Do you know that you can do house hacking using a little money and with what you already have? Oh, yes! You don’t need huge investment capital or a big house to set up your own rental business. It’s a matter of thinking outside the box.
Welcome to Women Creating Wealth! In this week’s episode, I’ve invited Cassie Parks, who has been pretty successful with her house hacking journey using clever ideas that you’ve never thought of.
Let’s dive in!
Cassie’s $12k House Hacking Strategy
When was the last time that you thought of a brilliant money-making idea? Our guest for this week, Cassie Parks, will make you realize that you CAN make an income even with your pool.
Okay, I know not everyone has a pool. But let’s kick off our conversation with Cassie’s first HUGE house hacking success to open up your mind.
It all started with an article her sister sent her about someone in Colorado making $50,000 renting out their pool. And mind you, this was during the pandemic.
Since Cassie has a pool and she loves sharing it, she went ahead and pulled the trigger. And it’s not like she’s using it 24/7. So it’s an asset she can make money with while letting people experience the fun of having a private pool.
She had added a few minor things to spruce up her pool area. And after a day or two of posting it on Swimply, an app for renting private pools, her phone exploded with bookings.
Even if it’s a seasonal activity, Cassie made $12, 222 in less than a year from her pool rental. And this house hacking strategy opened up other rental businesses using what she already had. By renting out her pool, Cassie and her partner are already getting used to having someone else in their space.
Airbnb Hosting Tips
After her pool success, she finally decided to rent out a level of her house. And these are some practical hosting tips that Cassie swears by:
1. There’s an upfront investment with house hacking for an Airbnb rental, but you can start with the bare minimum.
2. There’s so much to communicate with people, so prepare yourself for the learning curve.
3. Provide your Airbnb tenants with access to a kitchen – be it a kettle or maybe a microwave so they can have these little humanly comforts.
4. Check with a professional electrician if your Airbnb room’s electrical wirings are safe for a kitchenette or a mini-suite, or you’ll risk blowing the circuit.
5. Make your unit look “real” by leaving a little bit of personality to it, and not sort of a generic kind of thing.
6. Manifest how much you want to earn and what type of Airbnb renters you want to share your space with.
House Hacking Strategies That Work
When was the last time you made extra money with what you already had? If you haven’t received extra money from any asset you own, then you have to start asking yourself, “Okay, what asset do I have, and what can I possibly do with it to make money?”
Here are just a few other fantastic house hacking strategies that Cassie and I have mentioned in the podcast.
- Turn your house’s upper or lower level into its own suite.
- If your house doesn’t have multiple levels, try partitioning something.
- Rent out your driveway.
- Rent out your yard to other people’s dogs.
- Set up your yard as a camping ground and list it on Airbnb
- Spruce up your yard and rent it out for couples who want an outdoor date night.
- If you’ve built a specialized gym in your house, you could let a few others rent your gym.
- You can rent out your unused shed or spare room as storage space.
If you keep looking around, you’ll be surprised by the number of opportunities just right under your nose and how much money you’re leaving off the table. And it wouldn’t cost you that much to get started with these smart house hacking strategies.
Listen to the full episode above of Women Creating Wealth for house hacking strategies that generate extra thousands of dollars!