As we’re sure you’ve noticed, photobooths are totally a thing at weddings these days. They’re a chance for people to act silly and enjoy themselves while providing you endless laughter and entertainment while sifting through photos months later. Sure the fake mustaches, silly hats and drunken group snaps may be starting to feel a little….tired, but the perfect place for a photo-opp is not just a trend, it’s a necessity! Your photographer is never going to get to snap candid pics of all your guests and besides – offering up an activity is furn for everyone. But we’ve been feeling ready for a fresh spin on the idea and thought you might be too. So if all those neon boas and oversized plastic sunnies are not really your pinky-in-the-air cup of tea, we’ve got the most epicly chic alternative for you! You’re going to love this wedding floral DIY.
Instead of hiring a company to create a photobooth backdrop for your wedding, or renting a clunky actual booth, we urge you to give this simple DIY a try! A fresh floral garland balloon backdrop is not only gorgeous and sophisticated, it’s SO versatile. Dot these babies throughout the dance floor, position them behind the bride and groom’s reception table, use them to create a stunning alter, the list is endless! You only need a few things to recreate this look – the most important being some gorge blooms – and thankfully florist Natasha Kolenko is here to walk us through mastering the fresh floral garland!
STEP 1: decide how long you’d like your garland to be. Cut a thin gauge wire to your desired length.
STEP 2: Choose your greens for the base of the garland. We used Ruskus and yummy smelling Jasmine vine as our base for a full, lush look. Trim excess stems from the greens and begin wrapping the stems around the wire until secure.
STEP 3: To add blooms to your garland, make bunches of 2-3 and wrap their stems together with wire, leaving approximately two inches of wire at each end. Use the ends of the wire to attach floral bunches to the garland. We used Anemones, white garden roses and white Tulips for a clean, crisp look.
STEP 4: When you are happy with your floral garland, wrap the wire on one end around the knot of the balloon. We used 36 inch round balloons and you can see in the pictures how the varying lengths and weights of the garlands affect the way they float. We love the idea of having some longer garlands draped on the floor with some shorter ones looking like they’re suspended in the air and, quite literally, floating around the room!
These balloons are simple and elegant and we love the way they just float effortlessly and dreamily around the space. Experiment and have fun with these massive balloons. They’re not only great for weddings. We think they’d be perfect for birthday parties, baby showers or any event you’re looking to make a giant statement.
And now that you’ve mastered the floral garland, use your skills to drape a garland across a table or around benches during the ceremony. All that’s left for you to do is to let your creativity soar!
original photography for apartment 34 by emily scott // art direction by bianca sotelo // florals + styling by natasha kolenko // florals c/o torchio nursery – visit them in the San Francisco flower mart!
More than three quarters of homeowners across 20 large metro areas agree local governments should do more to keep housing affordable, and most agree that allowing more building would help, according to a new Zillow survey.
But while there is meager support for new large multifamily buildings, more than half of homeowners say they and others should be allowed to convert their homes to create additional housing.
That’s according to the latest Zillow Housing Aspirations Report, which asked homeowners for their feelings about how best to help quell affordability issues by allowing more homes into their neighborhoods, and comes as in-law suites and backyard cottages gain attention as possible solutions to sharply rising housing costs. Previous Zillow research has shown that even modest rezoning to allow for more accessory dwelling units – creating two, three or four dwellings where only one sits now – could spur the creation of millions of new homes nationwide.
This kind of mid-density is often referred to as “missing middle” housing, slotted between single detached homes and much larger apartment complexes of several hundred units. “Missing middle” units are the only type of home to have gotten more affordable in the past year, but very few have been built in the past 20 years compared to previous decades: They make up only 4.3% of homes built since 2000 compared with 8.2% in the 1980s.
In
all, 57% of those surveyed agreed that homeowners should be able to
add additional housing on their property, and 30% said they would be
willing to invest money to create housing on their own property if
allowed.
The
strongest support comes from younger and lower-income homeowners and
those in the West, where housing tends to be the most expensive. The
highest support was in the San Diego (70%), Seattle (67%) and San
Francisco (64%) metros, and the lowest was in the Detroit (47%),
Phoenix (50%) and Dallas (51%) areas.
Support
also was strongest among homeowners of color – two-thirds (67%) of
Black homeowners supported this type of density, compared with just
over half (54%) of white homeowners – perhaps because of persistent
homeownership gaps due in large part to historical discriminatory and
exclusionary housing policies.
Advocacy
was more muted for larger multifamily buildings. Only 37% of
homeowners surveyed said they would support a large apartment
building or complex in their neighborhood – and that support was more
starkly divided among generations. Nearly 60% of younger homeowners
(18-34) were open to large buildings, compared with only a quarter of
those 55 and older.
Overall
support for development of these larger apartments is highest in the
Chicago (47%), Miami (45%), Washington, D.C. (44%), and San Francisco
(43%) metro areas, and lowest in the Atlanta metro (29%).
However
housing comes about, more than three-quarters of homeowners surveyed
said single-family neighborhoods should remain that way, with more
older homeowners (81%) agreeing than younger homeowners (69%). And a
little more than half said adding homes was acceptable if they fit in
with the general look and feel of the neighborhood. Homeowners
expressed concern about the impact of more homes on traffic and
parking, with 76% saying that it would have a negative impact. About
half said it would have a positive impact on amenities and transit.
“In
an era of historically low supply and escalating housing prices, the
need for more solutions to create housing opportunities is greater
than ever. Our latest research shows that homeowners in major markets
are generally supportive of providing a range of housing options that
allow for not only more housing units, but also a diversity of
housing types in existing communities,” said Zillow senior
economist Cheryl Young. “Homeowners may continue to shy away
from adding large multifamily buildings nearby, but are open to
adding units in their own backyards. This ‘missing middle’ housing,
they believe, could help alleviate the housing crunch without
sacrificing neighborhood look and feel while improving local
amenities and transit. These findings show that broad-based support,
especially from homeowners, provides the middle ground necessary to
move the needle needed to bring relief to the housing crunch.”
Additional
Zillow research has shown that “missing middle” homes tend
to be more affordable. Renting a home in a 2-, 3-, and 4-unit
building is less expensive than a single-family house in 42 of the
largest 49 metros with available data.
Accessory
dwelling units also seem to be becoming more popular. While “in-law
units” and “cottages” are the most common listing
terms nationally for secondary units on Zillow, the term “ADUs”
rose to 5.7% in 2019 from 1.2% of listings in 2015. The share of
listings mentioning a secondary housing unit in any way rose from
1.7% of all listings to 1.9%. And the shift to using the term “ADU”
indicates that officially sanctioned secondary units are fast
becoming a valuable selling point.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
One of the first things that comes to mind about the state of California is its Pacific Ocean views and sunny beaches. With magnificent waves and sandy coves, boating and surfing, sightseeing and fishing, the picturesque California beach towns are top-tier. Whether you’re looking to move to California or want to relocate to a quaint coastal city, there are plenty of options to check out in the state.
But if you’re not sure where to start on your hunt for your favorite California beach town, we’re here to help. Redfin has put together a list of the 21 beach towns in California, from Mendocino to Long Beach. Let’s dive into some of California’s top beach cities, listed from north to south, so you can find the right place for you.
Northern California beach towns
#1: Crescent City
Median home price: $315,000 Crescent City, CA homes for sale Crescent City, CA apartments for rent
Starting off our list in Northern California is Crescent City, located just north of Del Norte Coast Redwoods State Park. You’ll find there are plenty of beaches to explore while living in Crescent City, such as Battery Point Beach and Pebble Beach. About 6,700 people live in this coastal California town. In Crescent City, you can walk along the B-Street Pier and the Point St. George Beach Trails, check out Beachfront Park, and explore the downtown area.
#2: Shelter Cove
Median home price: $425,000 Shelter Cove, CA homes for sale Shelter Cove, CA apartments for rent
Another one of Northern California’s great coastal towns to consider buying a home in is Shelter Cove. Home to just 860 people, there are plenty of beaches to visit like Black Sands Beach, Cove Beach, and Little Black Sands Beach. Some popular things to explore in Shelter Cove include hiking the Black Sands Beach Trail, stopping by the Cape Mendocino Lighthouse, and exploring the downtown area.
#3: Mendocino
Median home price: $958,000 Mendocino, CA homes for sale Mendocino, CA apartments for rent
Mendocino has just about 700 residents – and amazing views of the Pacific Ocean. There are lots of beaches to explore on a warm California day, like Agate Beach and Big River Beach. Make sure to hike along the Point Mendocino Trail, explore the Mendocino Headlands State Park, and check out cafes and markets downtown if you move to Mendocino.
#4: Half Moon Bay
Median home price: $1,665,000 Half Moon Bay, CA homes for sale Half Moon Bay, CA apartments for rent
Home to beautiful beaches like Dunes Beach, Francis Beach, Half Moon Bay Beach, Miramar Beach, Poplar Beach, Roosevelt Beach, Surfer’s Beach, Vallejo Beach, Venice Beach, and Wavecrest Beach, there are countless places to spend a beach day. With roughly 11,400 residents in Half Moon Bay, make sure to also hike the California Coast Trail, camp at one of the beachside campgrounds, or stroll through downtown and grab some fresh seafood.
#5: Santa Cruz
Median home price: $1,607,500 Average rent for a one-bedroom apartment: $3,951 Santa Cruz, CA homes for sale Santa Cruz, CA apartments for rent
The iconic coastal town of Santa Cruz has about 61,900 residents, making it another great place to add to your list. You’ll find stunning beaches such as Cowell Beach, Lighthouse Field State Beach, Mitchell’s Cove Beach, Natural Bridges State Beach, Santa Cruz Beach, and Seabright Beach. After moving to Santa Cruz, you can spend the day at Santa Cruz Beach Boardwalk, enjoy nature at the Natural Bridges Monarch Trail, and check out downtown Santa Cruz where you’ll find farm-to-table restaurants and local surf shops.
