Today Rich Kammer shares his work provided house hack from Oxford, Ohio.
This case study will shed light on a growing trend – housing hacking. With house hacking, homeowners are able to live for free and dramatically reduce their cost of living. You can tap into this life-changing strategy for free! Grab a copy of our House Hacking Quick Start Guide to get started – it can save you thousands with information you won't find anywhere else.
House Hacking Case Study
Rich works as a resident director on a college campus in Ohio. As a part of his compensation package, he receives work provided housing. With that, he is able to live for free!
The House Hack
Before moving into this living situation, Rich was living for free at home with his parents. When he started looking at his rental options, he knew that he wanted to save as much money as possible with the goal of FIRE in mind. With that goal, he decided to apply for work provided house hacking opportunities.
He landed a position as a resident director in Oxford, Ohio. At that point, he was able to start the job and enjoy free housing on campus.
Updating the Units
As a housing director, Rich is responsible for keeping the property well maintained and the students safe. Since he is not the owner of the building, all of the renovations are paid for by the university. Each of the updates is fulfilled through the facilities department.
Overall, Rich has been able to work with professional contractors that deliver quality work on time.
The university is responsible for recruiting the students, which become the tenants. But Rich is responsible for creating a safe experience. Since he is living next door to college-age students, some personal costs are associated with this free housing.
Rich explains that his management may come with “breaking up parties, confronting noise violations, addressing student suicide ideation, responding to Title IX incidents, and other in-hall nuances.” He does enjoy the job and the value he brings to the residents. But he does miss his privacy at times!
The Numbers of the Deal
Prior to accepting this work provided housing opportunity, Rich was living at home for free. If he had moved into a rental in Oxford, he might have paid the average of $1,643 per month. With that number in mind, it is clear that Rich is saving a significant amount of money through this housing arrangement.
Want work to cover your housing costs? Dive into housing hacking with our House Hacking Quick Start Guide.
How to Connect
Are you interested in learning more about Rich's story? Then check out his podcast – Budgets and Brews.
He is also available on social media on Facebook and Instagram @rich.kammer or on Linkedin here.
The Learning Curve
Looking back, Rich would not change his experience. Overall, he has enjoyed his time as a resident director.
This housing arrangement has allowed him to invest in his retirement and build savings to purchase a rental property in the near future.
If you are on the fence about house hacking, Rich offers this advice: “Go for it! Maybe start off small with short-term tenants to see if it is right for you. If so, get creative!”
The Bottom Line
Rich's story highlights the fact that you can start house hacking without any savings on hand. A work provided house hack allows you to live for free without any money down on a property of your own. With that, you can get started today. Plus, it allows the opportunity to build your savings for a future down payment on your next house hacking strategy!
If you are interested in creating your own house hacking story, then check out our ultimate guide, listen to our house hacking podcast, or read more case studies for inspiration. You never know how dramatically your life can change through this one choice!
If you choose to pursue a house hack of your own, then please share your story with us! We would love to showcase your success.
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