Business
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 CoverThe importance of side-income streams when you work a lower-paying jobTurning extra bedrooms into short-term rental incomeHouse hacking and the benefits of owner-occupied financing Calculating your hourly rate for different tasks and focusing on those with the highest ROIChasing financial freedom and the importance of using time how you see fitAnd So Much More!Links from the ShowBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingScott's InstagramMindy's TwitterGet Tickets to BPCon 2021Short-Term and Vacation Rental DiscussionAvery Carl’s Short-Term Rental InterviewSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.