WATCH THESE NEXT: House Hacking Ultimate Guide Breakdown: ruclips.net/video/IWutkNGNR0A/видео.html Using Downpayment Assistance to Put $0 Down: ruclips.net/video/kpvvpv344N0/видео.html Deep Dive on 10 Different Investing Strategies: ruclips.net/video/OQyDkTQKZo0/видео.html
House hacking is my next next goal. Thanks for sharing these strategies! Do you recommend letting tenants know you're the landlord or do keep that private and hire a property management team?
I personally don't mind letting people know I own the property, I think that can make them more likely to follow the rules and treat the house kindly. If it makes people uncomfortable, they can just say they do property management for the owner.
Couple of things you didn't really address. Sure, when you move out you will get more rent. But is it still going to be operated as rent-by-the-room after leaving? If not, rent doesn't just double when you go from 1bd to 2bd. Second, I assume you're not going to continue the manual upkeep after moving out, too. Shouldn't you also model in those costs. What else changes? These are things to keep in mind when you have an audience of noobs...
Hey Lili, love the content. I tried to access your calculator, subscribed to your mailing list, and haven't received the calculator yet. Any help you can provide?
Good info! I love your sweater btw. I am passionate about teaching & promoting swahili language. Those words are Swahili words. I have a business called Kiswahili Kizuri.
Im kinda hesitant because my state which is Illinois has the second-highest property taxes in the united state. And I feel like that will be my downfall, any advice? Note I know property taxes are high everywhere but my state is on record.
Hey Lili! I usually don't leave comments on youtube but I just had to this time. This video is so great!! You speak so well and explain things very thoroughly. I am impressed. I watched the whole thing through because you just kept answering my next question, and you offered information that I didn't even realize I was wanting to know. Really great job! Thank you so much!
I found out what house hacking was from TikTok, but you explained it much more thoroughly and made it easy to understand while also showing the road bumps there could be. Thank you! :) my goal this year is to do this and you made it much more easier!
I stay viewing your videos and I decided to download your calculator to compare vs other mortgage calculators. For some reason yours is coming up over $1,000 short on the PITI compared to the online ones I've used. Can't seem to figure out why, I triple checked and can't get them to align.
Hi Lili, I am closing on my first property in Edgewood, Maryland on May 5th. It's my first time learning all this but I am short on funds because I am young and buying this Rancher Single family home property on my own. My property has a garage apartment that's vacant, manufactured home (bad shape) but has tenants paying $950/month currently. I have a finished basement that has 2 large rooms, 1 bath and a separate room for the washer and dryer machine. I don't know if I can turn my basement into a livable space because I don't have 2 egresses and I would have to add a small kitchen. The garage apartment has kitchen, shower, living room, bedroom but it needs appliances like a washer/dryer and stove. What would you do in my situation? Would you first rent out the detached garage and then rent out the basement? I don't want to rent out the main level of the house. I just discovered your channel, subscribed, and I am loving it so far.
I want to say thank you for the info. I'm new to this so I have a lot to learn. I was going to try to buy a house next year but with Corona I lost my job. Which I'm sure I won't qualify now, but I just started my LLC. I'm wondering if it's a way for me to use my business account to get a house loan. I hope someone can help me.
Hey there! That's a great question to call and ask a local lender, as everyone's situation is different based on income, credit score, etc. Take the 30 mins out of your day to call and ask a professional and you'll get the exact info you need! thanks for watching :)
Easily one of the best videos on House Hacking. I have to say, I love that you’re specifically focusing on house hacking, Lili, because that’s exactly what I want to do. Definitely going to consider that 30 minute call with you. Currently saving up for the down payment and my dad said he’ll help with co-signing, but you mentioned in another video that getting a co-signer could be an issue because FHA will require all signers to live in the property, how did you get around that obstacle? Keep it up! Here to support you all the way, girl! 😊👏🏽🙌🏽🔥
Thanks so much Akhil! Yes the co-signer can be an issue if you're buying a multifamily property. You can go conventional 3-5% down, or look for a property that can be easily converted into a multi family but is registered as single family. Keep it up you're nearly there :)
Another useful, practical video that's not too overwhelming for beginners! What do you think about the issue of buying a duplex or triplex that already is fully tenant occupied. I think if I actually start looking seriously in the future, I would look for a place with a vacant unit to move into. I don't like the idea of evicting tenants just so we could move in. But I keep seeing properties while casually browsing that seem to be filled already...
Thanks for watching! I think that's a really good thing to be thinking about. I also don't like the idea of making someone move out so I can move in. If you can only find already occupied properties, you can ask when the lease ends and if any of the tenants are already planning on moving out. Ask your lender because you might be able to purchase the property and then wait a month or two until the natural end of someone's lease, but definitely double check with your lender so you're still within the FHA move-in guidelines. Thanks again hope that helps!
