When I got stationed in Beaufort, SC back in 2012, our house in Yuma was underwater. This meant that it was worth less than we owed. Also, our mortgage payment was way higher than we could command in rent. So we decided it best that I go to South Carolina unaccompanied. Of course, when I got to SC, there were no barracks for me to stay at. I had to rent a room from someone out in town. The first two places I lived in were some of the crappiest living conditions I had ever seen. After about 3 months, I found a place that was less crappy. It was still not up to my standards but it was at least quiet and the old lady was nice enough. I stayed at this place for two years.
While I was renting this room from 2012-2014, I realized that all people want is a clean, quiet place to lay their heads. In 2019, Kris and I were planning on going to Turkey in the summer. We knew it would be super expensive, so we decided to rent out our guest bedroom. The rest is history.
Renting out rooms has allowed us to pay down debt, increase cash flow, and invest more cash. It has given us financial freedom that we could not even imagine just two years ago. Renting out rooms is not for everyone. Kris and I grew up poor and in tight quarters, so for us this is amazing. We currently rent two rooms out in our 2,500 square foot home. This still leaves us like 1,500 square feet to ourselves. I plan on writing a short book on the best practices for renting out rooms. Be on the lookout for that.
If renting out rooms is not your cup of tea, find a way to generate more income. This can be from a part-time job, a blog, or network marketing. There are many ways to increase your income, even if it only $100-$200 a month, that is still a great way to start getting ahead in life.
Join our Facebook group at:
https://www.facebook.com/groups/231490384820780
Follow us on Pinterest at:
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. Please research any investment vehicles that are being considered. 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.
Leave a Reply