GOLD! STOP Paying Rent: Live For Free

[The Abundant Man]

I believe this is the one:

NOTABLE! - Live Rent Free in Multiple Countries

After reading @G_Alexander post here - https://www.thefastlaneforum.com/community/threads/stop-paying-rent-live-for-free.51893/ - I thought I would share with you a similar strategy that can be implemented on a more global scale. First of all, this is not for everyone. This is for people who...

www.thefastlaneforum.com

Thanks! That's exactly what I was looking for!

 

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[fishgodeep]

Thanks! That's exactly what I was looking for!

You are most welcome. And thank you for reminding me I need to read it

 

[KetoCarlo]

MJ is correct when he says “there is no f’ing list” but damn you came real close to it with this post! I really appreciate your advise and how deep you go into detail.

Thanks to this thread I currently have my mortgage preapproval done and I am in the process of finding a owner occupied multi family home as we speak, once I find something I’ll be sure to update here! Thanks again for the awesome advise.

 

[spreng]

just found out, if you get a duplex in an area with the best public schools in major cities, people will rent one out and not even live there. Just so their kids can attend the schools.

 

[ChrisJHarrington]

just found out, if you get a duplex in an area with the best public schools in major cities, people will rent one out and not even live there. Just so their kids can attend the schools.

That's a pretty nice life-hack.

 

[ecommercewolf]

Great thread.

Bigger Pockets Real Estate podcast is also a goldmine of information with interviews of people that have leveraged house hacking to become successful.

 

[Vegvisir]

Would like to give a big shoutout to @G_Alexander for giving me the steps/inspiration to get my first investment property under my belt. I got a very good deal on a duplex in a good part of town for only 100,500 dollars that has two units that will rent for 850 each(1700 total). My mortgage is only about 700 a month so this property cash flows very well. It does need some work but I budgeted that into the purchase price. For those of you out there thinking about taking the dive, DO IT. I now can live rent free or pay off my mortgage in about 4.5-5 years paying what i was in rent on my side plus the other units income putting it all toward the mortgage!

 

[Michael Burgess]

Would like to give a big shoutout to @G_Alexander for giving me the steps/inspiration to get my first investment property under my belt. I got a very good deal on a duplex in a good part of town for only 100,500 dollars that has two units that will rent for 850 each(1700 total). My mortgage is only about 700 a month so this property cash flows very well. It does need some work but I budgeted that into the purchase price. For those of you out there thinking about taking the dive, DO IT. I now can live rent free or pay off my mortgage in about 4.5-5 years paying what i was in rent on my side plus the other units income putting it all toward the mortgage!

View attachment 28015

Nice work! Good looking building

 

[Vegvisir]

Nice work! Good looking building

Thanks I appreciate it! It has potential, there is an identical duplex right next to it that the owner fixed up to look very nice so I will be taking alot of notes from his house.

 

[Guest24480]

I wonder how viable this strategy is in an expensive area with the current state of the real estate market. I'm looking to house hack in the next few months but I'm weary of all the people saying not to buy in this market. I guess if the cash flow is there and the deal makes sense it shouldn't be a problem.

 

[Vegvisir]

I wonder how viable this strategy is in an expensive area with the current state of the real estate market. I'm looking to house hack in the next few months but I'm weary of all the people saying not to buy in this market. I guess if the cash flow is there and the deal makes sense it shouldn't be a problem.

Yes, as you mentioned its all about finding a property that cash flows correctly. Regardless of the market you will always find situations where people have to let the property go because of different circumstances. For example the property i just picked up was owned by couple going through a divorce. Start looking now because it will take awhile to find the right deal! Good luck!

 

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[Guest24480]

Yes, as you mentioned its all about finding a property that cash flows correctly. Regardless of the market you will always find situations where people have to let the property go because of different circumstances. For example the property i just picked up was owned by couple going through a divorce. Start looking now because it will take awhile to find the right deal! Good luck!

Glad you mentioned that. Those are definitely the types of properties I plan to look for. The bigger the barrier to entry for finding the property the better especially in a competitive market.

Yes I am going to start now just hoping to have something picked up in a few months. Planning to analyze hundreds of deals if that's what it takes.

 

[Michael Burgess]

Bump on this thread!



I sold my 4 unit building (see a page back for the story of buying it), and here's what I cleared after selling it - and this is AFTER I put a 2nd mortgage on it for another $30K a few months back, which I got to keep in my pocket. Bought for $156K, sold for $225K, minimal work in management or improvements.

Real estate has been the first business model I've worked with that's really given me a strong sense of traction, and has helped me to meaningfully change my life in a big way.

I turned this 4 unit apartment building (closed on it just over a year ago) into another apartment building, a farm property, a personal home in a great city, and more liquid cash then I've ever had before.

Big thanks to everyone who's started this thread and contributed to it!

 

[Ronak]

Bump on this thread!

View attachment 33879

I sold my 4 unit building (see a page back for the story of buying it), and here's what I cleared after selling it - and this is AFTER I put a 2nd mortgage on it for another $30K a few months back, which I got to keep in my pocket. Bought for $156K, sold for $225K, minimal work in management or improvements.

Real estate has been the first business model I've worked with that's really given me a strong sense of traction, and has helped me to meaningfully change my life in a big way.

I turned this 4 unit apartment building (closed on it just over a year ago) into another apartment building, a farm property, a personal home in a great city, and more liquid cash then I've ever had before.

Big thanks to everyone who's started this thread and contributed to it!

Congrats! You took action, and in a relatively small time period, made some amazing progress. Magic of the forum combined with an action oriented mindset= success. Do you have a separate thread? If not, why not? Start one today to share your journey...

 

[ecommercewolf]

Bump on this thread!

View attachment 33879

I sold my 4 unit building (see a page back for the story of buying it), and here's what I cleared after selling it - and this is AFTER I put a 2nd mortgage on it for another $30K a few months back, which I got to keep in my pocket. Bought for $156K, sold for $225K, minimal work in management or improvements.

Real estate has been the first business model I've worked with that's really given me a strong sense of traction, and has helped me to meaningfully change my life in a big way.

I turned this 4 unit apartment building (closed on it just over a year ago) into another apartment building, a farm property, a personal home in a great city, and more liquid cash then I've ever had before.

Big thanks to everyone who's started this thread and contributed to it!

Would love to see a thread as well. Congrats!

 

[fridge]

From what I've gathered -- is it best to just look at sold properties (duplex/triplex/fourplex) and then contact all the owners in the areas you're interested in? Where I live, there's really not much for sale on the market right now (within reasonable asking price), so would it make sense to just gather out all that information and start making some calls/writing some letters inquiring about their willingness to sell the property?

 

[WJK]

From what I've gathered -- is it best to just look at sold properties (duplex/triplex/fourplex) and then contact all the owners in the areas you're interested in? Where I live, there's really not much for sale on the market right now (within reasonable asking price), so would it make sense to just gather out all that information and start making some calls/writing some letters inquiring about their willingness to sell the property?

You're talking about becoming a "bird dog". That's a real art and a bunch of learned skills. Good luck.