House Hacking – Part Two – Rooms for Rent

In my earlier article I talked about a couple ways to get into your first rental units faster, today I’m adding to that conversation by talking about rooms for rent in your home.

One involved renting out a suite while you lived in the other, but another spin on that involves renting out rooms in your home.

Normally I don’t usually recommending renting to friends or family, but many young people these days have friends looking for an opportunity to get out on their own.

That’s where renting out a room in your residence could come into play especially if you’ve bought a multi bedroom home and have the space.

Or if you’re renting out the suite downstairs and have a spare bedroom or two upstairs you want to use to help pay your mortgage or build up your savings even faster.

Even at $400 or $500 per month with two rooms that generates an additional $8,800 to $11,000 per year of income you could use to pay down a mortgage or use to build up a downpayment for the next property.

Rooms For Rent, Renovations, What Works For You?

As I mentioned in yesterday’s article (House Hacking Your Way To Your First Rental), so whether you want to buy a suited property, live through renovations, or even rent out a room or two in your property there are many ways for you to move forward.

Yes you may have to make some concessions to make it happen, but the sooner you do it the sooner more doors appear in front of you down the road.

Doors of opportunity, or simply more rental doors!