Rent By The Room Investing in Expensive Markets w/ Todd Baldwin (REI037)

On today’s show, I sit down with Todd Baldwin to talk about how he has been creative when investing in real estate to achieve financial freedom and become a millionaire at such a young age. Todd started down the traditional corporate career route, getting a job in sales, before becoming a successful full-time real estate investor.
IN THIS EPISODE, YOU’LL LEARN:
- What house hacking is
- What rent-by-the-room is
- How to invest successfully, even in expensive markets
- How to achieve financial freedom
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🏘 Learn the ins and outs of real estate investing with our Real Estate 101 podcast show: • 🏠 Real Estate 101 💵
💸Get introduced to the world of investing with our Millennial Investing podcast show: • 💸 Millennial Investing 🎯
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[@TheInvestorsPodcastNetwork]

Hey guys, what are your key takeaways from this episode? Quick side note: We would like to remind the TIP Community to beware of cyber scams & phishing attacks. We have received reports of fake accounts claiming to be affiliated with The Investor's Podcast Network or posing as one of our hosts. Please help us report those suspicious accounts. We will never reach out to you for any business or investment opportunity. Stay vigilant!

[@ToddBaldwin]

Thank you for having me on the show! It was a pleasure meeting you. Your podcast brings so much value to people who want to learn how to invest. Great work!

[@dragonchii]

Hey Todd, I loved the knowledge you had to share on this podcast episode. It was very valuable. I've been to your channel, and was looking to find a video on how you choose or screen tenets. Would you be able to comment or make a video on your thoughts or methods. Thanks!

[@ToddBaldwin]

@@dragonchii That is a great idea for a video! I personally use Smartmove Transunion, but I'll make a video about it!

[@dragonchii]

@@ToddBaldwin Looking forward to it. I'm curious about things like a sample report, or things to look out for on the report. Thanks again.

[@robertm.3575]

Question for Todd. Do you have a cap on the amount of utilities you cover? For example $200 per person, per month for a full house of 4 people. If utilities are $900, do you average the difference to the tenants?

[@ToddBaldwin]

@@robertm.3575 I do not have a cap. I just say all utilities are included. It hasn't been an issue thus far.

[@The.Irving.Barajas]

Been doing this for the past 6 years, currently on my 4th home with 20+ rooms. Great cash flow I also have a free app that helps DIY landlords manage their roommates/room rentals

[@rosemariecampbell7205]

What is the app pls?

[@Cohabi_app]

@@rosemariecampbell7205I’m the app 🫡

[@ginoochoa9878]

@@rosemariecampbell7205 Hey Rose Marie! I found the link to the app in his bio! Check it out!

[@blainetanner5531]

Very helpful!

[@user-fq3xw9xq2u]

people should look up what the word discriminate means... it's not a bad thing.

[@crand20033]

The cash flow wasn't good at all 30 years ago. Things have changed with the shortage of housing and population growth.

[@nadianeculau8426]

Rentals are great but they devalue your property and the properties around. The consequence is that you end up having crappy, unsafe neighbours or neighbours who will always complain. One really needs nerves of steel to house -hack. I live in Southern California, where properties are disgustingly expensive and not a lot of trustworthy people to rent to. Rents by room in a medium house start at $700 +utilities+shared bathroom. It sounds good but you end up with high roommate turnover and angry neighbors. Parking is also nonexistent.

[@ToddBaldwin]

The parking can be a problem for sure. I make sure to only buy properties on huge lots with plenty of parking.

[@crand20033]

@@ToddBaldwin My biggest problem is the HOA will not let us park in the street.

[@crand20033]

I have had some really bad people renting a room from me. And I'm always glad to see the bad ones move out of here.