House hacking through Airbnb
Hello Discover Northeast Florida!
I was initially hesitant to post this as I was contemplating whether this is a success story yet, but I'll let the world to decide. I'm sure everyone has a story, and here's mine.
About me- I'm an engineer by profession and based out of Indianapolis. I bought my primary residence 2 yrs ago and I've had spare bedrooms so I decided to give Airbnb a try.
I've had an out of state investor from California stay with me and we got talking about investments ( that's my fav topic) and that's how I came across Bigger Pockets. He suggested my rental to his investor friends and I got more and more folks to stay with me. (Look me up in Indy airbnb - Mihir & Amber)
Long story short, doing airbnb on my primary residence has not only helped me connect with great minds, socialize and share stories and give me a chance to host some wonderful folks, but it also helped in mortgage payments, provide additional cash to invest in rentals and also provide tax breaks.
Though airbnb-house hack isn't for everyone, I'd like to point out the benefits.
1) Higher rate of return than a monthly rental.
2) Flexibility on whether to host or block dates.
3) Help with mortgage payments.
4) Re-invest additional cash in home improvement which helps in appreciating property value.
5) Tax Benefits
Here's a snippet of how I used the spare change to renovate the family room( pardon my poor photography skills). I'm not sure if this is the best strategy for everyone, but this is A STRATEGY that folks can try. I'm interested to hear your thoughts!
Enjoy & Good Luck!
PS: I highly recommend visiting Indy. ;)