#6: Monterey
Median home price: $958,750 Monterey, CA homes for sale Monterey, CA apartments for rent
Home to roughly 29,900 people, Monterey is a great beach town to consider renting or buying a home in. Some beaches you can visit include Del Monte Beach, Monterey State Beach, and San Carlos Beach. In addition to their beaches, there are plenty of activities to do in this coastal city. You can explore the famous Monterey Bay Aquarium, check out the shops and fish restaurants along Fisherman’s Wharf, and explore the historic spots in Cannery Row, among many other local favorites.
Central California beach towns
#7: Cambria
Median home price: $769,000 Cambria, CA homes for sale Cambria, CA apartments for rent
With a population of about 5,600, Cambria is a charming coastal area to live in, located in the heart of the central California coast. There are plenty of beaches to explore as well, specifically Moonstone Beach. Make sure to take a tour of the expansive Hearst Castle, enjoy one of the amazing restaurants in Downtown, or hike the Bluff Trail or Santa Rosa Creek Trail once moving here.
#8: Morro Bay
Median home price: $1,007,500 Morro Bay, CA homes for sale Morro Bay, CA apartments for rent
Morro Bay has stunning beaches such as Morro Rock Beach and Morro Strand State Beach, perfect for soaking up the sun or venturing out into the surf. Make sure to explore Morro Rock and see the otters playing in the water, grab some fresh seafood for lunch or dinner in downtown Morro Bay, and check out Morro Bay State Park if you decide this beach town is right for you.
#9: Pismo Beach
Median home price: $960,000 Pismo Beach, CA homes for sale Pismo Beach, CA apartments for rent
Roughly 8,000 people live in this town where you’ll find beaches like Pismo Beach and Spyglass Beach Tide Pools. It’s also conveniently located near San Luis Obispo, where you’ll find farm-fresh produce and local shops. Some other fun activities to do in Pismo Beach include exploring downtown Pismo Beach and getting a cup of clam chowder, hiking the Meadow Creek Trail, and checking out one of the waterfront parks like Dinosaur Caves Park.
Southern California beach towns
#10: Santa Barbara
Median home price: $1,785,500 Average rent for a one-bedroom apartment: $3,495 Santa Barbara, CA homes for sale Santa Barbara, CA apartments for rent
This seaside town has a population of 88,300 and there are many beaches to spend the day at. In Santa Barbara, you can visit 1000 Steps Beach, Arroyo Burro Beach County Park, East Beach, Leadbetter Beach, Mesa Lane Park, Santa Barbara Beach, and West Beach. You’ll also have plenty of activities to explore during your free time, like checking out the historic buildings in Lower State, strolling along Stearns Wharf, and visiting the Santa Barbara Zoo.
#11: Carpinteria
Median home price: $1,086,000 Carpinteria, CA homes for sale Carpinteria, CA apartments for rent
In Carpinteria there are numerous beaches to explore if you decide to move to this cozy oceanfront town. Some of these beaches include Carpinteria City Beach, Carpinteria State Beach, and Rincon Beach. This town is home to 13,100 inhabitants and you’ll find a variety of other activities like hiking along the Carpinteria Bluffs, visiting the California Avocado Festival in October, and exploring the Tar Pits Park.
#12: Ventura
Median home price: $799,500 Ventura, CA homes for sale Ventura, CA apartments for rent
Ventura has plenty of beaches to choose from, great for a sunny Southern California day. Some well-known spots are Harbor Cove Beach, Mother’s Beach, Seaside Park, and Ventura Beach. If you’re looking for a day spent in town, you can have some fresh seafood at one of the restaurants in downtown Ventura, explore the Ventura Boardwalk, and hike the Emma Wood River Trail.
#13: Malibu
Median home price: $3,695,000 Malibu, CA homes for sale Malibu, CA apartments for rent
There are plenty of beaches to visit if you decide that Malibu is the right beach town for you – El Matador State Beach, El Pescador State Beach, El Sol Canyon Beach, Malibu Beach, Malibu Lagoon State Beach, La Piedra Beach, Las Tunas Beach, Lechuza State Beach, Paradise Cove Beach, Playa San Juan Leighton, Point Dume State Beach, Nicholas Canyon Beach, and Zuma Beach. In this town of 10,400 residents, you can also hike at Coral Canyon Park or Solstice Canyon, check out the Malibu Bluffs, and grab some fresh beachfront eats.
#14: Santa Monica
Median home price: $799,500 Average rent for a one-bedroom apartment: $3,295 Santa Monica, CA homes for sale Santa Monica, CA apartments for rent
Santa Monica has about 91,100 residents and is one of the many famous Southern California beach towns you’re likely to recognize on this list. You can take in the waterfront views at Palisades Beach, Santa Monica State Beach, and Sorrento Beach. If you’re looking to check out Santa Monica, you can also spend the afternoon exploring the Santa Monica Pier, visit Palisades Park, and stop by one of the many amazing local restaurants.
#15: Long Beach
Median home price: $790,000 Average rent for a one-bedroom apartment: $3,155 Long Beach, CA homes for sale Long Beach, CA apartments for rent
Another coastal Southern California city to check out is none other than Long Beach. There are a few quintessential beaches to spend the day at, like Alamitos Beach, Bayshore Beach, Long Beach City Beach, Junipero Beach, and Mother’s Beach. Other activities in Long Beach include taking a tour of the Queen Mary or the Aquarium of the Pacific, exploring downtown Long Beach, or learning to surf.
#16: Huntington Beach
Median home price: $1,150,000 Average rent for a one-bedroom apartment: $2,420 Huntington Beach, CA homes for sale Huntington Beach, CA apartments for rent
You’ll find a plethora of beaches in Huntington Beach – Bolsa Chica State Beach, Huntington State Beach, and Sunset County Beach. With a population of 13,100, this mid-sized beach town is a great option if you’re looking for a slightly busier atmosphere. If you want options other than a beach day you can tour the Huntington Beach International Surfing Museum, check out the shops and restaurants along the beachfront streets, and stroll along the Huntington Beach Santa Ana River Trail.
#17: Newport Beach
Median home price: $2,750,000 Newport Beach, CA homes for sale Newport Beach, CA apartments for rent
Of course, the oceanfront town of Newport Beach had to be included on our list. With beaches like Balboa Beach, Crystal Cove State Beach, Little Corona Del Mar Beach, Little Treasure Cove, and Newport Beach, there are countless options to choose from. If you’re looking to move to Newport Beach, there are about 84,800 people living in the city. Newport Beach has plenty of other activities including exploring Newport Beach Pier and Balboa Pier, hiking the Crystal Cove Trail, and checking out Balboa Island.
#18: Laguna Beach
Median home price: $2,743,250 Average rent for a one-bedroom apartment: $3,000 Laguna Beach, CA homes for sale Laguna Beach, CA apartments for rent
Another classic Southern California beach town is Laguna Beach, home to about 22,800 residents. With beaches like Aliso Beach, Crescent Bay Beach, Cress Street Beach, Diver’s Cove, Laguna Beach, Table Rock Beach, Thalia Street Beach, Treasure Island Beach, Victoria Beach, West Street Beach, and Woods Cove, there’s always a new place to see the coastline. In addition to these beautiful beaches, make sure to visit the Top of the World, check out Main Beach Park, and explore all the local restaurants, cafes, and shops by the beach.
#19: Dana Point
Median home price: $1,602,500 Average rent for a one-bedroom apartment: $3,768 Dana Point, CA homes for sale Dana Point, CA apartments for rent
With beaches like Capistrano Beach Park, Dana Strands Beach, Doheny State Beach, Laguna Niguel Beach, and Salt Creek Beach, it’s no surprise that Dana Point also made our list. Home to 32,800, there is plenty to do in this awesome coastal city. For example, you can explore the Dana Point Caves, grab a meal at the Dana Point Harbor, or camp at Doheny State Beach if you decide to move to Dana Point.
#20: San Clemente
Median home price: $1,788,500 Average rent for a one-bedroom apartment: $2,750 San Clemente, CA homes for sale San Clemente, CA apartments for rent
San Clemente is home to 63,900 people and has countless beaches to visit. Some of the many beaches include North Beach, San Clemente City Beach, San Clemente State Beach, and T-Street Beach. Or if you’re looking for something a little different, you can stroll along the Sea Summit Trail, stop by the Casa Romantica Cultural Center and Gardens, and check out the San Clemente Pier.
#21: La Jolla
Median home price: $2,002,500 La Jolla, CA homes for sale La Jolla, CA apartments for rent
La Jolla, a neighborhood of San Diego, is the last beach town in California on our list. Home to beaches like Black’s Beach. Jolla Cove, La Jolla Shores Beach, Marine Street Beach, Shell Beach, Torrey Pines State Beach, Whispering Seas Beach, and Windansea Beach, there are a variety of options whether you’re looking for a quiet beach day or a morning spent out on the waves. You can also spend the day at Cuvier Park, explore museums like the Museum of Contemporary Art and the Birch Aquarium, and visit the Sea Cave Lookout Point.
Note, this list is not comprehensive of all the beach towns in California. Median home sale price data from the Redfin Data Center during June 2023. Average rental data from Rent.com June 2023. Population data sourced from the United States Census Bureau.
I have owned rental properties for more than 13 years and being a landlord was one of the best choices I ever made but it is not easy. There are many aspects to owning rentals from finding good properties, to financing them, to managing them. Many people may think the hardest part of being a landlord is unclogging toilets at 2 am but I have never done that and never plan to. There is a lot that goes into owning rentals but you don’t have to do all of it yourself and owning good rentals will give you the income to pay for help. Good rentals can also build a tremendous amount of wealth!
