Couch flipping may be the best side hustle you’ve never heard of. It’s so lucrative that today’s guest Parker used couch flipping to save up his down payment for his first house hack! Of course, who could have assumed otherwise from someone like Parker? He’s a financial analyst who made an intelligent move from expensive Boston to sunny Tampa to house hack for the first time with one of his best friends. He’s making some impressive moves at a young age, but he still has questions about what to do next.
Although Parker is thankful for buying the house hack, he doesn’t know what he should do after he moves out. Does he sell the property, keep it as a rental, transfer it into an LLC, or go back to renting as he saves up enough money for the next house hack? He also has some very pressing capital expenditures on his mind, like a new roof, HVAC, and other large system replacements that could cost him and his house-hacking partner tens of thousands out of pocket. These replacements won’t be cheap, but they could help improve the property before he potentially sells.
And like most FIRE-minded twenty-something-year-olds, Parker needs to know where the highest ROI for him is. Does he continue to save up to buy another house hack, or should he be contributing to his tax-advantaged Roth, HSA, and 401(k) accounts? Plus, with such an unbelievably lucrative side hustle like couch flipping, how much time should he put into building this income-replacing revenue stream? Parker is on a great path, but with guidance from Mindy and Scott, he could reach financial independence even faster!
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.