Hey Jon, thanks for your transparency. Too often, TH-camrs don't really "tell the whole story." Like, they tell you how easy and wonderful real estate investing or house hacking is, but they DON'T share with you that they started with a big chunk o'cash that they just "happened to have," lol.
I think so many real estate influencers and personal finance channels overly emphasize the positive side of House Hacking without shedding any light on the possible downsides. It's usually hailed as this brilliant, beginner-friendly approach towards starting your real estate portfolio. And while it can be that for some people, house hacking isn't for everyone. This video is a much-needed, refreshing perspective from someone who has actual first-hand experience with House Hacking. As always, another great, insightful video!
Thank you! To be clear: I do still think house hacking is brilliant and beginner-friendly. But you’re right that there are compromises that have to be acknowledged.
@@thejonschwartz yeah, absolutely! I know that for me, as a single professional in their early 20s, House Hacking would work well with my current lifestyle. However, if I added kids or other variables into the equation, things get complicated and some of those trade-offs become more costly. I wish you the best of luck with everything! I’m excited to see what you work on next
this is such a fresh take I really needed this as a 22 year old guy trying to dive in the deep end. Like Mike Tyson said, "everyone's got a plan till they get punched in the face".
Your best video yet. Lol hippie dippie parenting. Appreciate you being honest and vulnerable about your situation. Life happens. Sometimes it's so easy to beat ourselves up when things don't turn out the way we planned.
Thanks, Jon! Considering house hacking with my expressive daughter as well. I was concerned about the same issue with guests below us. Still trying to figure it out!
Woah. Didn't get an upload notification from TH-cam. Good thing I'm on the, likely undersubscribed, email list! Congratulations on the move, Jon! I think I'm about 9-18 months behind you at least, but well on my way.
So true. But, the ceiling of the downstairs unit was plaster and the floor up the upstairs until was century-old hardwood. So doing soundproofing between the units would have cost tens of thousands of dollars.
Excellent video, Jon. You wouldn't want my thoughts, but I'll give them anyway. Atheist, left-of-center - great great. Allowing your kid(s) to express themselves freely, also great. But HOW one expresses themselves needs to be curtailed, for this won't bode well when they become adults. You could have suggested she try an alternative to stomping feet. Maybe it's wringing her hands, screaming into a pillow, etc. Just a thought. I know the house is already gone, but you might want to do SOME parenting in this department for her future - not just for your sake, but for her sake. Good video, Jon. Do more like this.
I lived in an old colonial turned 4 Apartment money machine by my old landlord … they are the worst … you hear EVERYTHING…. I’m pretty sure I have PTSD from my psychotic upstairs neighbors constantly stomping around. Will never live in something that’s not made for multi family ever again.
It’s been a full week now… definitely make the break while you’re off work. The easiest coping mechanism is Advil and a nap. I was basically useless for three days.
Nice video. Excited to see how you decide to use the proceeds! Given the basically non-existent cashflow potential in LA these days are you looking at buying elsewhere in california or even out of state in additon to your forever home?
I’m not looking elsewhere in CA or out-of-state per se. I’ve invested with an operator in Indiana (of all places!), and he’s beginning to get into new construction, so I’ll likely put some funds with him. But otherwise, I’m looking for meatier LA opportunities, either self-funded or with partners. LA is terrible for cashflow if your idea of investing is buying a finished product and waiting for a check. LA is amazing for equity if you like undertaking a project.
@@thejonschwartz yeah, we have two properties in LA that we purchased 4 years ago that are essentially cash flow neutral but holding onto them for the equity/appreciation. Living in Ventura county which is our long term plan. The trick for us is determining how to capitalize on the LA property appreciation down the road when we need the money. Eventually we'd like to maximize cash flow which could mean selling and buying elsewhere. I guess we'll worry about that when we get there... It's hard to plan too far in the future when there are endless hypothetical scenarios running through our heads!
Yup, we’re renting - though it a different part of LA, near a school that we’re really loving. Renting here ain’t cheap, though! I’m looking forward to our next acquisition.
@thejonschwartz I'd love if you discussed some potential capital gains ramifications in your post mortem video on your deal. I know the first 500k will be free but I'm curious about the other tax ramifications as well as recapturing the depreciation upon sale. You know - shit reventure never discusses or knows anything about lol.
Oh wow so cool to find out about your film production background no wonder the videos seem to be well scripted and a nice and entertaining story line !
Ha! Thanks. I’m by no means a Scorsese, but I’m definitely familiar with video codecs, lighting basics, and other little things that gave me a leg up here.
