Should I Keep House-Hacking?

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[@johnollie6477]

Debt free scream!!!! Hey everyone. As of today, my wife and I don't owe anybody anything. All our assets are fully paid off. The final $229k mortgage paid off in 34 months with plenty of hard work and sacrifice. We haven't been following the Ramsey programme but agree with most of the things he says. You CAN do it. Best wishes, John in New Zealand

[@joshlonon2614]

Why does he sound defeated?🤣 he’s crushing it

[@Fc9ers]

standards

[@TtheAlien]

that 100k isnt real until that wire hits

[@raymond_sycamore]

too much Dave Ramsey videos in his feed.

[@Yogastrong908]

He has a spending addiction so he’s likely in debt and he’s dependent on roommates to pay for a house he can’t otherwise afford. Stupid on his part.

[@lombardo141]

Probably hates his room mates

[@drn13355]

Dude sounds totally depressed.

[@FlutterSwag]

Yep, im feeling his vibe

[@justinecorrington4106]

He wished he didn’t need roommates. He probably assumed he would house-hack where he didn’t have to pay anything towards mortgage. He’s literally only pays $300 towards rent.

[@Nathan69087]

Yea lethargic

[@johndawson7121]

His plan worked well…whats he complaining about?

[@19hundoc47]

He had a financial question. Is that ok with you big guy?

[@The_Food_Police]

I think when you get that successful you just feel like maybe youre missing something. It's hard to sit there in your success without feeling like youre not doing enough.

[@PizzaMan5000]

It didn't work well.being in debt is mentally draining and he is feeling it. Also living with 3 roommates as an adult male is not desirable when you are their landlord.

[@Jaguar7444]

@@johndawson7121 there's a balance of feeling you've done enough and there's more you can do. He's probably comparing him self to a more successful peer.

[@johndawson7121]

@@PizzaMan5000 Being underwater in debt is draining…. Deciding whether to keep getting your house paid for every month or cash out 150k grand in equity is pretty chill….

[@mominthe209]

No one brought up the point that he will grow into this house. He will eventually get married and have kids. I know roommates aren’t optimum, but how many 26 y/o adults are in this position?

[@Yogastrong908]

He has a spending addiction which almost certainly means lots of debt. Also banks don’t tend to loan people making 100K over 500K.

[@georgewagner7787]

​@Yogastrong908 I only make 25 and they loaned me 62

[@lindawilson4625]

He sounds so crushed. He's doing better than he thinks...especially at 26! Ride it out because you will need this larger house sooner rather than later.

[@The_Food_Police]

I would stick it out and pay cash for a nice home that you'll live in all by yourself.

[@christians131]

Genuinely don’t understand what’s the issue with his situation. I don’t see any evidence to suggest interest rates will return to where they were in 2022 and housing prices don’t seem to be going down either. He has more options and opportunities than the majority of 26yr old Americans

[@tinsleyLuna]

I am regretting not investing in stocks ever since but still grateful i kept money in the money market. With about $200k maturing soon, i plan investing in the stock market. What stocks should I look into as a newbie to safely grow my money?

[@VanChuong-on2gh]

Thats when you hire someone to manage your money. You need a (CFP) straight up! personally, I would invest in ETF's and also love investing in individual stocks.

[@TommyChong677]

I took charge of my portfolio but faced losses in 2022. Realizing the need for a change, I sought advice from a fiduciary advisor. Through restructuring and diversification with dividend stocks, ETFs, Mutual funds, and REITs, my $1.2M portfolio surged, yielding an annualized gain of 28%.

[@mandyyonge]

Your advisor must be really good, how I can get in touch with them as my porfolio isnt doing well.

[@TommyChong677]

'LUCIA ALICIA CRUZ’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@mandyyonge]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@jimmymcgill6778]

I hate the term house hacking. They are just roommates.

[@karenjensen2345]

The difference is he owns the house , roommates generally both are renting.

[@jimmymcgill6778]

@@karenjensen2345 There's no difference.

[@mustangthings]

It’s in the same family of stupid terms as “side hustle”.

[@EsiriE]

I was so confused, LOL. I’ve never heard this term before.

[@morpheus6609]

@@jimmymcgill6778 Actually, quite the difference. He owns the home and is ultimately responsible for it. The tenants can just leave whenever. That's like saying there is no difference between the landlord and the tenant. I would much rather be an owner vs a renter especially in this situation. This guy is building wealth for himself instead of someone one.