Hey Lili I can not get your Deal Calculator to load for me for some reason. I have used two different computers. Yours seems so simple. Is there any other way I could assess it?
Thanks for the video! I love that you're really listening to your audience and answering our concerns like this. Here in NYC I've basically settled into the idea of having to rehab whatever property, but I started seriously looking into DPA after watching one of your videos and found the SONYMA program. They do 0% interest, no monthly payment loans for down payments, renovations, and other stuff to help assist homebuyers in New York State. One thing that you mentioned was living in a house and renting out the basement, but I just thought I'd put a warning-- It might just be for New York, but you can't rent a basement without a CO, which may not be worth the hassle. Tons of people get in trouble for that, and the fines are Not Worth It. Thanks for all these videos! I'm learning a lot and developing a plan for myself (most of which includes planning to meet the stable income requirement lol) while I follow along your journey! You're really making this feel doable!
Thanks so much for watching and sharing a bit of your story. That's a realllly good point about renting out basements, etc. I'll be sure to mention that in a future video for others :) Congrats on finding that program, it seems like a really good method to get into a fixer upper. Keep pushing forward and you'll get there in no time :)
I agree. Im in NYC and learning so much. And I appreciate her listening and making videos for the high cost housing markets. I get really overwhelmed and feel like NYC real estate is so expensive that its out of my reach. But these videos help me focus on the essentials and that if I find a deal it may be in reach.
@@Sarathewise158 Im looking for something that I could househack. But duplexes and triplexes are expensive even in Queens where I live. Im fine with taking an ugly duckling but even those are overpriced.
@@anastasiarenaud2568 Yeah, I feel that. I live in the North Bronx and the houses here really aren't worth the money they're being listed for. However, especially closer to the city, individual rooms rent for like $750 plus. I plan to buy soon after I graduate college, so I'm looking to find as many rooms as I can and rent them. If you find a place with a good basement you could also make it into an apartment for yourself and rent the top, which rents for a lot depending on where you are in the city. The Sorry Girls' Making Home series shows what you can turn a good basement into, and SONYMA has a RemodelNY program for home repairs and a Neighborhood Revitalization program to update homes in certain neighborhoods. If you can find a duplex definitely go for it, but there are also ways to househack without them!
WATCH THESE NEXT:
House Hacking Ultimate Guide Breakdown:
ruclips.net/video/IWutkNGNR0A/видео.html
Using Downpayment Assistance to Put $0 Down: ruclips.net/video/kpvvpv344N0/видео.html
Deep Dive on 10 Different Investing Strategies: ruclips.net/video/OQyDkTQKZo0/видео.html
calc link doesnt work... :(
I don’t see the calculator
Btw love the content you’re doing a lovely job helping people like me who’s getting in real estate ❤️🙏💯
This channel is a godsend. Thank you Lili. You're the best channel on househacking I've found.
2:42 Priority list for me:
1. Live for free.
2. House Appreciation
3. Producing Income
Lol. Thank you for doing my city. It always makes me giggle when people run numbers on our city. Our city is expensive.
Always something I wish I would have done while I was young and didn’t have kids. Good work!
Thanks so much! I'm sure you're still finding a way!
Lili Thompson trying to. :)
You’re dropping the knowledge. So clear and well paced. I’m going to share your channel with everyone !!
I appreciate that!
This is honestly one of the most informative videos on the topic with just straight up great info. Thank you so much Lili!
Thank you for watching and supporting :)
Quickly becoming one of my favorite channels to try and digest these topics. Thank you.
Your channel is growing QUICK!!!!
I hope it keeps going lol thanks for the support :)
Thank you for sharing so you still do the zoom call
House hacking is my next next goal. Thanks for sharing these strategies! Do you recommend letting tenants know you're the landlord or do keep that private and hire a property management team?
I personally don't mind letting people know I own the property, I think that can make them more likely to follow the rules and treat the house kindly. If it makes people uncomfortable, they can just say they do property management for the owner.
Couple of things you didn't really address. Sure, when you move out you will get more rent. But is it still going to be operated as rent-by-the-room after leaving? If not, rent doesn't just double when you go from 1bd to 2bd. Second, I assume you're not going to continue the manual upkeep after moving out, too. Shouldn't you also model in those costs. What else changes? These are things to keep in mind when you have an audience of noobs...
