I am not doing it because like a renter if you invite them in and they dont want to leave, you have to evict. You will need an attorney for two years, that two years of rent to pay mortgage if you have one because they dont have to pay anymore, pile of money and a lot of patience, while they kick back and relax while your life is in a downaward spiral, just because you invited them in.
How much clothes are you buying? Husband and i spend $0 every year on clothes, but of course kids need clothes, but its still $0 for a few months for them u til they grow out of like $150 in clothes each. If hes songle, $300 might be good for food. Being young or at least having 0 problems helps in the way of not having medical insurance. He more than likely does investment crap or what ever to pivot that into more money anyway. Or y'know, is just throwing a random number out as an example.
"It's easy. Buy a multifamily. Live in one side, screw ov -- uh, rent out the other side, and you get rich." Edit / Explanation: The landlord here is financially shortsighted. Had he offered to partner and offer equity in the home to his renters ("friends" now, it seems), they could afford in time to each buy a home, or a multifamily, as a 1st time homebuyer and partner with him to buy two more rentals, and the process continues. He chose to only focus on himself - on only one income stream in this case - thereby severely limiting his future income, by contrast. Had he thought win/win instead, he would also benefit financially by helping others up, instead of just mooching off his roommates (their rent / his mortgage) for himself. It pays to know more, and to not be so selfish.
How is that screwing over the other side at all? It’s the homeowners house he’s allowed to make people rent, instead of just letting them live there for free. If they don’t like the price of rent then they can find a different place to live. This is called investing to make profit. Cant blame the rich for getting richer if you have the tools in front of you to get rich yourself.
The landlord is taking the risk upon themselves by taking out the loan (something that the majority are not willing to do). It''s definitely a symbiotic relationship, but it's always funny to see how butthurt people get when it comes to this topic (mainly because they're mad that they can't be the landlord)
People in general are extremely lazy and risk averse. Finding people to accept any proposition involving them doing anything other than what they're already used to (working a crappy stupid job that pays horrible) is extremely difficult.
Imagine scripting and writing this presenting it as a fun little trick and not a complete and utter dick move exploiting your roommates. Also he made this exact short already and just remade it for more views I guess?
What I like about it though is that this is actually a super common practice so knowing about it is really the important part. I like watching this guys videos simply because it does teach you about different finance things. You can use the info however you’d like
Well it actually works. My landlord is an immigrant, he worked hard in a department store for 4yrs and saved enough money for a deposit and got a home loan. He divided the house into 3 portions he lived in the smaller one and rented out the rest (He was very young like 24yrs old when he bought it). So one of the tenants rent was enough to pay the monthly installment and he saved the money from his salary and a portion of other tenants rent. Then he bought another home after a few years of savings. He repeated this loop and now he's 56yrs old and still works in the same department store but as a manager and owns 5 houses and receives a monthly rent of 4000£ and above. He's currently planning to buy a 6th house and retire afterwards. Hard work, perseverance, efficiency and mainly dedication. Really an inspiration.
I see people hating in the comments and saying this is predatory. Could it be in specific situations? Sure. But i actually live in this exact arrangement obviously the landlord was up front from the get go. Unlike the video. I pay $700 a month flat fee period. And it covers my internet water, electricity as well. He also provides trash bags and laundry cleaner 😂 . Fully stocked kitchen with all appliances moment i moved in. He let me move in with a security deposit and first/last month rent. Even though I have no credit history as an down on his luck 19 year old. If i were to have gotten an 1 Bedroom apartment in the same city. Itd cost me over $1400 a month for utilities and rent. By renting out each room individually he makes more overall than if he rent the whole home. While also halving the current market rate for 1 person housing. So its literally a win win situation for everyone. Also in our lease we dont have "chores" none of us has to clean common rooms unless we make an obvious mess (his assistant does it). No one has to mow the lawn for him or anything dumb. Because of how low my expenses are im actually able to live comfortably and build my own savings up so hopefully i can do this house hacking myself one day.
@@linusmlgtips2123 I know from experience. Multiple renters taking advantage of me being the nice guy (letting them pay rent late until they get back on their feet) while they continue spending frivolously on video games instead of rent.
I'm struggling to see how this is a hack. Tenants pay the landlord and landlord uses that money to cover their expenses and come out ahead with a surplus. Am I missing something?