[@zhenshan456]

the buying and selling process is expensive. Everything before you buy you need to decide to hold 7 years+ to not lose money. If you hat to share space with roommate, rent your room out and rent a studio your own.

[@grabthemappodcast]

Love the idea of turning a "mistake" into a positive step forward. This video is super encouraging! You explained budgeting for the house hack in a way that's super easy to understand.

[@YetAnotherCarnivore]

I wish I had that at 26

[@The_Food_Police]

I know right

[@claytf4816]

I wish my name was Oak.

[@MaryLawson874]

just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point

[@EdmundEthan093]

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge

[@roxdietren]

@@EdmundEthan093 Very true, Despite having no prior lnvesting knowledge, I started lnvesting before the pandemic and pulled in a profit of approximately 950k that same year, In reality, all I was doing was getting professional advice

[@AlfredStephen127]

@@roxdietren How can I participate in this? I sincerely aspire to establish a secure financial future and I am eager to participate. Who is the driving force behind your success?

[@roxdietren]

​@@AlfredStephen127 I'd say a little due diligence " Jessica Dawn Walters" truly exceptional

[@AlfredStephen127]

@@roxdietren Thanks for sharing. I curiously searched for her full name and her website popped up after scrolling a bit. I looked through her credentials and did my due diligence before contacting her. Once again many thanks

[@johnny83746]

Dave shutting down John going down a rabbit hole with the shopping addiction 😂

[@DericAnslum]

...70% of Dave's comments are shutting down/interrupting/talking over his co hosts... ...including and certainly not limited to his own daughter...

[@royh2618]

Not everything is a hack.

[@jessewilson-music]

As many have noted; he sounds depressed. He's got an overall negative outlook, seems unreasonably worried and it's a chore to squeeze a chuckle out of him. Maybe it's his normal disposition, but something tells me he's struggling with something other than finances.

[@petermorey4197]

He's going to eventually need a house just like that. Just get serious and pay the house off in a few years. Then lose the roommates if he wants to. Why sell, buy and then sell and buy again down the road? Closing costs are no joke.

[@leahtalksmoney]

Exactly! The hassle of selling and then buying again is a no thanks for me. He’s not in a bad position at all! Hopefully he realizes it.

[@lifeforgod07]

House hacking is such a good way to get ahead especially for young people. I don’t think he made a mistake. He’s just being too hard on himself

[@angelr4429]

Guy makes $100k a year and can walk away from this house issue with $100k. What’s his problem?

[@jeremywheeler2122]

Rich people problems 😂

[@davidbrayshaw3529]

There is no problem. He has options.

[@georgewagner7787]

Closing costs

[@georgewagner7787]

And probably higher interest rates now. He should stay put

[@JT3446]

There’s something deeper here

[@random-nz7dy]

Welcome to reality vs social media. Having to be a landlord is stressful. Knowing that if somebody randomly moves out you could be screwed for a while is trustful. Always being worried about somebody else trashing the place you own is stressful. Having to deal with tenants coming to you with issues is consuming of your time. He thought this would be passive and it's not. But he's more down than he needs to be. Just saw the house and take the money and buy your own house. Not difficult

[@georgewagner7787]

If you have a good agent, you get good tenants. Costs something but it's worth it. In my case, her fee is the security deposit so I don't pay it until tenants leave.

[@genxx2724]

My friend bought a house in Scottsdale and had one roommate. The roommate burned a large candle outside on the concrete next to the pool one evening. She didn’t take it inside when she went in for the night. The candle sat out there all day in 100+ degree heat, and melted into the pool deck, marring the concrete. That’s roommates.

[@vickie_hearne]

He hates his roommates but doesn't want to pay more for his mortgage. Oh well

[@georgewagner7787]

I rushed last year too so i could get the mortgage before retiring. It needed work. But its done and its ok. He might want the bigger house if he meets Miss Right

[@columbus400]

I didn’t know what house hocking was five years ago, it’s one of the quickest ways to build wealth instead of jumping right in like 99% of people ,and buying a (liability) large single-family with a white picket fence. I purchased a duplex in 2020 lived in one side and rented the other , one door covers the full debt service I was essentially living for free with the tenant covering my mortgage. Now I moved out and it cash flows well. Best decision of my life.!!!

[@georgewagner7787]

I tried but in the area it seems difficult to get good tenants who can't afford to rent a 1 family. Previous let the dog eat the doors and wee down to the subfloor and the bathroom was busted up. Oh well. I got a 3 apartment house instead

[@leahtalksmoney]

@@georgewagner7787I agree with you. I was lucky with a good tenant but the house I had was ancient and was on the verge of thousands of dollars of repairs.

