House Hacking: What I Wish I Had Done

Comments

Post a Comment

Popular posts from this blog

House Hacking: Your Property As A Mid-Term Rental

While short-term and long-term rentals, have kind of been the main ways to house hack in recent years, there's a newer method that has emerged probably over the last decade or so, called the mid-term rental.  Today we'll talk about, what mid-term rentals are, how they compare to short and long term rentals, and why you should seriously consider a mid-term rental on your house hacks So what is this so called mid-term rental method It's pretty easy to remember. It's a mix between short-term and long-term rentals, smack dab right in the middle of the two. mid-term rental. This method caters to a specific set of circumstances, though. Unlike short-term rentals, which are typically geared towards travelers staying for days, a weekend or longer than a week or two -  and unlike long-term rentals, which are leases set typically for 12 months or more -  mid-term rentals offer that flexible housing solution in the middle of the two, for people or businesses who require housing an...
Read more

The Advantages of House Hacking: Building Wealth through Real Estate Investing

House hacking is an increasingly popular real estate investment strategy that allows you to live in a property while renting out additional units to generate income. Not only can this approach provide you with a source of rental income, but it can also help you build long-term wealth through real estate investing. Here are five advantages of house hacking that can help you achieve your financial goals. 1. Rental Income One of the biggest advantages of house hacking is the ability to generate rental income from your property. This can help offset the cost of your mortgage and other expenses, making it easier to build equity and achieve long-term financial stability. With the right property and rental strategy, you may even be able to generate enough rental income to cover your entire mortgage payment and other expenses. 2. Tax Benefits House hacking also comes with several tax benefits that can help you save money and build wealth over time. For example, you may be able to deduct expens...
Read more

House Hacking & Depreciation: The Power of Income Deductions

Depreciation is a powerful tool that real estate investors can leverage to maximize their returns and minimize their tax liability. It's an income deduction that allows investors to account for the wear and tear and deterioration of their investment property over time. In this article, we'll explore the benefits of depreciation and how it can positively impact your investment strategy. Depreciation works by allowing investors to deduct a portion of the property's value as an expense each year on their tax returns. The value that can be depreciated is typically the cost of the property (excluding land) divided by the property's useful life (because land is land, it doesn't deteriorate). The specific depreciation method and useful life can vary depending on the property type such as if it's a residential property or a commercial property. So, it's essential to consult with a tax professional for accurate guidance. One significant benefit of depreciation is tha...
Read more