If the mortgage is 2k a month for example, and you have 2 roommates, you can charge each tenant like $1,250 bucks. You come out with $500. The amount you charge is dependent on a lot of factors, but the bottom line is to make it so they cover the mortgage bare minimum
Thanks for your replies, but it's still not a hack. Of course the landlord will charge what they need to cover their expenses, which obviously includes the mortgage plus extra on top to come out ahead. Isn't this what all landlords have done since time began?
Meanwhile I’m giving all of my money to someone so they can have a better life but I will always be in just the right amount of debt to keep me from getting my own house and doing the same thing 🤔 we gotta stop extorting our youth!!
Like they wouldn't know you're the landlord before becoming your roommate? Yeah right. Also, this is a pretty good example of why people absolutely hate landlords. Instead of working a job to earn your own extra income, you deplete your roommates of their own.
The person who owns that house is now trapped in debt and is forced to make payments whether he has the money or not and if he doesn't he loses everything. That's how our economy is built. You take risk and have might get a reward.
That is what I wanted to do. But mom said and what when they find out? I stopped at that moment. Cause it is true that when you try to hide something from others then mostly somehow that gets out after some time. Also I could get into trouble cause I'd be paying rent to the let's say landlord and I font know if maybe in the contract there could be something about that I can't take more people with me. Could be problem. And that is the way the others would find out. Just, it scared me so I dropped the offer. Also, then it turned out that it was not that good offer as we thought at the beginning.
bull shit... the cost of utilities, lanscaping, house maintenance. the house owner will also end up spending some money... unless you are in prime real estate like NYC or cali or Boston city.
Bro I'm having problems with my roommates rn they don't work and I gotta cover the rent myself when the agreement was 575 a month for my half and their half also my friend hasn't worked in 6 months 🤦🏿♂️
This is a completely unrealistic depiction. In the current economic environment, it is impossible to do this and have $300 left over. I highly doubt you would even be able to cover the mortgage + HOA fees, as you would be at 2/3 occupancy on the property. Basically way, way exaggerating the situation here. Not a good thing to do
Landlord here….get properties. Not anything over $100k and do rent to own. Otherwise you’re in over your head and you make no money and you spend your life repairing. They’re grown ass adults if you can’t repair simple things on a house you’re renting to OWN from me…shame on you. Move out raise their rent on to the next.
Everyone hates you anyways, and most likely everybody hates you equally, so you might as well wake up your inner shadow and become the beast you have to be in Oder to keep your head above water , cause the rest of us humans are drowning in debts, become your inner monster 👹 and don’t become a debt slave … only use debt to furnish you investment capital…
Can I get a free $300k so I can afford a down payment on a home where I live to do this? I call this John hacking, you give me money and instead of you owning THREE houses, you own two
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Never tell them they’re paying for your lifestyle ☠️
Until the tenants start to make French fries at 12AM and cause a kitchen fire!
Homeowners insurance
@@oryynfarstrider True. However you still have to deal with a non functional kitchen while it takes them ages to make the repairs.
@@yvr2002rtw true has its ups and downs for sure also alot of money up front
@@yvr2002rtwnothings perfect, there’s always pros and cons
Insurance as a landlord with 27 properties and with one house fire yes ig sucks but that’s what insurance for…
I am not doing it because like a renter if you invite them in and they dont want to leave, you have to evict. You will need an attorney for two years, that two years of rent to pay mortgage if you have one because they dont have to pay anymore, pile of money and a lot of patience, while they kick back and relax while your life is in a downaward spiral, just because you invited them in.
easy, step 1: be rich
Don't have to be rich, just gotta be willing to take the risk, work hard, and sacrifice some short-term comforts.
Step one: don't fuck up your credit
False
Step 0.5, stop making excuses
@@Aubatronlove this comment
Better yet, rent out the extra space around the rental property as self storage or vehicle storage. I make about $10k-$15k/year doing that.
How do you advertise storage of vehicles and self storage?
Should've done this in 2018 when i started working. Now everything and every market is super fucked
How do they live there without knowing landlord
LLC and a management company.
$300/month to live on? That's impossibly low, even with three places $900/month won't cover medical insurance, clothes, food etc...
How much clothes are you buying? Husband and i spend $0 every year on clothes, but of course kids need clothes, but its still $0 for a few months for them u til they grow out of like $150 in clothes each. If hes songle, $300 might be good for food. Being young or at least having 0 problems helps in the way of not having medical insurance. He more than likely does investment crap or what ever to pivot that into more money anyway. Or y'know, is just throwing a random number out as an example.
