Should you start your own ‘Monopoly Project’? Should you start acquiring rental properties? In this series we examine the ways to start your own “Monopoly Project” (TMP).
In our first post of this series, we explained the first thing you should do is to get into shape – Financial Shape. Then we showed how and why we started our MonopolyProject in ‘Start Your Own Monopoly Project – Step 2: Our Way’. Then we explained a method you should never use: Step 3: OPM – Other People’s Money. In “Start Your Own Monopoly Project – Step 4: House Hacking – Joey Sleeps in the Sink” we took a side street and looked at “House Hacking”. Then we looked at ‘Step 5: Get A Partner.’ “Start Your Own Monopoly Project – Step 6: Get Back to Reality” backtracked “Start Your Own Monopoly Project – Step 5a: The Perfect Monopoly House”.
Then in Step 7 we talked about: “Now we will talk about the advantages of buying a new-build home that doesn’t even exist when you buy it.” And we did exactly that. We bought a new build house in Coolidge, AZ earlier this month.
In Step 8 “Start Your Own Monopoly Project – Step 8: As Time Goes By” we explained why we expected the value of our house to increase even before it was built. And that prediction did not even last a month! The price of a similar to-be-built house was increased $25,000 in less than a month!
Let’s get back to our friend Joey who rented out his bedroom and slept in the sink. Now he has taken it to the next level. He rented out the sink to a family of cats:
and is sleeping in a frying pan…
Joey is taking the HouseHacking concept to the ultimate end. Craig Curelop defines “6 Different Ways to Hack Your Housing (Find One That Works for You!)”.
1. The Traditional House Hack
2. Calling the Living Room Home & Renting Out the Rest (Seriously)
3. Renting by the Room
4. Living in a Trailer/RV & Renting Out Your Primary Residence
5. Renting Out an Additional Dwelling Unit
6. The Live-in Flip
“The phrase itself was coined by BiggerPockets podcast host Brandon Turner.”. Brandon talks house hacking: