Are you renting a home, or do you have friends or family members who are?
Wouldn’t it be great to build wealth through real estate and maybe even live rent-free?
Lots of people are very cautious or just don’t know what they can do. Many people have student loan debt and they are working to pay it off, and they don’t have much money for a downpayment.
By putting in a bit of extra effort and being creative, it’s possible to save money by buying a home, and even cover your housing expenses. Even in a high-cost area like Annapolis and Anne Arundel County.
Scott Trench shared some great ideas in the Millenial Money blog article, titled “House Hacking | How to Live for Free”. As Scott wrote:
House Hacking is having your cake, and eating it too. It’s a mix between buying a personal residence and investment property.
House hacking occurs when you buy a piece of investment real estate, live in one of the units or bedrooms, and rent out the others.
One of my clients recently did this, and she is thrilled to have her roommates helping to pay off her mortgage!
If you want to find out how she did it, and explore what you can do, let me know!