"It's easy. Buy a multifamily. Live in one side, screw ov -- uh, rent out the other side, and you get rich."
Edit / Explanation: The landlord here is financially shortsighted. Had he offered to partner and offer equity in the home to his renters ("friends" now, it seems), they could afford in time to each buy a home, or a multifamily, as a 1st time homebuyer and partner with him to buy two more rentals, and the process continues. He chose to only focus on himself - on only one income stream in this case - thereby severely limiting his future income, by contrast. Had he thought win/win instead, he would also benefit financially by helping others up, instead of just mooching off his roommates (their rent / his mortgage) for himself. It pays to know more, and to not be so selfish.
How is that screwing over the other side at all? It’s the homeowners house he’s allowed to make people rent, instead of just letting them live there for free. If they don’t like the price of rent then they can find a different place to live. This is called investing to make profit. Cant blame the rich for getting richer if you have the tools in front of you to get rich yourself.
It would probably have to have 3 or 4 rooms for this to work... But as the landlord it's up to you to fix things and pay for those things...
@@ImWithMe You remind me of the landlord in the videos here. See the Edit / Explanation, above.
The landlord is taking the risk upon themselves by taking out the loan (something that the majority are not willing to do).
It''s definitely a symbiotic relationship, but it's always funny to see how butthurt people get when it comes to this topic (mainly because they're mad that they can't be the landlord)
People in general are extremely lazy and risk averse. Finding people to accept any proposition involving them doing anything other than what they're already used to (working a crappy stupid job that pays horrible) is extremely difficult.
Its all fun in games until the tenants start to screens at 3 AM
Imagine scripting and writing this presenting it as a fun little trick and not a complete and utter dick move exploiting your roommates. Also he made this exact short already and just remade it for more views I guess?
the dude ain't got a soul
What I like about it though is that this is actually a super common practice so knowing about it is really the important part. I like watching this guys videos simply because it does teach you about different finance things. You can use the info however you’d like
How is this being exploitative? You would just have their rent cover the mortgage.
Well it actually works. My landlord is an immigrant, he worked hard in a department store for 4yrs and saved enough money for a deposit and got a home loan. He divided the house into 3 portions he lived in the smaller one and rented out the rest (He was very young like 24yrs old when he bought it). So one of the tenants rent was enough to pay the monthly installment and he saved the money from his salary and a portion of other tenants rent. Then he bought another home after a few years of savings. He repeated this loop and now he's 56yrs old and still works in the same department store but as a manager and owns 5 houses and receives a monthly rent of 4000£ and above. He's currently planning to buy a 6th house and retire afterwards. Hard work, perseverance, efficiency and mainly dedication. Really an inspiration.
Wowy
Nothing new really. In the UK in this situation the tenant is called a lodger.
I see people hating in the comments and saying this is predatory. Could it be in specific situations? Sure. But i actually live in this exact arrangement obviously the landlord was up front from the get go. Unlike the video.
I pay $700 a month flat fee period. And it covers my internet water, electricity as well. He also provides trash bags and laundry cleaner 😂 . Fully stocked kitchen with all appliances moment i moved in. He let me move in with a security deposit and first/last month rent. Even though I have no credit history as an down on his luck 19 year old.
If i were to have gotten an 1 Bedroom apartment in the same city. Itd cost me over $1400 a month for utilities and rent. By renting out each room individually he makes more overall than if he rent the whole home. While also halving the current market rate for 1 person housing. So its literally a win win situation for everyone. Also in our lease we dont have "chores" none of us has to clean common rooms unless we make an obvious mess (his assistant does it). No one has to mow the lawn for him or anything dumb.
Because of how low my expenses are im actually able to live comfortably and build my own savings up so hopefully i can do this house hacking myself one day.
"how get rich, be a leech on other people"
Which is how it works for thousands and thousands of years
always been that way
You're providing housing to others... Renters typically are the leeches.
@@car5on777 lmao how could you have this bad of a take
@@linusmlgtips2123 I know from experience. Multiple renters taking advantage of me being the nice guy (letting them pay rent late until they get back on their feet) while they continue spending frivolously on video games instead of rent.
I'm struggling to see how this is a hack. Tenants pay the landlord and landlord uses that money to cover their expenses and come out ahead with a surplus. Am I missing something?