[@raymond_sycamore]

Dude has it made in the shade. Total CHAD!

[@bmaiceman]

Im Stuck witj my Friend as my room mate because i cannot afford to grt my own place. My room mate..MY ONE ROOM MATE is killing me mentally And im depressed all time. And this is taking in miltiple ppl!!!!!!!!!! Omg!!!!!!!! Im depressed, tired,,lonely, dont feel like i csn grt a relationship, and under terrible stress to the ppint of thinking of opting out !!!! Good lord

[@Michelle-bw1xg]

Perhaps a different roommate will support your mental health. Life has its tough seasons but hang in there for the better times to come!

[@EsiriE]

Are you okay? Please go speak to someone and consider getting a new housemate if you’re able.

[@TheAdventuresofSnickersandMinn]

Great advice! Set some goals ❤

[@SquirtlePWN]

If he puts the extra $1000 each month that he would spend on a smaller house towards his mortgage now, sounds like he could just pay it off fully and have a nicer larger house and keep it all to himself in 4 or 5 years tops.

[@georgewagner7787]

We did that with now 2 small rental properties. Interest rate WAS lower. Put almost all the rent against the mortgage. Paid one in half the time , 7 1/2 years and the other in 9

[@EricMoore790]

I house hack too by living in an apartment full time.

[@Yogastrong908]

He definitely put himself in a hole here. Sounds like he’s one emergency away from this whole situation imploding in on him. Stupid decision after stupid decision here.

[@barnabusdoyle4930]

If he could tighten up his spending, he would be fine owning the house in his own. He said he makes $100k a year right? If he got the house with a $400k mortgage in 2022, he likely has a 4-5% interest rate giving him a $2200 a month payment. At $100k a year, his take home is $6k or so a month. He could easily make that mortgage. His spending habits need to be adjusted but that’s all he needs to do.

[@Yogastrong908]

@@barnabusdoyle4930something doesn’t add up either. For one it sounds like he’s in debt which wasn’t covered here. I’d also want to know how much the down payment for the house was for and if he even made it.

[@JoeRNNE1]

This guy sounds utterly defeated, yet he's under 30 and making over 100k a year. When he says he does not hate it, I don't believe him for a second. He should sell the place now while values are high and move into someplace smaller that he can afford on his current salary.

[@stephenadams6455]

He makes 100,000 a year. Dave said year and a half to two years to save another 100,000. Thank you house hacking!

[@percivalgooglyeyes6178]

Hack for another 4 years and then move on and sell it. He'll have a lot more equity and interest rates will likely be lower.

[@aliciaohara8794]

We bought a house in 2012 for $230k that everyone said we shouldn't. It's now worth $700k 😅 If we had done "the right thing" we may not have ever landed in such a good position.

[@Helibeaver]

If you plan on staying in the house, what its worth is irrelevant, and just results on paying more taxes and insurance. If you sold you would still have to buy another inflated priced house.

[@georgewagner7787]

Or they could get 2 and have rental income

[@Mr.Boring_Man]

A single person buying a 4 bedroom home is insane to me.

[@bobjames6622]

Why is it insane? Guessing you're just VERY jealous as you cannot afford to do that.

[@thedopplereffect00]

I did because it was close to work and in better shape than the smaller houses farther away. Sometimes you don't have a good choice

[@TheLuciddreamer79]

I'm sure he'll find a trophy wife eventually and fill it with a few kids and a dog or two, as is tradition.

[@georgewagner7787]

And it depends on the market

[@Snesboy09]

I have an older, smaller 4 bedroom house close to work for 145k :)

[@aaronmurphy8796]

It’s so funny this caller teed it up for Dave to be unfair to the house hacking concept and Dave actually went for a balanced response . I’m glad . This dude made a hundred k - what are we complaining about ? Hats off to Dave on this one . I did not expect that .

[@ferenczbabinszki7699]

he is too emotional. we all have done and I'm sure we'll continue down the line to do could have should have would have deals and decisions. he is stuck in the past he needs to move on

[@dankolbenschlag2188]

Saves co-host looks like a mid- 90's metallica era Jason Newsted 🤘

[@dankolbenschlag2188]

* Daves

[@AnalyzeStocks]

I’m the exact same position as this guy but in Raleigh, NC. It was one of the best decisions of my life!

