Your House Can Make You Money! | Georgia Housing Market
Are you a renter or maybe even a first-time home buyer out there that’s just stuck and you don’t think you’re ever going to be able to afford a house or get into one? I’m going to give you some strategies that may be really helpful when you are dealing with the Georgia Housing Market. There’s a term that has been out there for a while. It’s called house hacking. So this is what house hacking is all about and this is what we did for a couple of clients of ours. They were willing to do some things with the home that would help them generate some income on that house while they also lived in it. A real simple example of that is somebody that actually buys a home and then they actually find a roommate and they get a roommate in there. The roommate pays them every single month and that helps supplement the mortgage payment. That is a very simple way of looking at it in one example. So if you’re flexible enough with that and you’re willing to do that, that will allow you to get into a home. At least you’re not throwing rent away every single month. It still allows you to get into real estate and be able to buy a home and be able to supplement it for a time, you know, a certain period of time, who knows? And be able to build equity in real estate.
Now, the other thing that we did was we had one client that did that and they had a garage area that they converted into more rooms. So they actually rented it out as storage space. Somebody was looking for storage, not necessarily to live in, but they needed more area to store their stuff. Actually, it was a boat and they had some other stuff that they wanted. So instead of going to one of these storage facilities, which are pretty expensive, they just rented out the garage area and stored a lot of their personal property and some of their toys in there for a fee with our client. That’s another opportunity. So it doesn’t have to be somebody living in your house. It could be just as simple as that. We also know of some other folks. This wasn’t a client of ours, but another example of that, they actually had a storage building in the back. Now, you can build a storage building, if your community will allow that, and you can actually rent that out. So there are all kinds of different opportunities that you have to put revenue on a property that you buy. It doesn’t have to be long-term. It could be short-term, maybe for a year or two. And I know that the rates are high right now and maybe you’re getting in and maybe it’s just temporary until the rates come back down and they settle and you refinance out and get your mortgage payment down a little bit. Maybe that’s just a temporary hurdle that you got to overcome. It doesn’t have to be a long-term situation. It could just be until the rates come back down.
So that is what we call house hacking. It’s been going on forever and ever. I know a lot of people that have done it, especially when they were first starting out with buying their house or maybe getting started with investing in real estate. It’s a very common practice that we see out there and I just wanted to open your minds to that opportunity. If you are stuck in a situation where you just don’t think you’re going to be able to afford it, consider house hacking. All right? If you have more questions on that or want to discuss that a little bit more in detail, listen, we are ready, willing, and able to be able to help you out. I got a whole bunch of agents that know this process. They understand it and they would love to work with you and you would love to work with them. They’re great people. So hope everybody’s having a good one this was helpful and we’ll talk to you soon.
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