Over the past two years, short-term rental investing has become a financial lifeline for those that are trying to make extra income. A small one or two-bedroom basement, garage apartment, or mother-in-law suite brings in enough cash flow for many to pay off a sizable amount of their mortgage. One such investor is Allen, who turned his low-interest rate primary residence into a lucrative short-term rental in the Portland, Maine area. Allen is a vacation rental house hacker, leasing his garage apartment at a nightly rate for those visiting the area. Thanks to local laws, he’s unable to increase his nightly rates, but the silver lining means Allen has an almost fully-occupied, revenue-producing rental most of the time. He wants to build his short-term rental empire to even greater heights, but after looking at the math, Scott and Mindy aren’t so convinced that this is the right move. With six figures in student debt and a moderate credit score weighing him down, Allen may be in a better position to do something else with his money. Scott and Mindy go through the numbers, calculations, and everything else you’d need to see whether or not another real estate investment is the right move for you. Even if you’re someone with a high income like Allen, you may be surprised by what Scott and Mindy propose. In This Episode We Cover When is the right time to buy real estate and how high-interest rates hurt your chances of getting a good deal Limiting your monthly spending and taking advantage of earning a high income Short-term rental house hacking and using it to cover most of your living expenses Stocks vs. real estate investing and when it’s the right time to choose one over the other Aggressive debt payoff and how to know whether an interest rate is too high Credit score tips and the factors that make yours go up and down And So Much More! Links from the Show BiggerPockets Money Facebook Group BiggerPockets Forums Finance Review Guest Onboarding Mindy's Twitter Scott's Instagram Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Subscribe to The “On The Market” YouTube Channel Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets Check Out Mindy’s 2022 Live Spending Tracker and Budget Airbnb Finance Friday: Self-Employed Income and Short-Term Rental Investing Are FIRE Naysayers Bad at Math? Yes. with Michael Kitces Click here to check the full show notes: https://www.biggerpockets.com/blog/money-340 Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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