How important is this value that you create these income streams for your future multi-generational family?

Hey guys, welcome to the Five Minute Fatherhood podcast. I'm your co-host, Jeff Bethke, along with my friend and mentor, Jeremy Pryor.

Join us Monday through Friday as we chat about quick tips, skills, and ways to help equip you on your journey

as a father to build your multi-generational family team on mission.

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What's up guys?

Welcome to Five Minute Fatherhood.

We want to talk to you a little bit about the topic of house hacking.

And we want to give you five ways to think about how to turn your house into an asset. And this is really coming out of a conversation that we're having. We've had with dads for years, but it's actually erupted recently in our five-minute fatherhood Facebook group. I encourage you guys to get in there and chat with the dads that are in there. We're

talking a lot about how do we build assets? Because a lot of times we're talking to you guys

about when you're building a multi-generational family team, it's really difficult to do that

if you're not building some amount of income streams that are outside of tied to your

labor or your hours. And it doesn't have to be your entire income. But over time as you get into your 30s, 40s, 50s, that should be ramping up. And there's a lot of reasons we get into about why that is. But a lot of times people get stuck and guys are like, ah, I'm like, I'm out. I don't have any more time. There's no way for me to do this. And what they don't oftentimes realize is that basically what I've done, what Jeff has done, what a lot of dads have did. And I was actually surprised by how many dads in the Facebook group jumped on this and said, oh, yeah, we do this too. Is that you take any asset that you have, anything that you're currently owning, figure out a way, how can you make income from it? And obviously for most people,

the biggest asset that they're developing is their own house. And it's a huge liability when they've

got a big mortgage. And so they need to turn that into an income producing asset. So let me give you

five things that we have done and that others in the Facebook group have said about how to use their house to produce a

second stream of income. So one is to buy a duplex. This is very forward thinking for a lot of

people because you can't, you're not just thinking about your little starter house, but a lot of

my friends and I've done this and some folks in the Facebook group have done this as well.

They actually buy a duplex, rent out the other side or they buy a triplex, a multifamily house, and they try to actually force the entire, as a unit, the house to produce enough income so that they can live mortgage-free. A lot of people have done that in our area that actually works financially for a lot of people. So that's something that a lot of guys that I know have done. turning your house into an Airbnb or a VRBO where you're renting out your house to vacationers who are in your area. We've done this with multiple houses that we've had in the past. We had a house out in the country that we got up to, I think, $700 a night for a rental. So we would rent it out. Sometimes for like two months during the summer, we'd go on an RV trip, come back, and our mortgage would be paid for the year. It worked out really well for us. So

this is something we've done a lot, experiment with a lot. Rent a room in your house. We've done this a ton as well. You can find a room, put all your kids into one or two rooms. And if you've only We've got a three bedroom house.

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