Back in my college days, I offered to manage a house with 10 rooms and guaranteed the owner a fixed amount of rent, which satisfied his mortgage requirements. I not only lived there for free, but had money left over to buy cleaning supplies, toilet paper etc for everyone. Place was right next to SJSU so it worked out for me and house mates really well till my graduation.
I now rent out a good part of my house on AirBnB and it helps with paying mortgage in this turbulent time, especially while I don’t have a formal job. If you ever thought house hacking is not possible, there are many ways and scales you can do it at. For most people, housing costs will always be the highest expense, so some form of house hacking can help you maintain a lower overhead and ease anxiety. Another common way is to buy a duplex (up to a four-plex), live in one unit and collect rent on the others. Rules are quite different for the above four-plex (it is considered commercial rather than residential), but for savvy investors, those options are open as well. And there are those who buy properties to generate rent, hire property managers, and enjoy stress free passive income.
As you can see, house hacking can range in multiple scales, and definitely worth doing. Simplest way to look at it is ‘live free with OPM.’ Consult with those who have done it before around you and learn how to put your space to work for you. I welcome your comments and questions. Thx!