Why I Keep Empty Homes

[@fredyuldashev]

you have no idea how my future is being formed, simply by following your tips and suggestions.

[@lucybalyanify]

Me too

[@varrantgreen4259]

But do you even have any money?

[@KaiiAyrenNevaeh]

@@varrantgreen4259 Why the need to call me out? Let me indulge myself in fantasies for now.

[@thegeniusfool]

I can now see you with a notebook staring at his clips :-)

[@fredyuldashev]

@@thegeniusfool scandalous

[@OPM6906]

What he's saying is, don't be "penny-wise; pound foolish".

[@MsMedeirosCristina]

"You are your best asset". There's always something good coming out in your videos.

[@nomadcapitalist]

Glad to hear it, Cristina!

[@cosmichealth3907]

Love your smile Cristina

[@buildandthrive8596]

You make really good points! People around us often tell us to rent out our home while we are away. I don’t want to deal with the hassle. My home is my home and helps me to perform better indeed!

[@AnjleeBhatt]

I absolutely love the OCD and paranoia in this vid. Lock up and leave is exactly how I want to be. The only problem right now is the anxiety of not being able to travel and the worry of leaving a property empty for too long.

[@johnflynn4923]

If you rent it out it's not a home, it's simply an asset.

[@MumbiYamba]

True

[@crazifyit]

No. The act of renting it doesn't make it an asset. What makes it an asset is actually ending the rental ahead. If you rent out a unit and the tenants destroy it, but you don't learn that until you move out AND you can't collect money from them to fix the damage, for whatever reason, your rental just went from asset to liability! A rental property is NOT automatically an asset and it can become a HORRIBLE expense REALLY quickly!

[@weightlossresultscoach7082]

Rich Dad would say it's ONLY an asset if you rent it out. It depends on personal circumstances and what you value. For some, renting will suit them and I suspect in the near future governments, especially in western Europe will insist you rent it, as it's a vote winner to bash multiple home ownership.

[@otoattang2296]

Finally! i found someone who speaks my language. Money should brig comfort. I have like 5 chargers in my own home, just for me lol. Convenience is a major key!

[@DawnWilsonVideos]

With longer cords so I can use it while it’s charging without being in awkward positions! Haha

[@neilkasher]

Gone through this exact thing myself, I don't rent out my properties, I like them to stay how I like them so I can walk in and get to work, losing a few days income kills the upside of renting out for me, I prefer my privacy and my stuff just so.

[@petertoh355]

one question..if you have several properties not to bother rented out of not renting out.. when you are back to these properties to stay, would it be very tiring to clean it up just to stay in that property for say one week, month or so ..

[@as-1982]

@@petertoh355 There is nothing to clean up other than dusting. And you can hire a cleaner if you are a bit lazy.

[@K-L-K]

“Invest in your happiness” I love that 💓 Too true and tends to get overlooked too often. 9:02

[@peten409]

I call it the freedom tax.

[@ben3364]

The key is having a good rental manager: charges no more than 10% of rental fee, emails you the ledger each month, and makes sure the renters don't know you exist. I've owned/rented homes for years and run the numbers many times. If int rate is below 5% you are best-off paying smallest upfront possible, longest mortgage term possible, and having renters buy the place for you. Again, IF you have good managers. A home sitting, unoccupied, for a few months per year is as much or more liable to damage or catastrophe as if occupied.

[@ryankane9208]

I tend to agree. Having good property management is key, and I think it's a waste of resources to NOT be renting them out when you're not there. Just use AirBnb and rent maybe for two weeks per month. That's probably enough to pay the mortgage. If you have a cleaning lady who comes in after they leave, then you aren't cleaning up after them.

[@richardalbertyn6718]

Andrew does not need to pay mortgage, he buys his property's cash.

[@casualhustler6328]

your missing the whole point. it's not about the money, it'a about peace of mind and productivity, your stuff is where it belongs, it works as it should, no one going through your stuff, nothing is missing, no funny smells or weird energy vibes left behind. It is well worth leaving the home empty - that peace of mind money can't buy.

[@ben3364]

@@casualhustler6328 I hear you. Its funny you write this now, as last night I arrived to my home in Spain. I left it unoccupied for the past year for the reasons you listed. After one year of no one there, a leak developed. Now my wife are sitting in this cafe, pondering how to move forward with the thousands in damage (black mold, plus some pretty freakin funny smells). Talk about zero peace of mind.

