54: Living Practically Free: The Power of House Hacking with Jacob Reeves

Jacob Reeves shares his experience with house hacking and how it has allowed him and his wife to live for free by renting out a portion of their home on Airbnb. He provides tips on setting up a space on Airbnb, finding the right property, and managing a rental property. Jacob emphasizes the importance of research and running the numbers before getting into house hacking. He also offers a spreadsheet and training on his website to help others get started with house hacking.

Chapters

00:00 Introduction: Revolutionizing Home Ownership with House Hacking

03:02 Chapter 1: Setting Up a Space on Airbnb

07:29 Chapter 2: Finding the Right Property for House Hacking

09:09 Chapter 3: Challenges and Lessons Learned

13:06 Chapter 4: Managing a Rental Property

15:21 Chapter 5: Financial Benefits of House Hacking

Takeaways

• House hacking involves buying or renting a home and living in part of it while renting out the other part to cover living expenses.
• Research is crucial in finding the right property and setting up a space on Airbnb. Look at other listings in the area and consider the target demographic.
• Running the numbers and understanding the potential income from house hacking is essential before making a buying decision.
• Managing a rental property requires communication with guests, cleaning, and planning for maintenance.
• House hacking can have financial benefits such as paying down the mortgage faster and gaining equity in the property.

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