Let’s start by saying that renting out a room in your home is not for everyone. In fact, most people cannot or will not do it. However, there is so much untapped potential in this concept. It literally will change your life.
Currently, we pay $1750 for our 3rd home. It is on 3 acres of land and is about 2500 sq ft. It is an amazing home. And it would be great to have so much space for the four of us. However, we do not need all this space. The home was renovated before we bought it and a second master suite was added.
So we have two huge master suites. What do you think we are going to do with them? That’s right, rent them out. We currently have both rooms rented out for $800 each. Yes, for a total of $1600 a month. So we are paying $150 a month to own our 3rd home.
So we talk about what it is to truly be financially independent. If Kris and I have the capability to leverage our home for this kind of income, what else can we do? Do we need to be fully employed in the workforce? Well, right now we have bigger goals, so yes, we are still employed. However, it is completely satisfying to know that you control your own destiny.
I will get into some of the basics of room renting in further posts.
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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