They just charge extra
If the mortgage is 2k a month for example, and you have 2 roommates, you can charge each tenant like $1,250 bucks. You come out with $500. The amount you charge is dependent on a lot of factors, but the bottom line is to make it so they cover the mortgage bare minimum
Thanks for your replies, but it's still not a hack. Of course the landlord will charge what they need to cover their expenses, which obviously includes the mortgage plus extra on top to come out ahead. Isn't this what all landlords have done since time began?
@@mirrlamp yes but not a lot of people know about this. its more alluring to call it a hack and gain views on YT
How is this viable now with the debt market in its current state? Good luck getting an interest rate that makes this viable...
Meanwhile I’m giving all of my money to someone so they can have a better life but I will always be in just the right amount of debt to keep me from getting my own house and doing the same thing 🤔 we gotta stop extorting our youth!!
Own a house ask people to live with you just so you can have friends don't make them pay rent. Otherwise, they usually don't want to be your roommates
It’s great till your tenants poor concrete without permission, rework electrical without a permit and build a wall but besides that it’s great!
Like they wouldn't know you're the landlord before becoming your roommate? Yeah right.
Also, this is a pretty good example of why people absolutely hate landlords. Instead of working a job to earn your own extra income, you deplete your roommates of their own.
The person who owns that house is now trapped in debt and is forced to make payments whether he has the money or not and if he doesn't he loses everything. That's how our economy is built. You take risk and have might get a reward.
Where the "might" when we have a housing shortage
That is what I wanted to do. But mom said and what when they find out? I stopped at that moment. Cause it is true that when you try to hide something from others then mostly somehow that gets out after some time. Also I could get into trouble cause I'd be paying rent to the let's say landlord and I font know if maybe in the contract there could be something about that I can't take more people with me. Could be problem. And that is the way the others would find out. Just, it scared me so I dropped the offer. Also, then it turned out that it was not that good offer as we thought at the beginning.
but r they chill with living with the landlord?
even if the roommates were aware of this, it's still pretty scummy.
bull shit... the cost of utilities, lanscaping, house maintenance. the house owner will also end up spending some money... unless you are in prime real estate like NYC or cali or Boston city.
Bro I'm having problems with my roommates rn they don't work and I gotta cover the rent myself when the agreement was 575 a month for my half and their half also my friend hasn't worked in 6 months 🤦🏿♂️
Kick them the hell out, you're taking care of a kid at that point. There's always ppl willing to pay some rent especially for that low.
This is accurate. I do this now. Amazing strategy
This is a completely unrealistic depiction.
In the current economic environment, it is impossible to do this and have $300 left over. I highly doubt you would even be able to cover the mortgage + HOA fees, as you would be at 2/3 occupancy on the property.
Basically way, way exaggerating the situation here. Not a good thing to do
Landlord here….get properties. Not anything over $100k and do rent to own. Otherwise you’re in over your head and you make no money and you spend your life repairing. They’re grown ass adults if you can’t repair simple things on a house you’re renting to OWN from me…shame on you. Move out raise their rent on to the next.
Hope you don’t have guns or knives in the house…
Aka how to get everyone to hate you
Everyone hates you anyways, and most likely everybody hates you equally, so you might as well wake up your inner shadow and become the beast you have to be in Oder to keep your head above water , cause the rest of us humans are drowning in debts, become your inner monster 👹 and don’t become a debt slave … only use debt to furnish you investment capital…
This just seems like extortion lol
Can I get a free $300k so I can afford a down payment on a home where I live to do this? I call this John hacking, you give me money and instead of you owning THREE houses, you own two
I get people who jut say “first like and first comment” like literally no one cares
We're you 2nd or something? 😅
@@mikebar42 yes but I don’t do it for dignity
@@LUGETA lol, fair enough 👍
Genius
I see some complainers in the chat. Safe to say they will be left in the dust.
parasite
🎶Not your property ~ gtfo here with that bs🎶
Bitter
@@cryptarisprotocol1872 parasite
Slumlord
Yessss let’s just exploit other people for our own wealth! 🤪 I hate rich people so much.
Do you understand how renting works? Why does it matter where the landlord chooses to live?
So can I live in your house for free?
@@TheN9nth I hate landlords just as much.
@@Kren1221 Bold of you to assume I will ever own a house lmao. In this economy? Without exploiting the system or having wealthy parents?
First like
First comment
You don't pay the danger, I AM THE DANGER
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