How hard is it to become a landlord?
Being a landlord means many things and how hard it is depends on what tasks that landlord chooses to do. Sometimes landlords do all or most of the work on the properties they own, and sometimes they do very little if any work on them. The hardest part of becoming a landlord for most people is finding good properties and finding the money or financing to buy them. Not every property will make a good rental, in fact, many properties will lose money if you buy them at retail value and use an investment loan for the financing.
Here are the basic steps to becoming a successful landlord, not just owning rentals that may or may not make any money.
Find a market or type of rental property that makes money. Many single-family homes will not make any money as rentals. It is important to choose a market with good rent-to-value ratios. You may also consider multifamily or commercial rentals which can sometimes have better numbers but may take more work, have more risk, or need more management.
Get the money to buy a rental. Most landlords will use loans to buy properties but even with loans the down payments are usually at least 20 percent of the value of the property. A $200,000 property could require $50,000 or more in cash to buy with a loan after the down payment and closing costs.
Repair and maintain the property. Most properties are not ready to rent right away. You may need to make repairs and you will for sure have to maintain the property while you own it. You can do this work yourself or hire it out.
Find tenants for the rental property. Once the home is ready to rent you will need to find someone who wants to rent it. The home will have to be marketed, tenants screened, leases created, and money collected. The landlord can do this themselves or hire a property manager to do the work.
Keep tabs on the property and tenants. After finding tenants the work is not done. Landlords will have to check on the property, handle maintenance requests, and possibly handle late rent, hostile tenants, or even evictions. Again, the landlord can do this or have a property manager handle these tasks.
Why spend all this money and do all this work to buy rentals?
A lot of people are probably thinking to themselves why do I want to do all of this to own a few rentals? A few rentals may not make you rich, but once you buy a few, it becomes easier to scale and buy more. If you can buy 10 or more rentals it can provide you with a healthy income and a sizeable net worth that will increase with time. My rentals have made me millions of dollars in less than ten years thanks to getting great deals, market appreciation, cash flow, and the tax advantages that come with them.
Why do some landlords work harder than others?
As you can see there is a lot of work that is needed to be done when you own rental properties. Some landlords will try to do almost all of the work themselves, even the repairs. Other landlords will hire out as much of the work as they can. However, there is still work to be done by landlords, and finding and financing properties is often the hardest part of being a landlord.
Doing the work yourself can save money but it also costs you time and often peace of mind. Working on houses is hard and dealing with stressful tenant situations is also hard. Many people underestimate just how much work is involved and get out of the business as fast as they can. However, owning rentals can be very rewarding financially and spiritually knowing you are providing housing or a place to do business.
How much work should the average landlord expect to do?
When I bought my first rentals I managed them myself with the help of my wife but I never did any repairs to them. I hired out all of the maintenance and remodeling work to my contractors since I also flipped houses. Obviously, I had a huge advantage over many new investors since I already had people who could do the work. If I were to start over again not knowing anyone in the business here is what I would do. This strategy would also apply to me buying properties out of state in an area I have no contacts in.
I would decide what kind of properties to buy and where to buy them. This can take a lot of time and work, especially if you are new to real estate. My book Build a Rental Property Empire goes over everything you need to know if you are brand new. It can take months before you have learned enough to pull the trigger. For some, it may take longer but that is okay as this is a big investment.
I would work to find the right financing which can also take a lot of time. Finding local banks where you want to buy is often the best option but there are many other ways to get the money for rentals. You also may need to be saving money or finding a partner if needed. A lot of the time landlords spend on the business is preparing to buy properties.
Once you know where to buy and have the financing lined up, I would have an agent help you find properties but I would not rely on them to do all the work. There are many ways to find deals and getting a great deal is the fastest way to build wealth in real estate. If you had to spend time doing anything, I would learn how to get great deals.
Before you buy a property you should have some idea of who will be managing it and repairing it. If you choose to use a property manager they may also have contacts or in-house people who can repair and maintain the property. If I were buying properties out of my area this is the route I would take. Take your time finding the right company and don’t pick the first one that says yes!
Once you own the property I would have someone else manage it but you will need to check on it once in a while to make sure the people you hire are doing their job. If the property is far away, hire a third party to check on it for you. You don’t need to be the one taking calls from tenants or renting the property, or collecting rent. The property will also need to have accounting set up and tax information collected which property managers can also handle.
You can scale with rentals by refinancing properties or selling them. I think the landlord should be actively looking at their loans, and returns every year on the properties they own. A lot of landlords have trouble scaling but a refinance or selling properties or using a 1031 exchange can increase the portfolio and ROI.
I think most of the work a landlord does should be in the beginning finding and buying deals. If you want to scale and make the most of your time, leave the management and maintenance to someone else. Focus on the most important tasks and remember to look at the big picture.
Why do I have my property management in-house?
I just told people I think they should hire a property manager but I don’t do that myself, why? I own a real estate brokerage (Blue Steel Real Estate) and my staff manage my properties. I am not the one showing properties (unless they are big commercial properties), and I am not collecting rent, or taking any calls from tenants. I have my own property management company in-house that can handle that for me and I focus on the big picture.
Conclusion
Buying rentals has made me many millions of dollars but it is not easy and it takes work. If landlords focus on the right work it can be a great business. Once you learn how to buy the first properties, the next purchases get much easier. If you are willing to put in the work to buy the right properties and hire the right people to take care of them it is a wonderful business/investment.
Plainfield, formally known as the Village of Plainfield, is a small suburb of Chicago known for its rich history and sense of community. The area is home to over 44,000 people, and is close to both major cities and untouched nature. But is Plainfield, IL, a good place to live? We’ve got you covered.
If you’re looking at homes for sale in Plainfield or are just curious about what the area has to offer, this Redfin guide is for you. Here are 10pros and cons to consider before moving to Plainfield, IL.
5 pros of living in Plainfield, IL
There’s a lot to love about living in Plainfield. Here are five of the best.
1. Affordable cost of living
Plainfield has a relatively affordable cost of living compared to other cities in the United States. Housing costs, in particular, are on par with the national average, which makes it an attractive option for those looking for an affordable place to live near a major city. For example, the median sale price of a house in Plainfield is $429,900,
Renting is also more affordable than a majority of the country; the average one-bedroom apartment costs $1,750, which is $200 below the national average.
2. Community and culture
The community in Plainfield is tight-knit and enjoys celebrating together. Community events are common, with festivals, parades, and other public gatherings being organized throughout the year.
Consider visiting Settlers’ Park for concerts and movies during the summer, or strolling through the local farmers’ market on Sundays. During the winter, there are plenty of holiday events, including parades, light festivals, and holiday markets.
3. Natural beauty
Plainfield is blessed with a variety of natural spaces, including parks like Settlers’ Park and Lake Renwick Preserve. There are also numerous trails for biking and hiking, such as the Van Horn Woods, along with opportunities for fishing and boating along the DuPage River. These spaces offer residents plenty of opportunities for outdoor recreation and relaxation.
4. Historic downtown
Downtown Plainfield is the heart of the city. The area is rich in historic charm, featuring buildings with history and significance. There are also a variety of small, locally-owned shops, boutiques, and restaurants, providing residents with unique shopping and dining experiences. And if you prefer to drive, there is free parking most days of the week.
5. Location
Located about 35 miles southwest of downtown Chicago, Plainfield is a commuter city that offers the advantage of a small-town feel with relatively easy access to big-city amenities. The access to cultural institutions, diverse food scene, major sporting events, and a wide range of job opportunities in Chicago can be attractive to many people.
5 cons of living in Plainfield, IL
Plainfield has a lot of benefits, but it also has a few downsides. Here are five to keep in mind.
1. Limited public transportation
Plainfield doesn’t have a local public transportation system, and instead offers bus routes to and from Chicago and other nearby cities. The limited public transportation means the area is car-dependent, which can be a drawback for those who prefer to use public transit or don’t own a vehicle. Walkability is also an issue outside of downtown.
2. Minimal nightlife
As a smaller suburban town, Plainfield lacks the nightlife scene you might find in larger cities. It doesn’t have a large selection of bars, clubs, or late-night eateries, and most establishments close earlier in the evening. If you thrive on nightlife, you’ll likely have to commute to Chicago for evening adventures.
However, if you’re looking for great local restaurants, there are plenty of options, including Sovereign, Backroads Burger & Bar, and Urban Kitchen.
3. Winter weather
The winters in Plainfield can be harsh and unpredictable. Temperatures often drop well below freezing, and the area experiences significant snowfall. If you’re not a fan of cold weather, snow shoveling, or driving in winter conditions, this could be a major drawback. The winter season can also be quite long, typically lasting from late November until March.
Summers are not as hot as some other parts of the US, but they are quite humid. The best weather is typically in the early summer and fall.
4. Relative affordability
While Plainfield is an affordable city relative to the US average, it’s actually much more expensive than nearby cities, such as Chicago and Aurora. The median house price in Chicago is $340,000, nearly $100,000 less than Plainfield, and the median house price in Aurora is $307,000, over $100,000 cheaper than Plainfield. This can be a drawback for those on a tighter budget.
5. Population growth
Over the past two decades, Plainfield has been experiencing a significant increase in population. From 1990 to 2021, the city’s population increased from 4,557 to over 44,000. While this growth has led to better amenities, it can also lead to overcrowded schools, increased traffic, and strained public resources. Rapid growth can also impact the small-town feel that many residents value and are used to.