[@casualhustler6328]

​@@ben3364 Sorry to hear that, but why didn't you hire someone to check in on the house periodically? That I don't understand - especially you being in real estate (I am assuming from your earlier replies) would know to never leave property completely abandoned - always have someone check in one them. When most people go on an extended vacation, they have someone check in on their home. Again, very sorry to hear about the issues in your home. I do hope they can be resolved quickly.

[@jasonfraser5758]

Well put Andrew. Rental property is rental property & ur homes ur home. Best to seperate.

[@jasonfraser5758]

Isnt the wedding coming up soon?

[@CatLola1212]

Very powerful point. Makes me think more and more on how to live my life that makes me most happy, healthy, creative and ... Productive. Thank you 😉

[@alteredillusions100]

That makes a lot of sense and it’s Next level thinking

[@sicshop]

I get it totally. It's something to look forward to as I strive to "go where I'm treated best" in all areas. I understand.

[@cr6129]

Thanks! To add a little more, I think some of the questions are wondering about keeping the property safe. Like do you only buy gated condo units? Do you befriend the neighbors and they ever give you updates? hire a security guard to sit in front 24/7 ? etc.

[@sexygeek8996]

Tenants might damage the place, steal your stuff, refuse to leave (and eviction may be difficult or impossible), contaminate the place (currently a big issue during a pandemic) or stink up the place.

[@sonyalynn4794]

Yes, and if Weed is legal or for medicinal purposes, it can be a huge problem to clean it out of your property. Also, bed bugs and lice. You are correct about eviction, very troubling.

[@jarrithosking6294]

I agree 100% I think having your own home where ever you move to is great and having it set up to your needs an wants and not wanting it tampered with makes sense to me. It is the way you need and want it - totally cool!

[@anthonyp5196]

Just bought your book.. Appreciate your videos. Currently have my second passport (Ireland/EU) being processed with the local embassy.. Working on different streams of income.

[@nomadcapitalist]

Thanks for the support, Anthony.

[@askmommy4282]

Comfort and simplicity(saves time and possible legal hassles).

[@KOSMOinfinite]

I have been exposed to situations where owning a rental complex abroad and keeping the master suite/penthouse unoccupied yourself. You get the benefits of cash flow production while still maintaining a private suite for yourself.

[@athomeinfl9598]

I just came across this Vlog and realized I live a very similar lifestyle to Andrew. I decided 10 years ago to begin buying properties in areas around the world that I enjoyed spending time. I always wanted to earn rental income on the properties while I was not living there, so yes that has been a bit of a headache managing my assistants and setting the reservations. Still, honestly, it gives me a lot of comfort knowing that while I do not need the money now, I am learning the skills necessary to be a good property manager, so I will be prepared and have experience if I ever need the income. As far as Andrews point, I would disagree that a property he will leave empty for 6-9 months will be all set and ready for him when he arrives. I have found that properties that are not used tend to breakdown more. I also like having property managers who can purchase any amenities I want when I come home. I'll have them fill the fridge, do a thorough cleaning, and have dedicated sets of linin for me. I also have them send in the upholstery cleaners to go over the mattresses, sofas, and carpets before coming home. Totally doable because I have learned the business. It's now just another skill set. Great videos and a ton of good content I plan on spending time watching. Thanks, Andrew.

[@nomadcapitalist]

Thank you for sharing your experience, and welcome.

[@davelawson2564]

you have valid points. you are smarter and more practical minded then the iphone charger bloke. LOL

[@newmoonmillion]

So agree!!! One challenge is getting good and trusted help to clean the place before you get there.

[@casualhustler6328]

I laugh, but I soooo understand you! I am the same way. I agree, it does matter to your productivity - mental and time-wise. Drives me nuts! Don't want anyone in my house but me!!! ...sooo nice to come home to a nice and peaceful house that is just the way I left it. Have a great day!

[@goldenincometrading6927]

Love your style and attitude Andrew - Lets put on 2019 New Years Seminar...Tommy Vee

[@RussellMKay]

One joy of this lifestyle is knowing you can and you don't have to worry about what mess or what was broken. Plus, most of these people have to have the tax credits just to afford to have a second home.

[@alfaeco15]

Totally agree. Why don't you rent your home? Because you can afford it. Or even better, because it is more effective for your profesional and personal life.

[@kelper205]

The biggest practical problem is that you cannot trow people out with short notice when you need to use the place yourself as well

[@gwillis01]

how do you prevent your empty properties from being vandalized and/or burglarized? How do you trust your property to be untouched by the far away locals?

