House Hack Jack

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...

Today I'm going to share my top five rules, that every person thinking about house hacking should know These are legal rules you need to know, and also some rules we've implemented into each house hack from experience thus far. So Rule #1: Residency Requirement One of the most important rules of house hacking, is that if you purchase your house hacks with a loan (which is almost always the case), you must live in those properties, for at least 12 months, before you can get a new owner-occupied, or primary residence loan, in your name.  So if you are house hacking every year, this is extremely important. But the good news, you don't have to worry too much (hopefully), because your lender will see your loans and the dates they were issued.  Mortgages are public knowledge, which, if you're a homeowner you'll understand this, is the reason why you start to get a bunch of spam junk mail, pretty much as soon as you close on your home, from insurance companies and creditor...

One challenge that house hackers face, and is one of the main turn-offs to house hacking - is moving.  Moving every year, or even every 2 years for that matter - just isn't very appealing to most people Today we are going to talk about, some cost-effective and cost efficient strategies, that we've learned over the years - such as preparing to move, cleaning processes, and structuring your moving timelines. So, the moving prep: We'll start with minimizing clutter:  Before packing, start decluttering your stuff. You'll likely want to do this anyways, for when you begin to show your house hacks to potential tenants. Sell, donate, or throw out stuff you no longer need or use. Over the years, probably by the time you're on your 2nd or 3rd house hack, you'll find stuff you've moved over and over, thinking you'll use - and never even took out of the box. And trust me on this one - START PACKING EARLY.  LAst year we were just moving across the street and figured...

So far, we've been talking all about house hacking, for long term rentals (12 months or longer) But there's another super profitable way to house hack: turning your properties into short-term rentals, like Airbnb. Now, Short-term rentals often have much higher rental income potential, compared to long-term rentals. But - they also require more attention and management, and carry a little more risk as well. Today we'll explore the benefits and challenges of short-term rentals, and what this could look like if you decided to use your house hacks for short-term rentals So some advantages: Probably the biggest benefits, and often the reason people do short-term rentals or Airbnb's in the first place, is the potential for much higher rental income. Unlike long-term rentals, with leases of 12 months or longer, short-term rentals can generate more rental income, because you are charging by the day, the week, or the month. There is such a thing as mid-term rentals, which are ty...