North Carolina is known for many things – BBQ, the Great Smoky Mountains, historic cities, and stunning beaches. With magnificent waves and sandy coves, boating and kayaking, sightseeing and whale watching, these idyllic North Carolina beach towns are some of the best around. Whether you’re looking to relocate to North Carolina or are one of the many North Carolinians looking for a beachside property, you have lots of towns to choose from.
But if you’re not sure what beach towns in North Carolina to check out, we’ve got you covered. To help you find the right coastal area, Redfin has put together a list of 13 beach towns in North Carolina, from Beaufort to Wilmington. Let’s dive into some of North Carolina’s top beach cities, listed in alphabetical order, so you can find the right place for you.
#1: Avon
Median home price: $608,000 Avon, NC homes for sale Avon, NC apartments for rent
First up is the beach town of Avon, located along Hatteras Island. There are plenty of beaches to explore while living in Avon such as Avon Beach. Additionally, there are only about 470 people living in this coastal North Carolina town. If you’re considering moving to this beach town make sure to visit the Avon Fishing Pier and stop by one of the many great local restaurants.
#2: Beaufort
Median home price: $449,000 Beaufort, NC homes for sale Beaufort, NC apartments for rent
Another one of North Carolina’s great coastal towns to consider buying a home in is Beaufort. Home to roughly 4,600 people, there are plenty of beaches to visit like Radio Island Beach and Topsail Marine Memorial Park. Make sure to check out the historic sites like Beaufort Historic Site, explore the downtown area, and visit the Rachel Carson Reserve if you decide on making the move to Beaufort.
#3: Calabash
Median home price: $252,500 Calabash, NC homes for sale Calabash, NC apartments for rent
Located along the South Carolina border, Calabash is home to about 2,200 residents. There are lots of beaches to explore on a warm North Carolina day like Calabash Waterfront Park and Sunset Beach. If you find yourself moving to this fishing village, make sure to grab a meal along the waterfront, golf at one of the courses, or camp at one of the campgrounds.
#4: Carolina Beach
Median home price: $539,000 Carolina Beach, NC homes for sale Carolina Beach, NC apartments for rent
Home to beautiful beaches like Carolina Beach, Carolina Beach Lake Park, Lake Public Beach, Ocean Public Beach, and Spartanburg Public Beach, there are countless places to spend a beach day in the area. There are about 6,600 residents living in Carolina Beach which is located along the Cape Fear River. Other than a beach day, you can explore Carolina Beach State Park, spend the day at the Carolina Beach Boardwalk, and check out some of the quaint local cafes and restaurants.
#5: Duck
Median home price: $710,000 Duck, NC homes for sale Duck, NC apartments for rent
The charming coastal town of Duck has about 760 residents, making it a great place to consider moving to. You’ll find beautiful beaches such as Duck Town Park Boardwalk, Schooner Ridge Beach, and Wild Duck Dunes. Living in Duck, you can explore the town of Duck and check out one of the waterfront restaurants.
#6: Edenton
Median home price: $331,000 Edenton, NC homes for sale Edenton, NC apartments for rent
With just about 4,400 people living in Edenton, it’s a great beach town to consider renting or buying a house in. Some beaches you can visit in Edenton include Waterfront Park and Queen Anne Park. Whether you visit the Roanoke River Lighthouse, explore the downtown area, and stop by the Historic Edenton State Historic Site, there are many activities to do and see in this beachfront town.
#7: Kitty Hawk
Median home price: $442,000 Kitty Hawk, NC homes for sale Kitty Hawk, NC apartments for rent
With a population of close to 3,800, Kitty Hawk is a magnificent beach area to live in. There are plenty of beaches to explore in this Outer Banks area like Kitty Hawk Beach. If you’re going to call this town home, plan time to visit the Sandy Run Park and Kitty Hawk Woods Coastal Preserve, grab lunch at a local spot, or explore the nearby small villages.
#8: Nags Head
Median home price: $765,000 Nags Head, NC homes for sale Nags Head, NC apartments for rent
Nags Head has beautiful beaches such as Conch Street Beach and Nags Head Beach, great for taking in the water views. Living in Nags Head, make sure to explore Jockey’s Ridge State Park, check out the local shops and restaurants, or visit Jennette’s Pier.
#9: Oak Island
Median home price: $545,000 Oak Island, NC homes for sale Oak Island, NC apartments for rent
Located along the shores of the Atlantic Ocean is Oak Island. About 8,900 people live in the area where you’ll find beaches like East Beach and Long Beach. Other attractions in Oak Island include exploring the Point, spending time at Ocean Crest Fishing Pier, and strolling along E. Oak Island Drive to check out the local shops and restaurants.
#10: Ocracoke
Median home price: $505,000 Ocracoke, NC homes for sale Ocracoke, NC apartments for rent
This waterfront city only has a population of 970, but there are lots of beaches to spend time outside at. In Ocracoke, you can visit Pony Pens Beach and Ocracoke Beach. You’ll also have plenty of activities to explore during your free time, like hiking along Springer’s Point Preserve, checking out Ocracoke Lighthouse, and exploring Ocracoke Pony Pens.
#11: Southport
Median home price: $430,000 Southport, NC homes for sale Southport, NC apartments for rent
In Southport, there are lots of beaches you’ll want to check out if you decide to move to this cozy town, including Southport Waterfront Park. This city is home to 4,100 people and you’ll find a variety of other activities to do like touring the North Carolina Maritime Museum, walking along the Southport Waterfront Park, or having some fresh fish along the waterfront.
#12: Wilmington
Median home price: $389,500 Wilmington, NC homes for sale Wilmington, NC apartments for rent
Wilmington has lots of beaches and waterfront parks to explore, perfect for a beachside picnic. If you’re looking for a different activity, be sure to stroll along the Wilmington Riverfront, explore the Historic District to see the museums and historic sites, and check out Airlie Gardens.
#13: Wrightsville Beach
Median home price: $725,000 Wrightsville Beach, NC homes for sale Wrightsville Beach, NC apartments for rent
There are a plethora of beachfront spots to check out if you decide that Wrightsville Beach is the right beach town for you. Some of the local spots include South End Beach and Wrightsville Beach. In this town of 2,400 residents, you can also stroll through downtown or check out Wrightsville Beach Park where you’ll find a museum and playground.
Note, this list is not comprehensive of all the beach towns in North Carolina. Median home sale price data from the Redfin Data Center during June 2023. Average rental data from Rent.com June 2023. Population data sourced from the United States Census Bureau.
Inside: Are you looking for ways to make money quickly and easily? This guide has a variety of tips and tricks to help you make 1000 a day.
Making money is something that everyone is interested in. And why wouldn’t we be? Money gives us the ability to buy the things we want, travel, and live a lifestyle that most people can only dream of.
But what if I told you that it was possible to make $1000 a day? Would you believe me?
Well, in this blog post, I’m going to show you some of the best ways to make money really fast.
So if you’re looking to make some quick cash or consistent income, then this is the post for you!
In this post, I will share with your some of the best ways that I know of to make money $1k a day on a regular basis.
So if you’re ready to learn how to make 1000 a day, then let’s get started!
Is it possible to make $1000 a day?
Yes, it is possible to make $1000 a day.
In fact, this is something I regularly do (see picture to prove it).
However, achieving this goal requires commitment, hard work, and a solid plan. Factors that contribute to achieving this goal include finding a method that works for you, sticking with it, and putting in the necessary effort.
Additionally, having a unique skill set and interest in a particular method can increase the chances of success.
How to make $1000 a day?
Making $1000 a day is an appealing goal for many people, whether it’s a one-time need or a consistent source of income. Fortunately, there are several ways to achieve this goal.
Here are the top ways to make $1000 a day:
Start a high-paying job: Some jobs pay over $300k a year, and while they may require advanced degrees and education, there are also a few that don’t require a college degree.
Offer high-value services: You can offer services such as pet-sitting, tutoring, design work, or writing to make money.
Start a business: You can start a business that generates $1000 a day, such as a digital marketing agency, freelancing, or a service-based business.
Sell items you no longer need: You can sell items on eBay, Craigslist, or other online marketplaces to make quick cash.
Let your money work for you: You can invest in stocks and shares, real estate, or property to earn upwards of $1000 a day.
While each method has its own advantages and disadvantages, with the right strategy and dedication, making $1000 a day is achievable.
So, get started today and see how much money you can make.
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Best ways to make 1000 a day
We’ve compiled a list of our favorite ways to make money really fast – specifically $1k a day!
Many times, you will have to invest 100 to make 1000 a day.
If you’re looking for ways to make some extra cash, or even earn a full-time income, this post is for you.
1. Freelance Writing
Freelance writing is a great way to make extra money or even replace your full-time job. There are various types of content that freelance writers can specialize in, such as long-form content or shorter direct-response copywriting.
With freelance writing, you can earn over $.50 or even $1 per word, which means that a 1,000-word article could net you $1,000 quickly.
To start, you need to establish a portfolio of your work to pitch to new clients. This portfolio should include links to any relevant articles or copy you’ve written that’s related to the client you’re pitching. If you don’t have a portfolio yet, you might need to do some work at lower rates to get your foot in the door.
Even if you don’t consider yourself a writer, don’t strike it off the list just yet. With the right approach and mindset, anyone can become a successful freelance writer.
2. Crafting
Crafting offers many benefits beyond just making extra cash. It allows for flexibility in your schedule, creativity in your work, and the ability to turn a hobby into a lucrative business.
If you are creative and have a talent for creating handmade items, then starting a crafting business is the perfect way to monetize that skill by doing something you enjoy. There are plenty of crafts to choose from and you may even become an instructor!
The most difficult side is you are trading your time for money and it may be difficult to scale.
3. Day Trading Stocks
Day trading stocks is a high-risk, high-reward investment strategy that involves buying and selling stocks within a single trading day. It requires a great deal of knowledge, discipline, and risk management to be successful.
