How can living in your own home make you money?
Before you read on, it is important to know that we have helped clients, friends, and ourselves apply what you are about to read to create additional cash flow.
- Buying a home that needs repairs allows for sweat equity. It allows you to increase the valuation of the property, thus making you money when you sell.
- Rent out a room to a full-time roommate. Or, if it’s a 3-bedroom house, and it’s possible, rent out two rooms. We have clients that are now renting their extra rooms out and are earning more than their mortgage… They are living in their own house for FREE!
- Rent out a room on Airbnb. Or two. Or three.
- Rent out the garage for someone who needs to store stuff.
- If there’s RV parking, rent that spot out to someone with a trailer, boat or old car.
Don’t make the mistake of treating your home as an expense, a liability, that you have to pay for each month.
Instead, be a Rebel, break the model, change the rules, and make it into a legal moneymaking machine.
This is the brilliance of Real Estate. Nothing stops you from leveraging your asset any way you want (as long as it’s legal, ethical, and morally okay).
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