[@christianjohnson4330]

What about security of your homes Andrew? Do you have cameras installed to make sure nothing happens while your away? Or how exactly does that work?

[@jalabi99]

If you're living in a high-end apartment building with a doorman, concierge, etc. security is a given.

[@petertoh355]

Just dont put too much valuables in the properties if you are a nomadic traveller.

[@MarcDeMesel123]

To let also loses freedom to go anytime u feel like. I do let friends stay for free but need leave place in - better - state (so let them do some upgrade and maintenance work that needs be done), but indeed all items same spot! (that some need to learn over time)

[@1bigbillz]

Wow. You’ve changed my mind. Well put, sir

[@edwarddench5342]

I’d never rent them out as described, but I’d consider a home share with two or three peers that I know well & that have interest in a particular season. Nobody does this in practice, but it seems to expand destinations without the same gross factor, and without worrying about managers. It doesn’t scale, doesn’t need to, and requires some trust

[@TheBaroness]

Thank you Andrew for your inspired knowledge in answer to that question I had.

[@transformativeexperiences]

Yes... Peace of mind is important! Andrew... If you ever get bored with what you do... Please start a dating platform for ppl like us... Who live around the globe, have several places they live throughout the year!

[@janesa5097]

from the first video to this one I watched them all. One a day and it is always great

[@Volteran]

I enjoy listening to intelligent people.

[@kennywilliamson]

whaaaa... you had me laughing with the rummaging through the underwear drawer...Whaaaaaa... exactly

[@Kevin-et5zs]

I like being an Airbnb host, and renting a condo in a nice city and country with far more rooms than I need. I've met a lot of new friends from far away. It's not for everyone, and I wouldn't rent to just anyone, but I do recommend trying it if you're the sociable type. I understand after watching this why you just want your place empty...of course, you might be surprised, like that guy in Amsterdam who came home to 30 squatters...

[@krishnabellani]

Andrew, you should make a video on the compound interest of all the tax paid every year to REALLY show everyone the true impact of their taxes, over maybe 25 years, assuming a million dollars as the income per year.

[@ericeverson5956]

This was another great video.

[@waza987]

What about simple flexibility. It seems to me one of the great benefits of having empty homes in different places is if something changes you can change your plans and go to one of the other places at the drop of a hat. Not something you can do if your property in that place is rented out.

[@nomadcapitalist]

True.

[@jasonfraser5758]

Isnt ur wedding coming up soon Andrew? All the best from Australia

[@nomadcapitalist]

Thank you Jason.

[@JRspeaking]

Is he marrying the Serb?

[@thegeniusfool]

For those in this thread focusing primarily, or at least secondarily, on rental buildings: this is just a convenience structure for his primary businesses. I am sure that if he knew he could get $100k+ per month in profit, he'd rent them out. But with a handful or so of units, and maybe $12-15k, and my guesstimate of his monthly profit of some $190k, it's definitely not worth it.

[@TheDtfamu89]

Translation: I just don’t want folks in my crap.

[@enjoystraveling]

I know this is a relatively old video, Andrew, but at one time I rented my parents house since they somewhat died young and the people who rented it had a divorce and they left without paying last month rent, not so big of a deal because they didn’t destroy the house, but that meant I had to scramble to find someone else to rent it

[@Anthony-pn4rr]

Thanks. BTW how do you manage burst pipes and other risks when a house is vacant?

[@wozzco8111]

Setup your homes smart with secure remote cameras and systems that monitor things. And in those unforeseen situations like burst pipes, have insurance 😉

[@Anthony-pn4rr]

Nice, thanks👍😉

[@maimkim]

Wow, good question and answer. Thanks guys.

[@rayfinkle9369]

Engineering will show up the moment a neighbor complains about a leak from somewhere. They'll contact the owner and get permission to go in. It has to be fixed and they will access the condo if you don't open it for them.

[@SpydieFan]

Couldn’t agree more, I’m always confused why someone would want to rent out their vacation home. The entire point of having a vacation home is that it’s yours. If you don’t care about that, just stay at a hotel or rent a house on Virbo or AirBnB. If you want an investment property than do that, why mix them together.

[@nomadcapitalist]

Good point; people often conflate two goals.

[@ticktock2383]

Truer words were never spoken . . .

[@jerrydouglas4583]

Air Bnb, and have a local be your property upkeep. Use the profits to pay them and have them plug in your chargers before you arrive.