However, there is a large group of us who have made the $1000 in a day club.
Successful day traders use a combination of technical analysis, risk management, and discipline to make profitable trades.
This choice requires discipline, a proper trading education, knowledge, and risk management.
Trade and Travel with Teri Ijeoma is a popular course that investors can take to learn about trading stocks and options and begin their journey to making $1,000 a day.
4. Trading Options
Trading options can be a lucrative way for seasoned investors to make money.
With options, investors can speculate on different stocks with only a fraction of the investment capital needed to buy the stocks outright.
Investors who are familiar with investing in individual stocks can take the next step in the process by trading options. While options may seem exotic on the surface, they are a common tool used by seasoned investors and are especially valuable during volatile activity in the stock market.
To trade options successfully, investors need research skills, investing knowledge, discipline, and patience.
Trading options can be a high-risk option, especially for those who lack expertise in the area. However, it can be extremely lucrative for those who have experience and knowledge in the stock market.
Investors should consider taking courses to learn more about trading options.
5. Youtube
YouTube can be a great source of income for those who are willing to put in the effort to create quality content. It offers multiple ways to generate revenue, including sponsorships, affiliate marketing, and Google Adsense.
With the right approach, it’s possible to make $1000 or more per day on YouTube.
Remember, success on YouTube takes time and hard work, but the potential rewards are significant.
6. Selling on Amazon
Selling products on Amazon can be a highly profitable business opportunity.
Amazon FBA, or Fulfilled by Amazon, is a business model where you send your inventory to Amazon warehouses and they handle the rest, including storage, shipping, customer service, and returns.
This makes it a great option for digital nomads and those looking to scale their business quickly.
With an average profit margin of $20 per sale, it’s possible to make $1,000 per day by selling just 5 units per day of 10 different products.
7. Sell Printables Online
Selling printables online has become a popular way to make passive income.
With the rise of digital products, creators can sell anything from coloring pages to budget spreadsheets on platforms like Etsy. Thousands of creators make a living selling digital products, and it’s easy to see why.
Learn how these sellers got started.
The key is to pick a topic you’re knowledgeable in and passionate about, so you can create high-quality products that people will want to buy.
8. Dropshipping
Dropshipping is one of the best ways to make $1000 a day, especially for those looking to start a business with minimal initial investment.
This business model allows entrepreneurs to sell products to customers without ever holding a single piece of stock.
Dropshipping is a viable and profitable business model that can generate high profits without the hassle of managing inventory. With the right niche, platform, supplier, and marketing strategy, entrepreneurs can make $1000 a day or more with dropshipping.
9. Consulting
Consulting is one of the best ways to make $1000 a day!
It’s a lucrative career option that allows you to provide expert advice to clients and help them solve problems.
The first step to becoming a consultant is to determine your area of expertise. This could be anything from personal finance to marketing to human resources. Your expertise should be something that you have significant knowledge and experience in.
One of the most important aspects of becoming a consultant is building your network. This includes reaching out to potential clients, attending networking events, and connecting with other professionals in your field.
10. Become a Virtual Assistant
Being a virtual assistant can be a great way to make money while setting your own hours.
As a virtual assistant with no experience, you can work from home and typically on your own schedule. You can choose to work part-time or full-time based on your availability and the workload of your clients.
The tasks that you are asked to perform as a virtual assistant can vary widely, but commonly needed skills include administration, accounting and bookkeeping, marketing, communications, customer service, and many other capacities.
You don’t need special skills or training for this job, as most clients will bring you up to speed on what they need to do. However, having organizational, communication, and time-management skills can be helpful.
Check out the checklist to get started as a virtual assistant.
11. Side Hustles
Side hustles are a great way to earn extra income and supplement your regular income. With a little effort and some creativity, you can make up to $1000 a day with certain side hustles.
Here are some of the best side hustles that can help you achieve this goal:
Deliver food: You can make good money by delivering food with these apps. You can choose your own hours and work as much or as little as you want. DoorDash is a great option.
Drive with ridesharing apps like Uber and Lyft: If you have a car and some free time, you can earn money by driving people around. You can make up to $1000 a day, depending on how much you work.
Pet sit or walk dogs: If you love animals, you can make money by pet sitting or dog walking through Rover.com. You can earn up to $50 per day, depending on the services you offer.
Babysit or tutor: If you have experience with children or are good at a particular subject, you can offer your services as a babysitter or tutor through Care.com. You can make up to $50 per hour, depending on your qualifications.
Side hustles are a great way to make extra money and reach your financial goals.
12. Start a Business
Starting a business is one of the most effective ways to make 1000 dollars a day on a regular basis. However, it requires careful planning and execution to succeed.
The first step is to research the market and identify a profitable business idea and build it to profitability.
Challenges may arise, such as competition, financial setbacks, and marketing difficulties, but with persistence and determination, you can overcome them and achieve financial success.
The potential for significant financial gain from starting a successful business is immense, making it a worthwhile endeavor for anyone willing to put in the effort.
13. Yard Work
Yard work is an excellent way to make $1000 a day, especially if you have some extra time and don’t mind getting dirty.
If you want to get up and running quickly, there is nothing better than a local side hustle to earn extra money such as mowing lawns in your neighborhood.
Mowing lawns is not only a great side hustle for adults but also for teens. For an average size lot, you could expect to make at least $35. If you could line up a few lawns each weekend, you could easily make an extra $1000 each month.
Landscaping, leave pickup, and bush trimming are all simple tasks that you can complete quickly if you have the right equipment. You can choose to set an hourly rate or get paid for the entire job, depending on the task.
You may have to start hiring crews in order to hit $1k a day.
14. AirBnb or VRBO Rentals
Airbnb or VRBO are popular platforms for renting out your property to travelers.
Many successful hosts have earned $1000 or more per day because they have accumulated more than one property.
One tip for success is to garner excellent reviews that people want to come back time and time again.
15. Affiliate Marketing
Affiliate marketing is a lucrative way to make money online and has the potential to earn you $1000 a day.
This works well for influencers who have a reach of thousands of people. Another way is creating a niche website that focuses on a specific product or market segment.
It’s essential to promote products effectively to generate revenue. Successful affiliate marketers have earned six figures or more per year.
16. Flip Products or Retail Arbitrage
Retail arbitrage is a popular business model that can help you make $1,000 per day or more. The premise is simple – buy or find things cheap and resell them for a higher price.
This is a great example of how to flip money.
To be successful, you’ll need to have an eye for the right product and do product research to choose products that will sell.
Here is a list of the most popular items to flip.
17. Pickup Services
Pickup services refer to businesses that provide transportation and delivery services for goods, furniture, or other items. These services are in high demand, especially in urban areas where people are always on the move and need help with moving heavy or bulky items.
Starting a pickup service business requires some equipment, such as a truck or van, and marketing strategies to attract customers.
So, if you are looking for a new side hustle or business opportunity, consider pickup services as a viable option.
18. Casino Gambling
While casino gambling is not a recommended way to make $1000 a day, it is still worth mentioning as a potential option.
However, it is important to note that gambling should always be done responsibly and within one’s means.
If you are considering casino gambling as a way to make quick money, it is essential to understand the most profitable games and their strategies. Here is an ordered list of the best casino games to play to make money:
Blackjack: This game has one of the lowest house edges, making it a popular choice for professional gamblers. The objective of the game is to beat the dealer’s hand without going over 21. The key to winning at blackjack is to use basic strategy, which involves making the mathematically correct decisions based on the dealer’s upcard and your own hand.
Craps: This game has a low house edge and offers a variety of betting options. The objective of the game is to predict the outcome of a roll or series of rolls of the dice. To win at craps, it is essential to understand the different bets and their odds and to follow a betting strategy that suits your playing style.
Baccarat: This game is easy to learn and has a low house edge. The objective of the game is to bet on the hand that will have a total of 9 or closer to 9. The key to winning at baccarat is to understand the different bets and their odds and to follow a betting strategy that suits your playing style.
When playing these games, it is important to practice good bankroll management by setting a budget for yourself and sticking to it. It is also crucial to know when to quit to avoid losing money.
A winning streak can lead to making $1000 a day, but it is important to be cautious and not get carried away.
19. Freelance Graphic Design
Graphic designers create visual concepts using computer software or by hand to communicate ideas that inspire, inform, and captivate consumers. They work on various projects such as branding, marketing materials, website design, and more.
Freelance graphic design is a lucrative option because there is always a demand for graphic design services, and businesses are willing to pay top dollar for high-quality designs.
By building a strong portfolio, staying up-to-date with the latest design trends, and providing excellent service to your clients, you can earn a substantial income as a freelance graphic designer.
20. Make Money Flipping Items
Flea market flipping is a great way to make some extra cash on the side or even turn it into a full-time business. It involves buying items for a low price and reselling them for a profit.
One couple, Rob and Melissa Stephenson, have become full-time flea market flippers and even host their own website, Flea Market Flipper, to help others find success in the venture. They offer several courses to help individuals turn this into a serious side hustle or even a full-time business earning six figures.
Learning from successful flea market flippers like Stephenson’s can be a great way to get started. They have the skills and knowledge to help individuals find valuable items, network, and use social media and photography to their advantage.
21. Photography
Photography is a lucrative career option that has the potential to generate high income or as a side hustle.
There are different types of photography that one can explore to make money, including wedding photography, family photography, real estate photography, and stock photography.
By building a strong portfolio, networking, finding clients, investing in high-quality equipment, and constantly improving your skills, you can become a successful photographer and make a great income. Don’t underestimate your potential in this field.