Views before wisdom is how youtube works lol. Good comment
Hi Lili how can I get your calculator and thank you so much for your wisdom you are amazing in explaining this you are a godsend 🙏🏻
Love your content i subscribed and turned on notifications
No more living in a basement!!! 😭I'm urgently looking for solutions just because or that! So I'm listening. 🙌
Hey Lili, love the content. I tried to access your calculator, subscribed to your mailing list, and haven't received the calculator yet. Any help you can provide?
Good info! I love your sweater btw. I am passionate about teaching & promoting swahili language. Those words are Swahili words. I have a business called Kiswahili Kizuri.
Wow thanks so much for sharing. I will definitely check your business out :)
Im kinda hesitant because my state which is Illinois has the second-highest property taxes in the united state. And I feel like that will be my downfall, any advice? Note I know property taxes are high everywhere but my state is on record.
Can you do Houston? The market is HOT but it’s also so much bigger because the suburbs count as “Houston”
Hey Lili! I usually don't leave comments on youtube but I just had to this time. This video is so great!! You speak so well and explain things very thoroughly. I am impressed. I watched the whole thing through because you just kept answering my next question, and you offered information that I didn't even realize I was wanting to know. Really great job! Thank you so much!
Where did you say we could download the calculator? Great videos by the way!
I found out what house hacking was from TikTok, but you explained it much more thoroughly and made it easy to understand while also showing the road bumps there could be. Thank you! :) my goal this year is to do this and you made it much more easier!
💛
Can you please list the books that you recommend to read
Can you use business credit to get an owner-occupied loan ?
You are talking too fast. Slooooow dooooown pleeeeease…..😊
Do you have a video on section 8 and you give your opinion on it?
Hey, new here. Just met you but i think i love you.
how do I get you calculator links doesn't work
fixed! www.liliinvests.com/hh-deal-calc
Great advice! and very informative!! I have a similar video on my channel! We should collaborate one day!
Thanks for watching I'm definitely going to check you out now!
🔥🔥👌🏾
I stay viewing your videos and I decided to download your calculator to compare vs other mortgage calculators. For some reason yours is coming up over $1,000 short on the PITI compared to the online ones I've used. Can't seem to figure out why, I triple checked and can't get them to align.
Thanks for watching! I wonder how they're calculating PMI, interest rate, etc?
❤️ 🏠
Love your videos
Love your videos. You’re such a natural.
Are you close to monetization? You’ve been dropping great vids but I’m not getting any ads :(
Lol we’re getting close! Maybe another week or two. I appreciate you supporting!
@@Liliinvests wow how things have changed 👍🏿
Hi Lili, I am closing on my first property in Edgewood, Maryland on May 5th. It's my first time learning all this but I am short on funds because I am young and buying this Rancher Single family home property on my own. My property has a garage apartment that's vacant, manufactured home (bad shape) but has tenants paying $950/month currently. I have a finished basement that has 2 large rooms, 1 bath and a separate room for the washer and dryer machine. I don't know if I can turn my basement into a livable space because I don't have 2 egresses and I would have to add a small kitchen. The garage apartment has kitchen, shower, living room, bedroom but it needs appliances like a washer/dryer and stove. What would you do in my situation? Would you first rent out the detached garage and then rent out the basement? I don't want to rent out the main level of the house. I just discovered your channel, subscribed, and I am loving it so far.
I want to say thank you for the info. I'm new to this so I have a lot to learn. I was going to try to buy a house next year but with Corona I lost my job. Which I'm sure I won't qualify now, but I just started my LLC. I'm wondering if it's a way for me to use my business account to get a house loan. I hope someone can help me.
Hey there! That's a great question to call and ask a local lender, as everyone's situation is different based on income, credit score, etc. Take the 30 mins out of your day to call and ask a professional and you'll get the exact info you need! thanks for watching :)
Thank you i will
How do you get the breakdown like that? Please help. Thank you Lili
Just a suggestion. Please make your face cam smaller on the screen
Do you still need 2 years of experience in the same industry?
You're fire, and so is your hair. P.s 💘 that shirt
hey Lili! Awesome video, very resourceful! I"m trying to access your deal calculator but the link is not working :/ Is there another way to access it?
fixed! www.liliinvests.com/hh-deal-calc
Love the sweater, donut, and your overall vibes. Subbed with the bell 🔔, Thanks for the video.
Awesome!!!
Do Vancouver, BC next!
I'm you're talking about DP assistance bc it seems like nobody else is. Great video as usual and congrats on becoming monetized!
Thank you guys so much!
Great video, thank you!
When is the next boot camp?
