someone else's house hack, or investment property.
If you own your home you have the right to have roommates, or if your home has a mother-in-law suite, you can rent that out. (As long as local laws and HOA rules allow)
Why is having strangers live in your property a benefit to home ownership? They PAY you to live there! That's the "Hack" to Home ownership.
This lets you live free (or cheap) while your tenant or roommates pay all (or most) of your mortgage. You have options while doing this. You can live for free (or cheap) while paying the 30 year mortgage on a normal schedule, or you can do what many people are doing and pay the mortgage like you dont have roommates or tenants, then applying the rents as additional payments to accelerate paying your loan off.
There are many options and you can read more about this great benefit to home ownership on our blog House Hacking Winter Haven.
At Haven Realty & Investments we realise this isnt for everyone, but it is a great way for a motivated individual to get into real estate investing when they may not have been able to otherwise. Give us a call at 863-333-5053 to learn more about House Hacking!
Thanks Debe Maxwell for the Homeownership Challange!