Jon, keep doing you. Rate of speech was slower than we're used to, but there's nothing wrong with that 👍 there's always the video speed feature haha. Thanks for sharing the duplex journey, that's neat. Didn't know you do video production, makes sense now.
Yes, though LA's local ordinances prohibit either unit from being rented out for less than 30 nights. We listed our vacant unit on Airbnb for mid-term stays shortly before listing the property for sale -- and we got one interested party!
This is a silly and pointless video. So basically there is no issue with house hacking. The issue is living in a shared wall type housing. And you admittedly did not quick house hacking because there is a problem with house hacking. You quit because of reasons that have nothing to do with house hacking.
5:25 - I haven't liked and subscribed yet because I'm five and a half minutes in a you still haven't addressed the title of this video! 😅 I'm half way through the video and I still don't know why you quit house hacking!
What a shame you choose to let your daughter stomp her feet. It would have ended so much more differently. Parenting is hard but necessary. Good content, but hippie dippy do isn't for me....or screaming kids.
Access My FREE house hacking calculator👇
duplexcalculator.com/
Hey Jon, thanks for your transparency. Too often, TH-camrs don't really "tell the whole story." Like, they tell you how easy and wonderful real estate investing or house hacking is, but they DON'T share with you that they started with a big chunk o'cash that they just "happened to have," lol.
For sure! I think house hacking is a great way to get started, but it's not how I got started. I wish it was!
I think so many real estate influencers and personal finance channels overly emphasize the positive side of House Hacking without shedding any light on the possible downsides. It's usually hailed as this brilliant, beginner-friendly approach towards starting your real estate portfolio. And while it can be that for some people, house hacking isn't for everyone. This video is a much-needed, refreshing perspective from someone who has actual first-hand experience with House Hacking. As always, another great, insightful video!
Thank you! To be clear: I do still think house hacking is brilliant and beginner-friendly. But you’re right that there are compromises that have to be acknowledged.
@@thejonschwartz yeah, absolutely! I know that for me, as a single professional in their early 20s, House Hacking would work well with my current lifestyle. However, if I added kids or other variables into the equation, things get complicated and some of those trade-offs become more costly.
I wish you the best of luck with everything! I’m excited to see what you work on next
this is such a fresh take I really needed this as a 22 year old guy trying to dive in the deep end. Like Mike Tyson said, "everyone's got a plan till they get punched in the face".
Amen! Take your time, don't worry about getting it perfect, and enjoy the ride.
@@thejonschwartz dont house hack with kids.....he did it backwards.....
Your best video yet. Lol hippie dippie parenting. Appreciate you being honest and vulnerable about your situation. Life happens. Sometimes it's so easy to beat ourselves up when things don't turn out the way we planned.
Thanks so much! I appreciate the gracious sentiment.
Ya that kid would have been quiet real fast
@priceandpride 😆
Thanks, Jon! Considering house hacking with my expressive daughter as well. I was concerned about the same issue with guests below us. Still trying to figure it out!
Detached or side-by-side units!
Woah. Didn't get an upload notification from TH-cam. Good thing I'm on the, likely undersubscribed, email list!
Congratulations on the move, Jon! I think I'm about 9-18 months behind you at least, but well on my way.
That’s awesome! Congrats on the momentum!
Your content is insightful! Appreciate you being realistic with everything
Thanks so much! Just trying to spread the experience.
Your house is so beautiful. I bet it was hard to let go of it. Excited for the follow up videos!
Thank you!
Thank you! Single mother here, considering house hacking and I'm having a hard time finding the REALISTIC cons
Happy to be helpful!
Sounds like when you did your renovation, you failed to take noise into account and skimped on soundproofing.
So true. But, the ceiling of the downstairs unit was plaster and the floor up the upstairs until was century-old hardwood. So doing soundproofing between the units would have cost tens of thousands of dollars.
With a little one, that’s pretty impressive y’all house hacked. Way to stay committed.
Thanks so much!
Excellent video, Jon.
You wouldn't want my thoughts, but I'll give them anyway. Atheist, left-of-center - great great. Allowing your kid(s) to express themselves freely, also great. But HOW one expresses themselves needs to be curtailed, for this won't bode well when they become adults. You could have suggested she try an alternative to stomping feet. Maybe it's wringing her hands, screaming into a pillow, etc. Just a thought. I know the house is already gone, but you might want to do SOME parenting in this department for her future - not just for your sake, but for her sake. Good video, Jon. Do more like this.