Your channel is gold🔥
Easily one of the best videos on House Hacking. I have to say, I love that you’re specifically focusing on house hacking, Lili, because that’s exactly what I want to do. Definitely going to consider that 30 minute call with you. Currently saving up for the down payment and my dad said he’ll help with co-signing, but you mentioned in another video that getting a co-signer could be an issue because FHA will require all signers to live in the property, how did you get around that obstacle?
Keep it up! Here to support you all the way, girl! 😊👏🏽🙌🏽🔥
Thanks so much Akhil! Yes the co-signer can be an issue if you're buying a multifamily property. You can go conventional 3-5% down, or look for a property that can be easily converted into a multi family but is registered as single family. Keep it up you're nearly there :)
@@Liliinvests Good to know. Thanks for the advice. Going to look deeper into this. Thanks Lili. Keep it up, love your content! :)
I appreciate the support :)
We need to watch you in action?
Great content! Thank you for this
Another useful, practical video that's not too overwhelming for beginners! What do you think about the issue of buying a duplex or triplex that already is fully tenant occupied. I think if I actually start looking seriously in the future, I would look for a place with a vacant unit to move into. I don't like the idea of evicting tenants just so we could move in. But I keep seeing properties while casually browsing that seem to be filled already...
Thanks for watching! I think that's a really good thing to be thinking about. I also don't like the idea of making someone move out so I can move in. If you can only find already occupied properties, you can ask when the lease ends and if any of the tenants are already planning on moving out. Ask your lender because you might be able to purchase the property and then wait a month or two until the natural end of someone's lease, but definitely double check with your lender so you're still within the FHA move-in guidelines. Thanks again hope that helps!
@@Liliinvests Thanks that's a helpful tip about paying attention to the terms of the loan.
Very helpful!
Thank you SO much!
Hey Lili I can not get your Deal Calculator to load for me for some reason. I have used two different computers. Yours seems so simple. Is there any other way I could assess it?
Hey Darius, can you send me your email address here or on Instagram? I'm @Lili_Invests
@@Liliinvests Good Morning ! I seen you a DM on Insta. Thank you so much
Great video Lili! Where are you on the spectrum?
Lucky for us in the mid-west, I'm living that duplex life :)
OMG THANK YOU!!!
Good vid!
Thanks for the information like always.
Thanks for the support!
Thanks for the video! I love that you're really listening to your audience and answering our concerns like this. Here in NYC I've basically settled into the idea of having to rehab whatever property, but I started seriously looking into DPA after watching one of your videos and found the SONYMA program. They do 0% interest, no monthly payment loans for down payments, renovations, and other stuff to help assist homebuyers in New York State.
One thing that you mentioned was living in a house and renting out the basement, but I just thought I'd put a warning-- It might just be for New York, but you can't rent a basement without a CO, which may not be worth the hassle. Tons of people get in trouble for that, and the fines are Not Worth It.
Thanks for all these videos! I'm learning a lot and developing a plan for myself (most of which includes planning to meet the stable income requirement lol) while I follow along your journey! You're really making this feel doable!
Thanks so much for watching and sharing a bit of your story. That's a realllly good point about renting out basements, etc. I'll be sure to mention that in a future video for others :)
Congrats on finding that program, it seems like a really good method to get into a fixer upper. Keep pushing forward and you'll get there in no time :)
I agree. Im in NYC and learning so much. And I appreciate her listening and making videos for the high cost housing markets. I get really overwhelmed and feel like NYC real estate is so expensive that its out of my reach. But these videos help me focus on the essentials and that if I find a deal it may be in reach.
@@anastasiarenaud2568 Keep looking, I'm sure you'll find one! It's hard but we can definitely make it happen 👊
@@Sarathewise158 Im looking for something that I could househack. But duplexes and triplexes are expensive even in Queens where I live. Im fine with taking an ugly duckling but even those are overpriced.
@@anastasiarenaud2568 Yeah, I feel that. I live in the North Bronx and the houses here really aren't worth the money they're being listed for. However, especially closer to the city, individual rooms rent for like $750 plus. I plan to buy soon after I graduate college, so I'm looking to find as many rooms as I can and rent them. If you find a place with a good basement you could also make it into an apartment for yourself and rent the top, which rents for a lot depending on where you are in the city. The Sorry Girls' Making Home series shows what you can turn a good basement into, and SONYMA has a RemodelNY program for home repairs and a Neighborhood Revitalization program to update homes in certain neighborhoods. If you can find a duplex definitely go for it, but there are also ways to househack without them!
Do I need a real estate license to do this? 😗
No, you do not need a real estate license to house hack. Just buy a house and find renters (or buy a house with renters in place).
@@stevenroshni1228 thank you!
Amazing channel :)
Thanks so much Ryan :)
New here!!!! ☺️❤️
Welcome Allison! Thanks for supporting :)