[@btfdx]

Problem is your place will be dirty when you arrive from the airport. You’d have to clean up the place in your jetlagged state before you can rest. Or do you permanently leave a set of keys with someone that can clean up the place before you arrive ?

[@rexthefrenchie8568]

that's right, in Singapore you should not rent out anyway, one apt 1.8m SGD +... rental only 2800SGD...make no sense to rent out... lol.. in china also no need to rent out ... empty house can make more money when you sell it .....

[@katiekelley3984]

I agree, it isn't home if others live in it when you aren't there, might as well stay in a nice hotel.

[@DavidWilliams-qr5yj]

On this video Andrew I could not disagree with you more. Now if you’re the kind of guy that likes to pick up and travel between houses willy-nilly maybe. But I have made my fortune in rental real estate. And I am older now and I stay mostly in my home in Chiangmai Thailand. And enjoyed traveling keeping one primary residence but renting the other homes. It works for me. Happy as a clam One thing I learned is I don’t have a passion to make more and more money, I have learned to control my expenses and live on less. But still maintain a 6/7 figure lifestyle

[@robertomanz6399]

live in manhattan , nyc in the posh east village and for all the reasons you mention i have never subletted ! i travel a lot abroad and would never have peace of mind having strangers in my home. very good points you make here and fully concur. a lady friend of mine did sublets and her stories were incredibly bad about what people did to her home in her long absences from her manhattan home, so right on andrew, all accurate points, R

[@MarkH10]

A parallel historical story. William Randolph Hearst had a 30 Billion dollar fortune, and homes in perhaps 10 States. His business could pull him across the nation in a 'moment' as they defined itv125 years ago. He got tired of arriving unexpected. Learning the staff he awakened at 1am had a set schedule for shopping, and effectively he had no food, or it will take an hour or more. He decreed that each chef in each home cook a goose each afternoon, and place it in the icebox. If it was disturbed in the morning, he was there, make meals expecting that. If not, distribute it to staff. BUT he always had a tasty morsel to eat no matter which home he arrived in, no matter what hour. I'm certain it did cut into his $30 billion dollar fortune, poor guy.

[@nomadcapitalist]

Interesting story; thanks for sharing.

[@sofiasofia8726]

Good thinking

[@klwthe3rd]

When your wealth level gets high enough, I'm guessing the rental income isn't worth the hassle. I wish Andrew would sell his contacts list for those of us who don't qualify to work with him one on one. 🤔

[@VwapTrader]

If he sold his contacts list, it would be worthless after the 2nd or 3rd person who uses it because the contacts wouldn’t be able to feasibly deal with hundreds of callers like you or Me. You have to build yourself. You are your best asset. Quit looking for external help when you can help yourself in numerous ways.

[@ilikeshroomgals]

Good video , good advice as always.

[@elsbells8545]

For me it is the best you can do, buy for each apartment or whatever property you consider in your portfolio, what is needed there, and travel minimalist, otherwise it will cost you money for dragging along and headaches, I hate that dragging along unnecessary things..... just saying....

[@cf9240]

Hi, I've been enjoying your videos, super fun and informative. Question: How do you set up accounting for multiple properties internationally, and/or in the Us as well? A company that baskets all of them, as in an LLC? How about banking, if you are moving all around, do you 'nomadically' operate your properties consolidated in only one place? Thanks.

[@irfannadeem9664]

What about keeping the house safe when you are not living there... Could you please tell...

[@TheDividendExperiment]

Also curious about this!

[@daveray5655]

I would assume a property management company

[@sonyalynn4794]

You do have to be careful when renting out your home. You have to know the laws involved too. What if the person who rents no longer pays rent and trashes the place. What if they fall, trip and want to sue you? I am sure there are different laws, rules as per country. I think he is being prudent. However, if I had a trustworthy family member, business partner or friends, I might let them stay.

[@overbuiltlimited]

Couldn’t agree more. I don’t use coupons, do airline or hotel miles for the same reason. I just can’t be bothered with things like that clouding my mind. Life is complicated enough without having to worry about how many miles I need to get a free flight (that is going to have a ton of restrictions by the way). Are you really going to feel it if you save $1 on some food product? It’s just not worth it.

[@laylalayla5364]

Andrew, if you need to rummage through your bag to fish out your phone charger, you have clutter :)

[@charleskeyessr4288]

I'm in the process of looking to buy 15 villas to rent out in vacation cities that pay $500/night. It's a good way to save a college fund. Making over $2.5 mil every year, I don't care about the wear and tear in the house.