Just found your channel I love it super down to earth
Thank so much!
@@thejonschwartz any chance you can do one for us with a va loan I’m just leaving the military and this feels like the right direction
@jacobhoke581 I have a client who bought a duplex with a VA loan. Now he’s living for free! It’s a great idea with a VA loan.
I hope you can expose about rent hacking’s downsides.
What is rent hacking?
I lived in an old colonial turned 4
Apartment money machine by my old landlord … they are the worst … you hear EVERYTHING…. I’m pretty sure I have PTSD from my psychotic upstairs neighbors constantly stomping around. Will never live in something that’s not made for multi family ever again.
Dude you give me hope that I too can one day quit coffee
It’s been a full week now… definitely make the break while you’re off work. The easiest coping mechanism is Advil and a nap. I was basically useless for three days.
Nice video. Excited to see how you decide to use the proceeds!
Given the basically non-existent cashflow potential in LA these days are you looking at buying elsewhere in california or even out of state in additon to your forever home?
I’m not looking elsewhere in CA or out-of-state per se. I’ve invested with an operator in Indiana (of all places!), and he’s beginning to get into new construction, so I’ll likely put some funds with him. But otherwise, I’m looking for meatier LA opportunities, either self-funded or with partners. LA is terrible for cashflow if your idea of investing is buying a finished product and waiting for a check. LA is amazing for equity if you like undertaking a project.
@@thejonschwartz yeah, we have two properties in LA that we purchased 4 years ago that are essentially cash flow neutral but holding onto them for the equity/appreciation. Living in Ventura county which is our long term plan. The trick for us is determining how to capitalize on the LA property appreciation down the road when we need the money. Eventually we'd like to maximize cash flow which could mean selling and buying elsewhere. I guess we'll worry about that when we get there... It's hard to plan too far in the future when there are endless hypothetical scenarios running through our heads!
So you put about 1.1M in the bank. But youre renting now I take it ? Somewhere in the area, that can't be cheap in its own right.
Yup, we’re renting - though it a different part of LA, near a school that we’re really loving. Renting here ain’t cheap, though! I’m looking forward to our next acquisition.
@thejonschwartz I'd love if you discussed some potential capital gains ramifications in your post mortem video on your deal. I know the first 500k will be free but I'm curious about the other tax ramifications as well as recapturing the depreciation upon sale.
You know - shit reventure never discusses or knows anything about lol.
I house hack now. Best fucking thing in my life
Amen!
Was your mortgage at the duplex at a fixed rate? Did you have earthquake insurance?
Yes and yes!
Oh wow so cool to find out about your film production background no wonder the videos seem to be well scripted and a nice and entertaining story line !
Ha! Thanks. I’m by no means a Scorsese, but I’m definitely familiar with video codecs, lighting basics, and other little things that gave me a leg up here.
Jon, keep doing you. Rate of speech was slower than we're used to, but there's nothing wrong with that 👍 there's always the video speed feature haha. Thanks for sharing the duplex journey, that's neat. Didn't know you do video production, makes sense now.
No caffeine = me talk slower.
REI is not an ATM
Thanks for the head's up!
Have u ever thought about living on 1 side of a duplex and air BnB ing the other side ?
Yes, though LA's local ordinances prohibit either unit from being rented out for less than 30 nights. We listed our vacant unit on Airbnb for mid-term stays shortly before listing the property for sale -- and we got one interested party!
You destroyed that awesome pink bathroom
My apologies!
NICE VIDEO
Thanks so much!!
House hacking isn’t forever.
It’s for a while.
AMEN!
This is a silly and pointless video. So basically there is no issue with house hacking. The issue is living in a shared wall type housing. And you admittedly did not quick house hacking because there is a problem with house hacking. You quit because of reasons that have nothing to do with house hacking.
Exactly!
5:25 - I haven't liked and subscribed yet because I'm five and a half minutes in a you still haven't addressed the title of this video! 😅 I'm half way through the video and I still don't know why you quit house hacking!
Sorry… I guess I spun a bit of a narrative with this one!
this is helpful..however, I wouldnt touch real esate in CA at alll!
You’re missing out on the eighth wonder of the world: compounding appreciation.
@@thejonschwartz i hear ya, great point likely tough to beat or match anywhere lol
Yerba Mate
Too much caffeine! I've quit all caffeine entirely!
What a shame you choose to let your daughter stomp her feet. It would have ended so much more differently. Parenting is hard but necessary. Good content, but hippie dippy do isn't for me....or screaming kids.
So true, so true…