216: Finance Friday: Turning Spare Bedrooms into $1,000+ Extra Every Month

Amanda is making a teacher’s salary and spending her weekends working a part-time job at a grocery store. She contributes to her retirement accounts, but she could be sitting on a passive income gold mine that she doesn’t realize.  Attached to Amanda’s home are a casita and a mother-in-law suite. The casita is rented out to long-term tenants and the mother-in-law suite has been used as a short-term rental for some time. But what if instead of keeping her casita as a long-term rental, she converted it into an Airbnb? Well, Amanda could potentially see a rent increase of almost 3x what she currently is renting at! With this house hacking model that Amanda is using, she’s able to get owner-occupied financing with lower interest rates and better terms. So what if she could start doing this with other houses and slowly grow a short-term rental empire? As Scott and Mindy discuss, it’s possible!  In This Episode We Cover The importance of side-income streams when you work a lower-paying job Turning extra bedrooms into short-term rental income House hacking and the benefits of owner-occupied financing  Calculating your hourly rate for different tasks and focusing on those with the highest ROI Chasing financial freedom and the importance of using time how you see fit And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Scott's Instagram Mindy's Twitter Get Tickets to BPCon 2021 Short-Term and Vacation Rental Discussion Avery Carl’s Short-Term Rental Interview Learn more about your ad choices. Visit megaphone.fm/adchoices