22. Rental Income
Passive income through rental properties is a great way to generate consistent long-term income. Here are the steps to follow in order to make $1000 a day through rent income:
Find a suitable property: Look for properties that are priced reasonably, require minimal renovations, and are located in areas with high rental demand. You are likely to start making $1000 a month.
However, the earning potential is dependent on the ability to scale multiple properties, keep them occupied, and increase monthly income streams.
Investing in rental properties can be a lucrative and rewarding experience for those willing to put in the effort.
23. Amazon Merch
Amazon Merch is a platform that allows you to create and sell your own merchandise on Amazon. It’s an excellent way to make money because Amazon handles all of the heavy lifting, such as printing, shipping, and customer service.
Using Amazon Merch, you can sell a variety of products from t-shirts to phone cases, and best of all, you don’t need to invest in inventory or equipment.
All you need to do is create the designs.
Successful Amazon Merch sellers include graphic designers, artists, and entrepreneurs who have created unique and appealing designs that resonate with their target audience.
24. Creative Skills like Video Editing
Creative skills can be a valuable asset when it comes to generating income. Video editing is another skill that can be monetized.
With the rise of video content, businesses, and individuals are always in need of skilled video editors. One can offer video editing services for YouTube creators, and businesses, or even edit personal videos for clients.
Freelance platforms like Upwork and Fiverr are great places to find video editing jobs.
25. Fashion Design
Fashion design is one of the most lucrative ways to make money, and it’s an industry that’s always in demand.
Whether you’re interested in starting your own fashion label, working for a fashion house, or becoming a freelance designer, there are plenty of opportunities to make a living in this field.
Marketing yourself is also key to success in fashion design. Use social media platforms like Instagram and Pinterest to showcase your work and build a following.
Networking is also an important part of building a successful career in fashion design. You must stay up-to-date on industry trends, make valuable connections, and potentially land new clients or job opportunities.
Create a website or blog where you can share your designs, offer fashion tips, and connect with potential clients.
Pay attention to industry trends, stay creative and original, and focus on developing your skills and building your brand. Then, there are plenty of opportunities to make a living in this exciting and dynamic industry.
26. Start a Blog
Many people say blogging is dead. But, it’s not.
Starting a blog can be a great way to share your interests, skills, and experiences with others while also creating a new income stream for yourself. The flexibility of blogging allows you to turn your current job or passion into a successful blog.
However, starting a blog can be challenging, and it requires technical knowledge, writing ability, social media skills, and topical expertise.
Once you have started your blog, it’s essential to treat it like a business and monetize your content.
27. Self-Storage Business
Self-storage business is a lucrative venture that involves renting out storage units to customers who need extra space for their belongings. These businesses are in high demand, especially in urban areas where living spaces are often small and cramped.
In fact, the self-storage business is expected to bloom to $64.17 billion by 2026.
Starting a self-storage business can be a profitable venture if done correctly.
28. Invest in Cryptocurrencies
Cryptocurrencies have gained popularity as a potential source of significant income. Bitcoin, Ethereum, and Litecoin are some of the best cryptocurrencies to invest in.
To invest in cryptocurrencies, one must first set up a digital wallet and choose a reputable exchange such as Coinbase or Bitstamp.
It is important to research the market and understand the volatility of cryptocurrency before investing. While the potential for high returns exists, it is important to approach cryptocurrency investing with caution.
29. Invest in Real Estate
Investing in real estate can be a lucrative way of making money.
To make $1000 a day through real estate investing, there are several steps you can take.
First, set aside a few hundred dollars each month to invest in real estate over time.
Second, consider the different types of real estate investments available, such as rental properties, commercial properties, and fix-and-flip properties. Each investment type has its own advantages and disadvantages, so it’s important to research and choose the one that fits your financial goals.
Third, consider investing in real estate investment trusts (REITs) or crowdfunding platforms like Fundrise, which allow you to invest in real estate without purchasing a property.
Remember that investing in real estate carries a degree of risk, so it’s important to do your research and seek advice from successful real estate investors.
30. Make Money on the Internet
Making money online has become a popular option for those looking to earn a substantial income. The internet provides a wealth of opportunities for anyone with an internet connection and a bit of creativity.
You need to learn how to make money online for beginners.
There are so many options today and you never have to leave your house!
When it comes to making $1000 a day online, it’s important to acknowledge that it’s not a quick or easy process. It takes time and effort to build a successful online business or generate significant income through freelance work or other online opportunities.
However, with dedication and hard work, it is possible to achieve your financial goals.
How to make $1,000 really fast?
If you’re in a financial bind and need to make $1,000 quickly, there are several options available to you.
Here are the top ways to make $1,000 a day quickly:
Sell items on eBay or Craigslist: If you have items that you no longer need, consider selling them online. This could include clothes, furniture, or electronics. This is a quick and easy way to make money fast.
Offer freelance services: You can offer services such as tutoring, design work, or writing. If you have a specific skill or talent, you can find customers online who are willing to pay for your services.
Do odd jobs for people in your community: You can offer to mow lawns, rake leaves, or shovel snow for a fee. This is a great way to make money quickly, especially if you live in an area with a lot of homeowners.
Participate in paid focus groups or surveys: This is a great way to make money quickly without leaving your home. Companies are always looking for feedback on their products and services, and they are willing to pay for it.
Rent out a room in your home on Airbnb: If you have a spare room in your home, you can rent it out on Airbnb and make money quickly. This is a great option if you live in a popular tourist destination.
Manage social media accounts: Many businesses need help managing their social media accounts, and they are willing to pay for them. If you have experience with social media, this could be a great way to make money quickly.
Start a blog: If you have a passion for writing or a specific topic, you can start a blog and sell advertising space or products/services to your readers. This takes some time to build up, but it can be a lucrative way to make money in the long run.
Sell handmade crafts or goods online: If you’re crafty, you can make items and sell them online, such as on Etsy. This is a great way to turn your hobby into a money-making opportunity.
Borrow money from friends or family: This is not an ideal option, but if you’re in a bind and need money quickly, consider asking for a loan from someone you trust.
Pawn items for cash: This is a last resort option, but if you have items of value, you can pawn them for cash quickly.
Don’t be afraid to try different methods and see what works best for you.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
FAQ
Passive income is a form of earnings that is generated without active involvement.
It is a way to make money while you sleep and can provide financial stability and independence.
This is one of three types of income and the one you want to strive towards building.
Ultimately, the best side hustle for making $1000 a day is one that meets your needs and interests while providing a good return on investment.
Here are several factors to consider before choosing the best option.
Think about your skills, interests, and availability. If you have a full-time job, you may want to consider a side hustle that allows you to work flexible hours.
Next, consider the earning potential of the side hustle you are considering. Some side hustles pay more than others, and you want to choose one that will give you the highest return on investment.
Additionally, consider the start-up costs associated with the side hustle. Some require significant investment, such as buying a car for ride-sharing apps or purchasing an online course.
Most importantly, choose a side hustle that aligns with your passion and expertise. This will make the work more enjoyable and increase your chances of success.
There are many ways to make money from your expertise.
You can start a consulting business, offer services such as coaching or speaking, create and sell information products, or build a following and sell advertising or sponsorships. The possibilities are endless.
What’s important is that you start somewhere and then take action to turn your expertise into cash.
Ready to Make 1000 in a Day?
There are many ways to make money quickly and easily.
The best way to make money fast is to find a way that best suits your skills and interests.
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On August 1, 2020, I took out a 7/1 adjustable rate mortgage (ARM) at 2.125%. I could have gotten a 30-year fixed-rate mortgage for 2.75%. However, I wanted to save 0.625% in interest.
Years later, mortgage rates have zoomed higher thanks to the pandemic, massive stimulus spending, a war in Ukraine, and supply chain issues. Inflation reached a 40-year high in June 2022.
Do I regret my decision to get an adjustable-rate mortgage over a fixed-rate mortgage?
My answer is “no,” and let me tell you why.
Why I’m Fine With An ARM Despite Higher Mortgage Rates
Back in 2020, we just had our second baby and wanted a fully remodeled home to house our family. We had been living in a home that was in the middle of a long gut remodel. Given I thought the remodel would take longer than expected, I decided to pounce on a nicer home.
I fully admit I did not anticipate inflation and mortgage rates surging to the levels we saw in 2022. However, despite higher mortgage rates, I still have no regrets getting an ARM.
I know I’m in the minority and will likely get heat for my views. But hear me out.
1) I’m saving money with an ARM
Instead of paying 2.75% for a 30-year fixed mortgage, I’m paying 2.125% for a 7/1 ARM. Every year that goes by, I’m saving almost $10,000 in interest expense.
Over the seven-year fixed duration, I will likely end up saving ~$65,000 in gross mortgage interest expense. Saving money feels great, not bad!
Even if I were to pay a much higher mortgage rate after my ARM expires, I have a $65,000 buffer before I start paying more due to getting an ARM. I calculate that break even period will start in the eleventh year of my ARM, even if mortgage rates stay at current elevated levels.
2) The house has appreciated in value
Buying the house in mid-2020 turned out to be a good move. The value of the house is up between $300,000 – $500,000, even after a 5% – 10% slump since 2022.
The combination of saving money on mortgage interest expense and experiencing home price appreciation feels lucky. The home price appreciation dwarfs any amount of increased mortgage payments I will need to pay after my ARM expires.
If the house depreciated in value, then I would still feel better knowing that I’m paying a lower mortgage interest than I had to. But of course, I wouldn’t feel as good.
3) ARM interest increases have limits
All ARMs should have a limit on how much the mortgage rate can increase the first year after the fixed-rate duration is over. Subsequent years also have interest increase limits. There is also a maximum mortgage interest rate limit increase for the life of the loan.
In my case, my mortgage rate can go up a maximum of 2% in year eight, another 2% in year nine, and up to a maximum interest rate of 7.125%.
