How To Live ANYWHERE In The World For FREE! (With Graham Stephan) #Best Education Page #Online Earning

all right how's it going today guys so

I'm here with a man that really needs no

introduction I'm sure everybody here

knows Graham Stefan

you better know Graham it's a

long-awaited collaboration he actually

just kind of came out while I was here

in San Diego so I really appreciate you

driving out so we could meet up and

shoot some content for you guys yeah

this is fun yeah definitely so what I

want to talk about in this video here is

this was a concept this was like one of

the first videos I saw on your channel

which was about
how you can live pretty

much anywhere you want to for free by

basically house hacking so I think it'd

be cool to go into more details about

that and how people can actually like

implement this strategy yeah now this is

something I had been doing really for

the last three years and this is such an

eye-opener for me to be able to do this

the first one was a house I bought in

Culver City I bought it I fixed it up

and I was there for a year now what I

did that sort of renovation I just think

I spent like 70 80 thousand dollars

fixing up this house and it was

instantly worth like an extra 100 to 150

thousand dollars more just instantly

just by fixing it off

so by doing that I was busy it was

basically like I just made 150 grand Wow

could live there and then rent it out

after the first year and that's what I

did and then I moved into a duplex and

when I moved into the duplex I mean that

was really just like a game changer for

me because I was able to buy this place

so it's me a few months to buy it

renovate it I added value when I

renovated the property and then the

other unit is being rented out now

between the rent on the other units my

tax write-offs and the equity I get from

paying down the mortgage every month

that places a break-even for me to own

sure and all I had to do was come up

with the down payment it gets even

better but because the value of that

property went up because I renovated it

I was able to refinance that property

pull most of my money out of it and

basically now I've almost got a free

place to live so you got your down

payment out of the property I got the

majority of my money on it okay so most

of your money came out of it and then

the person and the other unit is

floating your mortgage tracked and so

you're essentially living for free right

as long as you have a tenant in that

other unit yes right Wow and I'm in the

process now buying another duplex where

I could do the exact same thing and my

goal is if I can get

a duplex or triplex you know every year

and just I don't mind moving from place

to place to place sure as they go

through but it's a way for me to amass a

pretty decent real estate portfolio

while living for free at the same time

and that allows me to save up even more

money to get the next place so it's kind

of like a self fulfilling amazing way to

grow your real estate portfolio right

and I would imagine that speeds up as

you have more properties right because

you have some that are producing

positive cash for you yeah yeah so when

you move out of a place ideally since

you've been living for free you should

be cashflow positive even if you're just

breaking even on everything it doesn't

really matter because you're paying down

the loan so over the course of twenty or

thirty years you're gonna have a paid

off place that's basically just printing

money yeah and every year a new one is

gonna be paid off that should be just

printing money and if even if you can

get like do this four times in your

twenties mm-hmm you're gonna have in

your 50s four places maybe eight to ten

twelve units that are paid off just

making money and that's really one of

the best strategies that I see out there

for anyone who wants to get started

investing in real estate or also house

hacking yeah and so I guess one question

I have because I've never really owned

real estate I want to down the road but

I've also heard like from my dad and

people like you don't want to own real

estate your tenants are going to be

giving you so much trouble and I'm sure

you have like I've seen the horror

stories on your channel but like overall

if you could talk about the whole

experience

has it been worth it owning real estate

100% I would say the hassles of having a

tenant are very minimal I've had one bad

tenant and that was entirely my fault

and I've owned up to it basically I made

every single mistake possible it was the

first tenant I ever picked first tenant

that ever called me I was short on cash

I was desperate I picked the first

person to come in I made every edit and

there's so many red flags yeah just like

being a cash business but you were like

so eager to get it rented that you over

looked at all and just said I got to get

some money coming out of this thing I

overlooked everything and I had to evict

a tenant that basically cost me a year's

worth of profit on that on that house

broker I mean it wasn't devastating it's

not like I made money on them still but

it was just like I lost a year's worth

of profit they were there for like two

years so you know it's like I basically

got half the rent I should have for the

first year

it's not the end of the world it was a

terrible experience to go through but

since then working with tenants has

actually been overall Pleasant you get

the occasional call early in the morning

it's usually just an inconvenience like

you're keeping in let's say you were out

late the night before 7:00 a.m. comes

along and like the water pipe broke and

like there's no sense conversations yeah

it's a lot of very little nuisance

conversations that don't really happen

that often but what they do it's just

like oh of course now it's got to happen

like I think it was a Sunday night I

think 9 p.m. this was just a few months

ago water was bubbling up from the front

yard and I was like what do you mean

water is bubbling up but apparently a

water pipe at bursts underneath the

ground really caused water to scrub so

you know I call the plumber they came

out the next day they fixed it I think

there's $400 to fix it and that was I

mean that's the little yeah and I mean

you're not fixing this stuff yourself

right for the most part you're just the

middleman they call you and then you

call the person to fix this so it's just

kind of that go-between yeah now one of

the things when you own rental property

is that you could not deduct for your

own labor so if I were to go and fix it

myself and if it took me three hours to

