Author Topic: House Hacking Success Stories  (Read 334 times)

wealthviahealth

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House Hacking Success Stories
« on: February 06, 2021, 05:05:59 AM »
Would love to hear some of the wins and interesting strategies folks have used in house hacking their own home. I’m no longer at a point in my life where I can stomach the idea of “random” roommates but I have been trying to expand my thinking and first see all of the potential upside I might be overlooking.
For instance: what if said roommate(s) actually increased my quality of life? Ie close friends,became close friends, or this person was incredibly handy helped increase the home value with projects and repairs.
What if I start traveling a lot for work and I am hardly home anyways.
Thinking about how great it could feel to actually have mortgage completely covered by 2 other roommates payments.

mozar

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Re: House Hacking Success Stories
« Reply #1 on: February 06, 2021, 10:00:46 AM »
I'm on the other side as I recently decided to stop renting rooms in my house to strangers.
I rented out 1-2 bedrooms in my 3 bed townhouse for 7 years. I've made about 50k. But there is a Chinese proverb "the money cost too much"

The biggest issue for me was I couldn't find renters who slept at night. It would not be a big deal if they stayed in their room but I can hear them going to the bathroom, going up and down the stairs, using the kitchen in the middle of the night etc.

I don't allow my roommates to help me with projects and repairs because they don't get any equity in the house. There is also liability issues if they hurt themselves while helping you.

I find that I don't have anything in common with renters. If you are renting a room in a house you are likely in a different place in life than someone who owns property. So for me no friendships have blossomed.

Maybe it could work for you if your house is much bigger than mine and you can offer a separate bathroom.