Below is an example of an ARM interest limit increase of an $850,000, 5/1 ARM at 2.375%.
As you can see from the example above, the mortgage increases can go up every year up to a limit. Therefore, you can model out potential worst-case scenarios in the future to see if you’ll be able to afford your mortgage.
Thankfully, most people get raises and grow their net worths over time. As a result, they will be better able to handle higher payments in the future.
4) Mortgage principal gets paid down over time
Every month, $3,450 of my mortgage payment goes to paying down principal. In 84 months, when my 7/1 ARM expires, I will have paid off around $330,000 in principal.
If mortgage rates are higher in year eight, then I will pay a higher mortgage interest rate of up to 4.125% for one year. But I will also be paying interest on a ~20% lower mortgage balance.
As a result, my actual monthly payment will only increase by about one percent. Even if my mortgage interest rate increases by another 2% to 6.125% in year nine, my monthly mortgage payment will only increase by about nine percent.
The worst-case scenario of paying one percent to nine percent more in years eight and nine will be hardly noticeable. The average worker who receives two percent raises a year will easily be able to afford these higher payments.
5) Have the option to refinance
Nobody knows the future. However, before my ARM expires on August 1, 2027, I have the option to refinance.
It’s unlikely I can refinance to a similarly low rate of 2.125%. However, there’s a good chance I could refinance to another 7/1 ARM that’s under 4.125%, i.e. less than my first year adjustment’s maximum mortgage rate.
If I can do a no-cost refinance at a low rate, even better. Although you pay a higher mortgage rate in a no-cost refinance, if the mortgage rate is attractive, you’re still winning. Further, you retain the option to refinance again without feeling bad that you paid fees for refinancing.
I believe the long-term trend for inflation and interest rates is down. We’ve already seen inflation peak in June 2022 and come down every month since. I’m confident that sometime between now and August 1, 2027, I’ll have another window to refinance at an attractive mortgage rate.
Below is a chart that shows the historical trend of the average 30-year fixed-rate mortgage. Rates have been going down since the 1980s.
6) Fixed-rate duration of an ARM more closely matches my ownership duration
If I thought I was really buying a forever home in mid-2020, I would have been more inclined to lock in a 30-year fixed-rate mortgage and pay it down sooner. Instead, I got a 7/1 ARM partially because we will unlikely live in the house for much longer than seven years.
Based on my homeownership track record, we move every two-to-ten years given I’m an avid investor in real estate. My holding period is lower than the median homeownership tenure of roughly twelve years today.
I believe in buying a primary residence, updating it, living in it for at least two years to get the tax-free profits up to $250,000/$500,000 in profits, renting it out, and then buying another home. Over the course of a regular lifetime, a typical household could amass a four rental property portfolio by age 60 and retire comfortably off rental income.
Since 2003, I’ve been buying middle-class homes because that’s what most households can afford. I believe this is a smart way to invest in real estate. Investing in luxury property does not give as high of a return on investment.
Below is the average homeownership tenure from 2005 to 2022 according to Redfin. At about 12 years today, getting a 30-year fixed-rate mortgage is a big 18-year overshoot for the average homeowner. I’ve only owned my current home for three years and I’m already itching to upgrade homes. Know thyself!
Although I love our current house, I will likely be disappointed if we are still living in it seven years from now. This means we will have not relocated to Oahu. It will also mean we lived too frugally. In seven years, the house will likely decline to less than ten percent of our net worth.
As someone who has entered into his decumulation phase of life, my goal is to try and spend more money, not less. And one of the easiest ways to spend more money is to own a nicer house.
7) The worst case of paying more isn’t so bad
With principal paydown and the savings I’m accumulating from having a seven-year adjustable-rate mortgage, I will have a large buffer in case mortgage rates skyrocket in year eight and beyond. But let’s say mortgage rates do surge long after my savings buffer is exhausted. Not a big deal.
Chances are high that ten years after I first took out the 7/1 ARM, my net worth will be higher. That’s usually what happens when you continuously save and invest.
In an high inflation, high mortgage rate environment, we also get to earn higher risk-free income through Treasury bonds, CDs, and money market funds. For example, today we can all earn over 5% risk-free in one-year Treasury bonds. We can ride the inflation wave too.
Even if your absolute mortgage amount goes up, if the mortgage payment as a percentage of your income goes down, you will feel fine. There’s a reason why I encourage everyone to follow my 30/30/3 home buying rule.
8) An ARM keeps me motivated to grow more wealth by a particular time
Having an ARM motivates me to pay down debt quicker. When you have a shorter time horizon to get something done, you tend to be more focused.
If I had a 30-year fixed-rate mortgage, I wouldn’t work as hard, pay as close attention to my finances, or pay down debt as intentionally. With a 5/1, 7/1, or 10/1 ARM, I treat the introductory fixed-rate period as a deadline to earn as much as possible and/or pay down as much mortgage debt as possible.
One of the key tenets of a Financial Samurai is to achieve financial independence sooner, rather than later. Taking thirty years to pay off a mortgage is not the way. An ARM motivates me to take more action to secure my financial future.
Congrats To All Who Refinanced Or Got A New Mortgage At The Bottom
Refinancing or taking on a mortgage in 2020 or 2021 is one of the all-time great financial moves. It’s hard to see mortgage rates getting back to those levels again.
Whether you got a 30-year fixed-rate mortgage or an adjustable-rate mortgage, feel good knowing you got a historically low rate. The double benefit of living cheaply while experiencing property price appreciation is wonderful.
Although paying off your home might not provide joy long-term, when you finally do, you’ll appreciate that you were able to borrow so cheaply.
Despite an increase in mortgage rates, my preference towards adjustable rate mortgages has not changed. Based on my 20+ years of investing in real estate, I don’t want to pay more money on debt than I have to.
Reader Questions And Answers
Does anybody regret getting an ARM? If so, why? Does anybody regret getting a 30-year fixed-rate mortgage? If so, why? Do you think mortgage rates and inflation will stay elevated in 2027 and beyond?
If you’re looking to refinance or get a better mortgage rate, shop around online at Credible. Credible has multiple lenders who will offer real quotes and compete for your business. Also contact your existing bank to see what it has to offer. If you have good credit, you should get a lower rate than the national averages.
Join 60,000+ others and sign up for the free Financial Samurai newsletter and posts via e-mail. Financial Samurai is one of the largest independently-owned personal finance sites that started in 2009.
Have you heard of house hacking? With house hacking, you may be able to learn how to live for free!
If you’re new to house hacking, it’s finding ways to make money while you live in your house. You hack your costs to possibly live free and maybe even make money.
House hacking can be a great way to save money on your monthly living costs and even build equity in the property that you own.
After all, your housing costs are probably one of your highest monthly bills, if not the highest. Most homeowners spend around 30% of their monthly income on housing costs, which is a lot!
So what if you could find a way to lower your housing costs or use being a homeowner to your advantage?
Now, perhaps you recently put a down payment down on an investment property with the sole intention of house hacking it in order to better afford your monthly mortgage payment. Or maybe you are currently looking for ways to lower your monthly mortgage payment and you have some spare bedrooms that you could rent out.
Whatever your reason may be, as a homeowner, you may be able to save a lot of money and start house hacking.
Back when we were living in a traditional house, we house hacked for a little while and had a few different roommates live with us. The monthly rent we collected allowed us to lower our house payment and put more money in savings.
We house hacked with our first house, and it was really great for us. Being able to set more money aside even helped me get ready to quit my job to become a full-time blogger.
I only house hacked for a short amount of time, but it was such a great experience, and I’ve heard the same thing from many other house hackers.
Because house hacking can help you save money, make money, offset your mortgage payment and other housing costs, I wanted to create a post that explains what house hacking is and how to get started.
So if you are interested in house hacking, then please continue reading this article. Today, I will answer some of your common questions so that you can get started as soon as possible as a house hacker.
Related content on house hacking:
Guide to House Hacking for Beginners
What is house hacking?
House hacking is when you find ways to make money from your home. You can do it with a multi-family property, house, apartment, additional dwelling unit, and so on.
Typically, house hacking means that you live in one room or unit, and then you rent out the other rooms/units and put that money towards your mortgage.
Depending on the situation, you may be able to earn enough to completely cover your monthly mortgage payment (plus more), or you may choose to earn just enough to cover some of your monthly housing bills. Whatever you decide to do, as a house hacker, you are lowering your monthly housing expenses and freeing up more of your money.
Is house hacking profitable?
Yes, house hacking can be very profitable!
From house hacking, you may earn a little bit of extra money to help pay down your mortgage, enough to cover your entire monthly housing costs, and perhaps even more so that you are able to save some money on top of paying down your mortgage.
Because there are so many different ways to house hack, it would be hard to say exactly how profitable it will be for you.
If you decide to start house hacking, I recommend starting an emergency fund as soon as possible.
An emergency fund is exactly what it sounds like – it’s money you set aside in case of an emergency. Because house hacking means you’ll have other people living in your house, there may be a greater chance of repairs, and it will be your responsibility as the landlord to deal with them as quickly as possible.
Having an emergency fund can help you cover any unexpected expenses that may come up, such as rental property repairs or even needing to replace appliances. While house hacking can be profitable, it can also be expensive if you are not careful.
Is house hacking legal?
The rules for house hacking depend on where you live.
House hacking is legal in many places, but there may be simple rules that you need to follow, these may be city or even subdivision specific.
For example, some cities or neighborhoods may not allow Airbnbs and other short-term rentals, or they may have occupancy limits. You need to find out what the local laws in your area are before you start.
That being said, many people house hack all over the world, so it is likely that you will be able to find a way to make it work for you while also staying legal and following the rules.
