What is a Co-Living Community?
Co-living is just a concept. Many types of properties can be easily converted into a co-living space. You can convert a hotel, hostel, villa or even a motel into a co-living space relatively easily.
Some types of properties like student dorms are more predisposed to be a profitable co-living space because of their layout and the ratio between rooms and common areas.
Others, like large villas, are trickier because the rooms are usually much larger. Typically, you need to renovate a little or even build some new walls if you want to maximize yields.
8 types of co-living properties and concepts
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Hotel
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Large villa
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Single-family home
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Co-working spaces that rent rooms
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Apartment building
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Student dorm
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Motel
What is House Hacking?
House hacking is a real estate term used to describe generating passive income from renting out a piece of your property while living there yourself. This can mean anything from renting a room in your house to purchasing a multifamily home and living in one of the units while other renters occupy the remaining units.
Do I Need to Own a Home?
No. You can acquire a Master Lease. More on this topic in the Master Class.
How Much Money Can I Make?
That all depends on how many rooms you rent out and that depends on how creative you get with the House Hack. Keep in mind, you might be able to live in the home for free by renting out rooms and depending on the hack possibly make quite a bit more money in addition to the free rent. More on design and floor-plans that produce high yields in the Master Class.
How Much Money Will I Need to Get Started?
You can start today by renting out a bedroom in your apartment or house with no start up costs.
The Master Class will cover property management styles, rental agreements and lease, acquiring a Master Lease, making minor renovations to increase revenues, design and floor plans, market analysis, advertising, and so much more!
More on the Master Class and House Hacking Techniques
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