[@albertinsinger7443]

Hassle with taxes on income from rent and dealing with rental agents is not worth it in most places in Europe.

[@Mik-rs3xv]

At least, you could rent them for a better return than the inflation and some no-risk bonds.

[@1Melody1963]

Having owned rental property in the past, even with a property manager in place, was enough for me to know the answer to this before the video started. In short: why would anyone sign up for that nightmare?

[@waelben2000]

That's not the question. The question is how did you get the money to buy them?

[@renasouza8261]

my dad rents out even his own garage, but he makes all his money from real state so it makes sense for him, for instance he doesnt try to make money by making his own bread or by fliping cars, if you have a busines the best investiment is your own busines, everything else will take away the hability of your main business to make money

[@MsClaudiaDuran]

What about paying utilities in all these properties? It would suck to come home from the airport, only to not have wifi or running water?

[@UKxKDH]

Great video! You’re hilarious btw!

[@nomadcapitalist]

I`ll take that as a compliment 😊 thanks Kiara

[@oiramet]

I wouldnt mind living in Kuala Lumpur. Malaysia is more developed than the USA. More personal choice and freedom.

[@zulikkowalski3547]

I wouldn't want anyone in my place

[@craigshak]

As for whether owning properties for rentals is good or not. Sure if you suck at the business then you should Not do that business . Let’s take a celebrity chef who has shows and restaurants all over the world and is worth hundreds of millions. He will say that restaurants business is great but most restaurant owners have a very tough time making a living . We have a very successful rental both short term and long term units that we have been at for a long time . Can everyone do it . No . It takes time patience processes Systems and people to do it well. Just like any business some are successful and some are not. There is no one answer that fits.

[@swirlcrop]

What about squatters?

[@kristycopp447]

Plus too, it's your home, you can do with them as you please. If these people can't figure out that you're an intelligent person who does his due diligence plus you have 30-40people to brainstorm with...plus your wife, then they are blind...tell them to mind their own business..

[@kashmir140]

100% agree

[@missunique65]

I don't agree . the cost of borrowing is so cheap. tie up cash in real estate? never - RE is the worst return on investment. do you see warren buffet buying real estate? he's been living in the same house for 50 years.

[@towaritch]

My wife made me buy 2 houses in the same small town. I shouldn't have done it it's stupid. Now I "travel" between the 2 houses.

[@enochthestud]

I was wondering, is having a credit card really necessary? Because I live in Taiwan, and the majority of businesses prefer cash

[@rexthefrenchie8568]

but USA house , better rent it out ... otherwise with the bad quality of roof.... like Texas.... better have people live inside watch out for you...lol

[@eamonnmckeown6770]

Neither a borrower lender nor renter be.

[@scrappychildhood6633]

200k in cryptocurrency what should I d0?

[@FrasiIndelebili]

Why I Keep Empty Homes: iPhone chargers.

[@davelawson2564]

lol

[@McMovesdotcom]

I feel like you and Tim Ferriss need to get together and bless both your audiences.

[@MyriamTT]

You have to have employees to take care of the houses, keep them clean, etc. That is nuisance enough for me.

[@eugene8524]

Is it good to be a millionaire?

[@user-lw4qk9gg7x]

what about cleaning

[@boboneill6554]

The juice has to be worth the squeeze. Usually, it is not.

[@CountryGentleman]

lol the paranoid bit was the most likeable you have ever been.

[@usamaconc]

If I am not the owner, can I re-rent the unit to someone else? I am taking about Malta. Legally

[@patrickmcshane7658]

Can you own a resort with your own room?

[@tomasskirpstunas4329]

1st. you need to lover your insulin levels. 2nd to level up your testosteron levels. and 3rd. make family in every country. thats a challange. :)

[@VwapTrader]

Why would you want him to have bastard children everywhere?

[@mama-cg5ri]

16000 dollars a year is nothing...

[@Supergecko8]

when you do business your time and efficiency can be worth much more

[@patrickmcshane7658]

Wow. Flying a flight that goes from one home to another.

[@petertoh355]

Many people do that now... not the super rich but the people who follow the weather...in Chinese we call this people weather birds, they follow good weathers to decide which part of the world to live tomorrow. Don't need to be super rich but definitely must not be poor...LOL

[@missunique65]

I know a lot o f people that used to buy properties as investments - they got out of the game. bought reits instead. haha

[@MrMurysa]

I hide chargers from my husband.

[@cherylkelly8009]

You just want to be home - I get that :)