Plus, you will have to comply with federal and state housing laws. The Fair Housing Act prohibits discrimination in housing because of race, color, national origin, religion, sex, familial status, or disability. You can learn more about this here.
What is a good house hacking book?
If you are looking for a good book on the subject of house hacking, then I recommend reading The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom by Craig Curelop.
This is a great book on house hacking and teaches you many different house hacking strategies, how to start house hacking for beginners (even if you don’t have much money), how to find the best property to house hack for your situation, and much more.
There is a lot of information packed into this book, making it a must-read if you’re interested!
Pros and cons of house hacking
Of course, like with anything, there are pros and cons. This is your home after all, and you want to make sure that you are fully prepared for what the reality of house hacking will be like.
You may have never lived with roommates before or have been a landlord, and that will affect your experience, so let’s talk about the advantages and disadvantages.
Benefits of house hacking include:
You can build home equity.
You can lower your housing costs significantly.
You can earn extra money and improve your cash flow.
You can have more freedom because your housing costs are covered. Perhaps, you’ll feel more free and flexible to pursue a passion project now?
Now, I will admit that I am a little biased because I had such a great experience.
But there are reasons why you shouldn’t house hack, and it definitely is not for everyone.
Here are the most common disadvantages to house hacking:
You will likely lose some privacy, especially if your situation involves renting out a room in your home.
Being a landlord can be incredibly stressful for some people.
There will be more wear and tear on your property.
When I was house hacking, I thought privacy would be more of an issue than it was. Fortunately, we had a basement to rent out that had a bathroom in it, and for the most part, our spaces felt very separate.
However, if you are in a situation that involves sharing a bathroom or other living spaces, such as a kitchen or living room, that can be too much for some people. If you like your privacy, then this is a big thing that you should think about before you rent out space in your actual home, and you may want to look into owning something like a multifamily property instead. This could make the experience far better for your personal situation.
As far as being a landlord, you will have to deal with problems with tenants. This may include covering the costs if something on your property breaks.
Keep all of those things in mind before you get started!
House Hacking Ideas
There are many different house hacking strategies that you may be interested in, and below are some house hacking examples.
1. Rent out rooms in your home
If you’re not interested in purchasing new real estate in order to get into house hacking, then the easiest way to get started may be to rent out rooms in your single-family home.
Yes, this means getting roommates.
So if you have a three bedroom home, you can decide to rent out the other two bedrooms, and then live in the third bedroom yourself. If you are renting out the home that you live in, then it means you may be sharing your kitchen, bathrooms, living room, and other spaces with someone who is a stranger at first.
Another option you might consider is to rent out rooms in your home on a short-term basis, such as through Airbnb or VRBO.
If you don’t currently have an extra bedroom or living space, you may need to convert a space into an accessory dwelling unit (ADU) such as a basement, a room above a garage, building a guest house, and more. You may decide to add a kitchenette or even a full bathroom in order to get a higher monthly rent from your tenants.
You can learn more about this at What You Need To Know About Renting A Room In Your House.
2. Multi-family home
A multi-family home can be a duplex, triplex, or apartment building. It simply means that it’s a structure built for multiple families to live in separate units. As far as house hacking, you would buy the whole building with the intention of living in one unit and renting out the other units.
One positive of this situation is that you would not be sharing personal space with anyone else. You would have tenants, and you would be their landlord.
The money that you earn from your tenants may be enough to cover your monthly mortgage payment for the whole building that you own, which means that you may be able to live for free. That’s a major perk!
Some people like to house hack this way because they are close to their tenants and can keep an eye on the building they own, but they are still able to maintain their own private and personal space. Not having to share common areas, such as your kitchen and bathroom, can be a great thing after all.
3. Rent out an RV on your property
Another possible form of house hacking is to rent out an RV that you have on your property or rent it out to others to travel in.
If you have an RV that you aren’t don’t use all of the time, then you may be able to earn $100 to $300 a day, or more, by renting it out to others through RVShare.
RVshare is like Airbnb for recreational vehicles.
You can rent all kinds of RV on the RVShare website, such as:
Camper vans
Travel trailers
Pop-ups
Class C Motorhome
Class A Motorhome
Toy hauler
RVshare has a secure payment system to accept payments from those renting out your RV and then securely releases the funds to your bank account one business day after the start of each rental.
The money that you earn from renting out your RV can help you lower your housing costs, which can be quite easy if you have an RV that you aren’t using all the time. Or perhaps the RV you rent out just covers your RV payment, which would be like “RV hacking” instead of house hacking, and you can then pay off your RV much faster in this scenario.
Related: Have an RV that you want to rent out? Check out How To Make Extra Money By Renting Out Your RV.
4. Closet, driveway, storage space
Do you have unused storage space? If so, you may be able to earn money with it.
Neighbor is a peer-to-peer rental platform and is like the Airbnb of storage space.
With Neighbor, you would not be renting out space for someone to live in, instead you are renting out your space so that people can store their stuff!
You can use Neighbor to list your unused space for rent and earn up to $15,000 per year. With Neighbor, you can rent out your garage, driveway, basement, or even an unused closet that you have. You can even rent out parking spaces, a shed, or room in your backyard.
You can set your own prices and decide for yourself what storage reservations you want to approve. You also reserve the right to know what the people are storing in your house and approve it before they rent space from you.
Because so many people pay to store their stuff, so this can be an in-demand business to get into. It’s also generally more affordable than traditional storage units, making it more appealing to renters.
You can sign up for Neighbor for free here.
You can also learn more in my Neighbor Review.
How to know if house hacking is right for you
Before you start renting out space in your house to save money or pay off your mortgage, there are a few questions I recommend asking yourself. It’s a big decision, and these questions will help you decide if this is the right choice for you.
What to ask yourself before house hacking:
What is my short-term goal for house hacking? Do I hope to make enough to pay my monthly mortgage? Or do I want to make a little extra each month to save or offset some housing expenses?
What is my long-term house hacking goal? Do you want to own rental properties one day?
Do you currently have extra space in your house to rent to someone? Or will this require purchasing a new property?
Are you in a good spot financially to start house hacking? At the very least, you will need to have an emergency fund. But if you need to purchase another property, consider all of the costs associated with that.
Will your house hacking plans require that you sell your current property? Some people may decide to keep their current home and rent it out as well. But if you are selling, what are the steps and costs associated with selling your house?
How do you feel about having roommates? Do you know anyone who would be a good fit, or would you be okay living with a stranger?
How do you feel about becoming a landlord? This involves collecting rents, repairing things, replacing things, and more.
How you answer those questions will help you decide if house hacking is the right choice for you overall.
Is house hacking possible? Is house hacking worth it?
Yes, house hacking may be possible for you, and you may find it to be well worth it.
If you already own a home, then one of the easiest ways to start house hacking is by renting out spare space that you already have in your home. That could be to store other people’s stuff or like a bedroom for someone to stay in.
House hacking is a real estate investment strategy that can allow you to lower your expenses, improve your cash flow, and save money.
The rental income that you earn from your tenants as a house hacker can help you to pay down the mortgage on your primary residence, retire early, and possibly even allow you to purchase another rental property (if that’s a goal of yours – if not, you can simply just save more money!).
Through house hacking, you can live for cheaper or even free by simply using your owner-occupied investment property to your advantage. This may allow you to better afford the purchase price of a home, as well as lower your risk.
Who knows, maybe house hacking will even allow you to save enough money to put a down payment on your next investment property as well. This could put you on the right path to reaching your goal of becoming a real estate investor.
Are you interested in house hacking? Why or why not?
The COVID-19 pandemic could result in waves of people moving from the city and into the suburbs in search of more space, forecasts show.
While 30% of American say they’ve browsed real estate listings recently, those who live in urban areas are twice as likely as those living in the suburbs or rural areas to actually be interested in buying or renting a home or apartment, according to a new Harris Poll conducted last month. Almost a third of American say they’re considering a move to a less densely populated area due to the coronavirus, the same poll shows. Moreover, nearly four in 10 of those respondents were urbanites who say COVID-19 is what has prompted them to consider such a move.
John Downs, a real estate pro with Berkshire Hathaway in Connecticut, told The Wall Street Journal he’s expecting to see much greater demand for McMansions in more remote locations, once the coronavirus has passed. He said that he’s already noticed an increase in inquiries about properties in remote areas from city dwellers.
A separate report by CNBC shows an uptick among New York’s wealthiest residents who’re looking to move into the suburbs or exurbs in order to enjoy a less crowded lifestyle. Most are seeking more space and distance from their neighbors and crowds, real estate professionals say. For some, it may be they’re interested in buying a second home that’s still close to the city. For others, it may be more permanent.
“It seems like everyone wants to leave the city,” said Steve Magnuson, a broker with Douglas Elliman in Greenwich, Connecticut, in an interview with CNBC. “Our problem is not enough inventory for sale. We’ve been on the phone 24/7 and on email.”
Magnuson recently rented a five-bedroom home with an infinity pool in Greenwich for $55,000 a month—a record high for the town. The rental is now available again but is listed at a more expensive price—$65,000 per month—and has a waitlist of 18 people desiring to rent it.
People in the city who are eyeing suburbia are looking for a more spacious place to run, walk, and ride bikes. Wealthy buyers are also focusing on homes with a pool, large home office, and strong internet and cell services, Magnuson notes.
Could the rush from city to the suburbs be temporary, as it was following the Sept. 11, 2001, terrorist attacks? Brokers report a momentary shift in the market during that time as more people fled the city. But they quickly returned, driven by overseas buyers and young professionals. Even without an exodus, brokers are still banking on a desire for second homes to grow among the wealthy after the pandemic.
“Being able to go someplace not far from your home, where you have a home office and can keep your friends and family safe—that’s number one,” Magnuson told CNBC.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]