go do that I couldn't just charge myself

$200 an hour and then deduct that oh I

didn't know that

yeah the manage to hiring somebody to do

this for you correct now unless you're a

really handy person and you know plenty

of time on your hands to do it for free

by all means it's just I see all of that

is a write-off so there's no sense in me

doing this but I could pay someone else

and that's just a right off against the

income yeah I think it's just such a

smart idea to do this and like I have

friends who are doing it and you can

even do this like single family to write

by basically having a single family

house and renting out the rooms yeah now

obviously with that you have to be like

willing to be in the personal space with

these people but like you know I have

like my cousin for example he decided to

basically rent out the extra rooms in

his house to his friends and he lives

for free yeah so you don't have to

necessarily buy like a two or three

family property you could do it with

single family as long as you're super

comfortable with the people you're

living with but right I think that it's

just so like important to consider doing

that and then it frees up a lot of your

money that's not going into your housing

right yeah now two things of that one

if you end up getting a house rent think

of the bedrooms I'm all for that the

only downside in doing that is that a

lender won't really consider the income

that you're getting from all the other

bedrooms when applying for more real

estate like if you have three units a

lender will take the income on those

other units and apply it towards your

mortgage you can't go to a lender and

say I'm gonna buy a five bedroom house

and each bedroom is gonna rent out for a

thousand dollars a month okay well you

apply four thousand of that towards my

mortgage so it doesn't count as income

that's you can use to buy your next

property correct or if you have other

units you can use that income okay

that's what the mortgage but if you end

up buying a house and you decide wait a

second I don't need this third bedroom

rent it out right like it to me that's

just like no-brainer fifteen hundred

bucks a month or a thousand a month or

seven hundred a month just for someone

living in a bedroom right the easiest

money that I'm on if you would you would

ever get and you can do the same thing

if you're renting a place if you're

renting a five bedroom house and you

realized wait I don't need five do you

know I need three bedrooms and rent out

two of their rooms get some friends in

there who don't mind now hanging out

with you and rent out the rooms it's

just today that's it's easy money easy

money I agree so I guess if you're

looking to own many properties down the

road you should probably go multifamily

right now if you're doing it that but if

you're just looking to not spend so much

money on housing and take advantage of

the space you have you know single

family works - yeah very interesting

either works you can also get into if

you want to get more complex and I've

discussed this before rhett hacking

we're open even you can live forever

throw it into this video let's tie it

all together rent okay yeah even rent

hacking is if you're gonna rent a let's

say a four bedroom home knowing that you

don't need four bedrooms but if you can

rent out two of those bedrooms enough to

pay your entire rent by all means or

rent out three in the bedroom oh so

you're renting something larger than you

need for yourself with the intention of

renting that speaks to somebody else

yeah Oh cover your car yeah that makes a

lot of ring your cost down dramatically

I have seen many people rent four or

five bedroom houses live in one of the

bedrooms they rent out the other three

and that's enough to cover their entire

rent payment so they essentially will

live for free you have to check your

lease agreement because some of these

lease agreements do say no subletting so

that's very important okay that you have

that

writing that the owner is okay with you

actually doing this in the fruit you

don't want it yes and they're gonna do

it rent a five-bedroom yeah go I have

five people to be here we have five cars

to park you know ya know because

definitely as an agent and landlord

myself I'm always suspicious when you

have a big house for rent and it's just

like oh it's just for me and I'm like I

don't think it's really just for you you

have a lot of friends yeah

people are gonna be staying with you if

you have a family we don't know about

you know so usually you kind of know but

just make sure you get that in writing

and be upfront with your landlord as

well on that one yeah definitely

all right Graham well thanks so much for

doing this video here that is how you

can live anywhere you want pretty much

in the world for free as long as you

follow you know one of these strategies

outlined here and maybe you will have

some headaches involved with that with

you know nuisance phone calls your your

roommates being loud at night or

something but I mean I think the the

benefits would far outweigh the you know

the cons from that and all those

annoyances and one last thing I do want

to throw in even though we say it's free

you do need to save up enough for a down

payment I'm sure all of this basically

requires you to have enough foresight to

save money for a down payment get your

credit score to a place where lenders

will give you a loan and show income to

prove that you have the ability to repay

back that loan you can't just go and buy

a duplex no money down no credit no

income live for free it's not gonna

happen sure but if you can come up with

a anywhere between 10 and 20 percent

down payment you got the credit you got

the income all of this is really

possible if you just save up enough for

the down payment like the way I think

about it you just save up a down payment

and that can basically float you for

decades and that's it yeah you could you

roll it into the next one and keep going

forward right makes a lot of sense yeah

all right guys so I have one more video

planned with Graham so keep an eye on

that for the next couple of days

but if you guys are not subscribed to

Graham for some reason I mean subscribe

to Graham stuff and you just have

everything is down in the description

below his Instagram in YouTube but if

you guys are like looking to learn more

about real estate Graham Stefan is

definitely your guy no thanks for coming

on the channel thank you so much

appreciate it we will see you guys in

the next video like and subscribe

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