Today I had the pleasure of speaking to Rocky from 30 and 0.com a rental real estate investor from the Tampa Bay Region. Rocky and I discussed househacking, buying a singe family or a multi family house and renting out the other units or rooms. Rocky addresses how to pick tenants and to carefully screen them. It is particularly important to review your tenants because you will be living in the properties that you are renting out. This is the home that you will come home to day in and out so it is important to carefully pick your tenants.

Also there are significant benefits to renting out rooms in your house. You could live for free or nearly for free depending upon where you are living. Imagine saving an extra $1,000 a month each and every month. In 24 months you would have $24,000 saved and that would allow you to save $24,000 every two years. In some portions of the country $24,000 could be a cheap house. Also you could just rinse and repeat and in 10 years have 5 cash flowing properties. The choice of what to do with the additional cash is up to you.

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