Housing market ‘hackers’ raked in extra cash by not living in their homes
From Fortune:
financially successful, always choosing to live in every property herself—a family of five living in the ground floor of the duplex and renting out the top floor. While being good at sticking to a budget has been crucial to the 54-year-old’s success, she attributes savvy property choices—the worst purchase she’s made was a downtown condo which was worth half what she paid within two years—and figuring out how to make them profitable as the most important factor. Balancing the demands of her full-time job as a high school teacher with property ownership and her family has been difficult, but tournaments across the country meant Moore and the family have lived in some of the country’s most up-and-coming areas and made emotional memories together: “Every house we bought we were there for years and years and we’ve got friends in every corner of the city. We’ve been rich by them and they’ve been rich by us.” Though the Portland market has become increasingly competitive, rising by almost 16% and 16.9% in 2020 and 2021 respectively according to Zillow data, Moore’s daughter and son-in-law have managed to buy a home with her help. She says: “They would have been stuck renting for the rest of their life.” She added: “I taught my kids they were never going to get ahead. So, don’t start life worrying about how you’re going to pay for your house payment. Worry about what you are doing in the world. If you’re an investment banker and you’re making good money, you can pay a house payment. But my kids are not investment bankers.”
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