How I Lived for FREE in an Expensive Neighborhood (House Hacking Tutorial)
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- čas přidán 17. 07. 2023
- House hacking is all about buying a home and renting out the rooms to your friends. If you do it correctly, the rents that you get will cover most, if not ALL, of your cost of living expenses!
It's a strategy that has helped me and countless others start on the path to financial independence.
In this video, I'll share my personal journey with house hacking as well as the tips that I learned along the way.
✅ If you're thinking of house hacking, be sure to grab my FREE house hacking checklist to make sure you do it RIGHT! You can get the checklist here: goodsweethomes.ck.page/househ...
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*Please note that the information in this video is for educational and entertainment purposes only and should not be taken as financial or investment advice. Any investments or financial decisions you make based on the information in this video are at your own risk. The links in the description above may include affiliate commissions or referrals, and I may receive compensation from partner websites. The information in this video is accurate as of the posting date but may not be accurate in the future.
The only potential problem from Renting to Friends or Family is that it can strain the relationship. If they dont have the rent one month, it'll create a power dynamic that isn't healthy. Its not a bad strategy but there are risks.
This is true, you still need to vet your friends before renting to them by making sure they have a job that can sustain the rents that you charge. I had a good experience but I can see how it can be hard if your roommates decide to stop paying you.
@@seanlovesrealestate I guess it'd depend on your friends and family. If it all works as planned, great strategy! Really enjoying your content!
I really love the story telling and the editing!
Thank you for watching! ☺️
I love how sean takes his time to make these amazing videos for us 😄
Hey! Happy to see comments like this! Appreciate the support. ☺️
Thank you sean for putting so much effort into editing and telling us about real estate.
No problem! Appreciate the support. ☺️
thanks for the tips sean
No problem. Thanks for watching! ☺️
I've been house hacking for years now and love it. I started out with just renters, but now I have started renting out all the extra spaces in my house and rental properties as self storage and vehicle storage.
Wow! That’s amazing. Thank you for sharing your experience. ☺️
Hi Lexie, have you ever considered instead of paying a third party property management company a $40,000+/year fee, to simply allocate one of your apartments to an independent property manager as their onsite living quarters?
House hacking is OP. If you use MLM tactics it’s even better! You teach the tenets about the process then y’all buy a new property. It scales pretty quickly and best of all it is actually a useful “product”. Most MLMs sell bull but this is housing, we all need housing. It scales so much faster than doing it on your own.
Love this idea!!!
Saved me a lot of 💰 back then! ☺️
Thanks bro, as a person who is in college this will truly help me
No problem! This helped me save a ton! ☺️
I have also been house hacking but in the Sacramento area the past 3 years. It’s life changing.
Only thing I slightly disagree with is renting to friends. I have done quite well renting rooms to strangers. I was afraid if I rent to friends/family it would strain our relationship.
Great video
Thanks! I had no problems renting it with my friends but it may not work for others ☺️
i enjoyed this video. do you know which government office to call, to find out how many bedrooms total you can rent out? some cities limit to 3 or 4 bedrooms to be rented total.
WTF?! why would you care about gubment rules? do you not own your house? if you own something you make rules for it's use and not others
Hey Sean, I’m 13 and I’m very interested in real estate for the future, I have about 500 dollars from working during the summer and I was wondering if I should invest in an index fund and if so then which
That's awesome! I'm going to make a video about this very topic pretty soon.
what type of home insurance cover house hacking tenants?
got a question - not necessarily house hacking but question on high COL areas. For example is it better to get a old house (1950's) in need of remodeling for house hacking in a established area (ie bay area in your case) or a new, nicer house but harder to rent and lower rents maybe 2hrs outside of bay area?
I would go for option 1. Even though it's more work, the appreciation potential is much higher and a 2 hour commute everyday would make me depressed.
Hey Sean! With interest rates at 8%, are there any other pitfalls to think about when buying a home in this CA market? Most people will mention “refinancing” but who knows when the rates will go down. One could potentially end up paying a crazy amount in mortgage for a very long time or being unable to rent/sell the house hack home to buy a “forever home. Appreciate all this information! Thanks!!