[@sharkdom]

Humble brag call in disguise

[@barnabusdoyle4930]

He definitely needs to hold onto that house. He will need one just like it in the future. He has so many options right now because he owns that house. Keep it and either move out and rent it, or see if he can afford to keep the home with his income.

[@georgewagner7787]

He could go back home since he regrets not saving

[@barnabusdoyle4930]

@@georgewagner7787 It’s strange for him to regret not saving up money when he said he blows his money on stupid stuff constantly, isn’t it?

[@t20594]

A 2 bed better be 175 250 on 2bed is ludicrous

[@georgewagner7787]

Come to nyc, you can only get a garage for that

[@aaronmurphy8796]

This guy sucks . Let’s break this down - he feels had he not bought this house he’d have saved a down payment -In fact he’s saved nothing despite only having a300 dollar out of pocket for rent this entire time - it’s not clear that he’d have saved if he’d been at home - so actually had he not bought this house he’d probably just be sitting in his parents basement still with no savings And he feels this ended poorly for him . -but because he bought the house instead he made 100k that’s not taxed

[@rh7968]

Poor guy sounds so burnt out. 30s is going to be rough

[@bettysmith4527]

Sell it! This guy is not a very good communicator!

[@stevenporter863]

This caller is the poster child of why housing is so expensive. Supply and demand. He should sell and save up for another house. If something changes or the renters can't pay he is 1. Stuck with that house and 2. Gone are his plans of buying a smaller house.

[@gtamantube]

Shoot $300 a month sounds like the reason you house hack…

[@mikemcconeghy4658]

I suspect someone is making money and has no honey.

[@liorap5636]

Maybe he would like to get married. Can’t do that in the current living situation. Surprised nobody asked him this.

[@Ryan_Lowe]

Similar situation for me. 24 years old. I bought a 2 family property last year and wish I tossed the money into index funds. I don’t like being a landlord and hiring a PM would bring me negative cash flow. Considering selling and 1031ing into a new property. Anyone know if it’s possible to 1031 from an investment property to a primary residence?

[@georgewagner7787]

Don't know anything about that but being a LL is easier when you live elsewhere

[@JesusSportsNature]

Thank you for the video!

[@j0yfulblessings]

Why does he want a smaller house? Youre building equity either way. Just throw as much extra to the balance as you can without getting a prepayment fee.

[@georgewagner7787]

NEVER get a mortgage with a prepayment penalty. Nor an adjustable rate. NO NO NO

[@j0yfulblessings]

@@georgewagner7787 I'm assuming it's too late for this caller though. We were also young when we got our mortgage and didn't know better. We have never had enough extra any given year to go over the max amount before getting a fee.

[@Shopgirl1]

Hey…im first!😂

[@plumbingHVAC_sports]

Ya

[@19hundoc47]

No one cares

[@Shopgirl1]

@@19hundoc47 then why’d u comment😂

[@jonathanhendrix4997]

Low key humble brag

[@timmymiron2727]

The guy sounds depressed

[@janeoleary8454]

Eeyore personality

[@sunayyaldz5274]

He just saw tenants are too much work and regretted. He just wants his own home without having to have tenants. I would say, he should sell and get a smaller one he can afford. The psychological burden seems to be getting him.

[@cianlernihan6417]

Enjoy your youth and chill out. It’s only money! People on this channel take life far too seriously. I’m not saying blow cash but relax a bit. You’re already way ahead of the average person. Party with your friends in your huge house and enjoy life!

[@joelmartinez2278]

He sounds snarky....kind of guy who would make someone feel guilty because he got them a gift

[@janeoleary8454]

He's annoying

[@philipgerry5228]

It sounds like he’s tired of the hassle of roommates and collecting rent.

[@dankolbenschlag2188]

A song off metallica, Load For the show intro would be fantastic 😎

[@Jaguar7444]

He has a good situation but not sure if he wants a better situation. Sounds like he has options.

[@firstlast4165]

Eventually I would get sick of living w roommates but that’s about it

[@barnabusdoyle4930]

My guess is that he wants a house he could easily pay off. He is not looking at this properly. He owns a half million dollar house and can likely easily afford the mortgage on his own. There are so many options he has because he owns the big house. He will eventually sell the house and regret it in 3 years when that house is selling again for $700k

[@jeremywheeler2122]

It's the only way I was able to pay off my house in 17 years. Sounds like he bought a lot of houses though.

[@orhbo0]

Ok … so now he’s got a house that would be ready when he gets married with kids. Those 2 years are GONE. NO regrets. Can’t turn it back now.

