Want to buy a buyer house but hate high interest rates? Try House Hacking!25 Jun Rick Orr
Are you looking to buy a home in Austin but want to offset the cost of your mortgage? Consider a house hack! House hacking is a strategy where you purchase a property with income potential, such as an ADU or guest house, or by renting out your primary home as a short-term rental. With mortgage rates near all-time highs, house hacking can be an excellent way to offset your monthly expenses and even turn a profit.
One of the best areas to find a house hack in Austin is Bouldin Creek and the broader 78704 area. With its unrivaled entertainment districts of SoCo and SoLa, walkability, and proximity to Zilker Park, it's no wonder why this area is in high demand. Plus, it's closer to downtown than any other equivalent neighborhood, making it an excellent investment opportunity.
When looking for a house hack, it's important to consider the income potential of the property. Tools like AIRDNA can help you predict the rental upside of a short-term rental property. By knowing the potential income, you can better gauge the return on investment and make an informed decision.
As a 25-year real estate broker in Austin, Rick Orr is an ideal resource for buyers looking to invest in a house hack property. Rick himself owns numerous income-producing short-term rental properties in both Austin and Port Aransas. He can help you find the perfect investment property that meets your needs and helps you achieve your financial goals. Checkout Rick's Picks for best House Hacks in Austin here.
If you're looking to buy a home in Austin and want to offset the cost of your mortgage, consider a house hack. The Bouldin Creek and 78704 area is an excellent place to start your search, with its proximity to downtown, entertainment districts, and income potential. With Rick's expertise and experience, you can find the perfect house hack property that meets your needs and helps you achieve your financial goals.
Here are some ways to house hack:
1. Renting out an ADU or guest house: An accessory dwelling unit (ADU) or guest house is a separate living space on your property that you can rent out for additional income. These units can be rented out on a long-term basis or as a short-term rental through platforms like Airbnb.
2. Renting your home for events and film: If you have a unique or spacious home, you can rent it out for events, photoshoots, or film productions. This can be a lucrative option, especially if your home has a desirable location or unique features.
3. Renting your pool: If you have a pool on your property, you can rent it out for events, parties, or even as a filming location. This can be a great way to generate income during the summer months when the pool is in high demand.
4. Renting your garage for storage: If you have a garage that you're not using, you can rent it out for storage. This can be a convenient option for people who need extra storage space but don't want to pay for a storage unit.
Overall, house hacking is a great way to generate additional income and offset your monthly expenses. By renting out a separate living space, your home, pool, or garage, you can turn your property into an income-generating asset. With the help of a knowledgeable real estate agent like Rick Orr, you can find the perfect house hacking property that meets your needs and financial goals.