Hey! Interest rates are insane right now. I did a video on how I would invest in real estate from scratch in 2023. CZcams update don’t let you paste clickable links on comments anymore so if you have time, you may check the video on my channel. Thanks!
So I've been watching your videos for the past couple weeks now, and I absolutely love all the tips and what not. But am still a little confused. But I do want to ask something. So my wife and I are looking to buy our first home in a year, but don't exactly know where to start or how to go about it, and don't want to throw a whole bunch of money at it but also want to have a stable way of obtaining a property without hassle. What's your advice, Sean?
You can look into low down payment loans (i.e. FHA, 5% down conventional, VA if you qualify, etc). Call up your local lender and see what they say!
Does this still work with current interest rates?? 😮
great vidoe
Thanks!
House hacked for 3.5 years in Atlanta. Highly recommend I made enough to put myself through a 2-year full-time grad school program. I didn't pay the mortgage even one time. Also, I became a licensed RE Agent and was literally paid to buy the house. Talk about a "hack!"
Also, agree that you should consider avoiding mixing business with personal relationships. I did just fine with vetted strangers.
That’s awesome. Thank you for sharing your experience!
I wanted to ask how you were able to convert your home into a rental property. My concern is buying a home and wanting to change it to a rental later, but doing it wrong and getting in trouble 😅
Hey! Great question. That’s exactly what my next video is about. It will be posted next week. ☺️
Sean, can you please manage PERSONALLY my finances? I'm having difficulty understanding everything in regards to investing.
I don't manage other people's finances, but you can book a 30 min call with me through the link in my profile to go over any questions that you have about investing!
I can't find a decent rental that's affordable In Alameda, Oakland, San Francisco or anywhere. That's why I moved to Portland Oregon but the Bay will always be my home.
I remember Hayward and other parts of the East Bay were pretty affordable and worked well as house hacks.
which cities are best for house hacking?
I think metros where the job market is very good work the best. i.e. Cities in the Bay Area, Los Angeles, New York, Boston, etc. Try to find homes that are cheap with funky layouts but close to high paying jobs (within 30 mins away). Good luck!
@@seanlovesrealestate thank you
is detroit also a good area? I am asking this because I live very close to there@@seanlovesrealestate
what if you dont have friends like that lol? Most of friends are all wifed up and living together. Dont want to move.
I started with friends, then opened it up to coworkers and friends of coworkers. You could always try Craigslist, Airbnb, and Facebook Marketplace.
Omg i was the first person to see this
Thanks for watching!
I want to own a house without paying property taxes
Unfortunately, property taxes are forever 😂
House hacking is great when you're starting out. It definitely helps offset the mortgage and lets you save up money to invest in the property.
Definitely! 💯
I want to own a house for free by finding land that no one owns and going to live there
That one guy you want to live with had a reason…
He wanted a cool landlord 😎
Ja ja ja fa thx for your sponsorship other old
My goal is to never work again for someone and be free financially
Focus on your goal and make it happen! 🙌🏻
Hard to live for free with these high interest rates.
Why are all these tips just different ways to take advantage of struggling people?
A person needs a place to stay and can only afford to rent a room. They can rent a room with this person.... How is this taking advantage of someone? They would be homeless as they couldn't afford anything else. Both parties benefit.
@@YHWHLovesYoun business there is a winner and a loser and it’s usually the person with less leverage that gets taken advantage of. Lmk if anyone needs a predatory loan, a room in an over crowed Apt complex or a check cashed? for a fee of course. And if your house goes into foreclosure, definitely lmk and we can make a deal 🤝.
Renting out a spare bedroom is definitely not taking advantage of someone.
Most businesses exist because they provide MORE value than what they cost. If they didn't, they would go out of business.
@@seanlovesrealestate someone who is financially struggling comes to me, I tell them to forget their apartment and to pay me for a room in my house? If you live in a 1b 1b apt probably pay $950 depending on where you live. And to cover the mortgage like you said in the video that’s probably $700 conservatively for the room. so they could save the $250/m?
The point is, only someone with no other options left would take this deal. Kinda like taking advantage of friends/random people for money.