[@Yogastrong908]

If the roommates aren’t there he can’t afford the house. He made a dumb decision.

[@orhbo0]

@@Yogastrong908 but … they will be there or else they will be replaced, not everyone can afford to buy their own houses right now

[@Yogastrong908]

⁠​⁠@@orhbo0they will be replaced if he can find someone. He’s also been quite lucky. No maintenance incidents in two years isn’t the norm. He’s taking a lot of risk for the dream of a paid off house in 15 or 30 years knowing that unless he constantly has tenants eventually the house will become unaffordable for him. One or two bad emergencies can very easily wipe out everything he has.

[@georgewagner7787]

His wife will have an income

[@HOLDXSTEEL]

He’s not even making his mortgage

[@djtomeson]

dont make decisions based on fear or scarcity

[@19hundoc47]

By that logic you wouldn’t have any TP when Covid hit

[@jameswhipp3221]

This guy speaks in a strange way.

[@johndone8045]

Wtf hes fine whats he worry about

[@MaryDoherty-q6b]

Great video, very accurate analysis. In my 4.5 years in the game as a watch collector and enthusiast, I collected a lot from MaMaCoo I was thinking I was able to get a blue SD but I'm not vip enough, but I'm not giving up. Hehe. Great video.

[@FiOSFellow]

As always, John D trying to stay relevant by turning everything into an addiction.

[@jessicaaguirre1755]

I saw a video you did 3 years ago about nonprofit organizations and was hoping I could get some advice as to getting my 501(c)(3) and whether or not to trust these organizations that say they can do it for you. My NPO is also my ministry. Govern Ministries (a nonprofit organization that focuses on helping girls from preteen to 25 years of age recover from trauma and/or abuse while providing a supportive environment where girls can learn about trauma recovery, self-esteem building, healthy relationships, recognizing red flags, learning to say no, self-advocacy, self-confidence, self-love, and self-care. We will host workshops and I have the curriculum set, EIN number, budget plan, vision, mission, goals etc. the main reason I need it to be a nonprofit is for the great cut in cost for renting the classroom spaces and procuring the materials.

[@georgewagner7787]

Find someone already doing it. They can advice you better

[@camkirby2913]

A one bedroom house ?

[@JuanRodriguez-vp7cz]

Caller sounds full of it !

[@AdinnaMullins]

I wonder what the best opportunities to invest now are, there are opinions but a little later I find out these opinions don't matter as a totally different turn of events play out with the stocks they discussed therein...

[@Melleigh-sz7oc]

If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.

[@TaraThompson-ze3km]

Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again.

[@SheyMillheiser]

That's correct. At first, I wasn't too pleased with my gains compared to my previous performances, I was doing so poorly, I thought I needed to diversify into better assets, so I got in touch with an investment-advisor. That same year, I pulled a net gain of 550k, which is about 10 times more than I average on.

[@AdinnaMullins]

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.

[@Melleigh-sz7oc]

THILO MOUKOKO is one of the finest portfolio managers in the field. He's widely recognized; you should look him up.

[@nealfeatheringill2091]

These 26 year olds buying half a million dollar houses is insane

[@georgewagner7787]

It's not too different. My parents bought a house for 22k but they only earned like 5k. Had to get the down payment from grandparents too

[@nealfeatheringill2091]

@@georgewagner7787 thats way different

[@Jaguar7444]

Second

[@HOLDXSTEEL]

TRUMP FOR SURE NOW!!!!

[@simlife445]

4 bed house 0 xoxo let him suffer... who da f buys ahouse wihth even 1 kid a "super rich not rreal job worked to a hrassing adultmakng 3x what u do...

[@bigcatdaddy7573]

This guy doesn’t sound to bright.

[@do_ob85]

I think John’s time on this show will be done soon. When he’s with Dave he just reaches for things that aren’t there. I like him and wish him well

[@ruthirwin8222]

What is house hacking

[@sarahmiller8604]

A new term for an old strategy--buying a house and filling it with roommates while you live there to pay your mortgage. For example (and as you may already know) people do this when they move out of the dorms in college (or instead of living in the dorms). Their parents buy a house and they invite friends to rent rooms. Then, they either stay in the house, the parents keep it as a rental, or sell it. Meanwhile, they had a free or inexpensive place to live, and the house probably appreciated while they were there.

[@davinasquirrel7672]

Ruth, I had not heard of this term either until right now. With the explanation, just an old concept with new fancy buzz term.