Dont pay rent or a mortgage ever


bjbj t Pay Rent or a Mortgage Ever Hello.
Welcome to Todd Miller TV. There s a strategy to be able to buy a place and live in it for
free and actually make money by living in a place and a lot of people don t do it. I
m not really sure why. It s a very interesting strategy. It s totally doable for most people.
If you have a decent credit score, you can do this. It works every time and this is how
it works. There s a loan program out there called FHA. It s one of the largest ones.
It s government-insured and it allows you to borrow money to live in a fourplex. So
a fourplex or really any multiunit dwelling, we re going to call it a fourplex because
the numbers just work really easily. OK. So here s the scenario. You go out there and
you find a fourplex in an area acceptable that you would want to live in and you go
put an offer on it and then you put FHA financing in place. Now FHA financing, the requirement
is you have to live there. So you have to reside in one of the four units. OK? So you
re in one of the units but you can put tenants in the other units. Now where this becomes
really easy is if you find a fourplex where there s one unit open and there s three units
occupied with tenants paying rent already and I will talk about that in a second. So
here are the rough numbers. We will just say for the market, we will just say it s the
Las Vegas real estate market right now. Two hundred thousand dollars is the purchase price.
You re buying the whole building for 200 grand and your monthly payment is roughly $1400.
That s what you pay every month to the bank. But for each unit, we will say you re getting
$700 per month in rent. So what that means is you re getting 700, 1400, 2100 a month
in rent. You re collecting that from your tenants. You re only paying 14 so you re living
in this unit, not paying anything essentially; and you re getting $700 a month rent. The
great thing about this is in months where you don t have a tenant, you re still not
out of pocket because the two tenants cover the whole amount which is ultimately the way
you would like to have it. You like to have two tenants pay the whole thing. This one
pays profit. You pay for free. That interesting thing that I was telling you about with this
is that let s say you don t make a lot of money and you don t have a really high income
and maybe you can t qualify for this payment. You re able to take the rent coming in from
them and add that to your income. You get a partial credit for the rent. So if you say,
Hey look, the fourplex already has three tenants. Here are the leases. They re long term leases.
They re all staying, they will add this $2100 to your income and you will have a higher
income. You will be able to qualify for more. So if you re watching this video and you re
say in California, you re like, But we can t get anything for 200,000 California, and
that s probably the case. But the FHA limit in California is much higher. It could be
700,000 some areas, so you just have to take these numbers and ramp them all up. So you
re going to pay more in mortgage payment but you re probably in parts of California collecting
$1200 or $1500 a month rent per unit. So run these numbers. Figure out if it makes sense
and then go find a real estate agent who could find you one of these deals. It s actually
pretty uncommon for people to do this. What typically happens is that investors are buying
these, just renting out all four units and getting a really good return on their investment.
You can do it but you have to live in the unit and you can t play games. This is FHA.
You can t say you re going to live there and not live there. You have to live there. Now
at some point a couple of years down the road if you have to move out, because you want
to move into a single family home, you have to talk to your lender about what your requirements
are for doing that. But this is a legitimate strategy. Just people aren t taking advantage
of it but it s an interesting way to basically live in a house for free and not pay any rent
and collect money to live there. So I thought I would share that with you. That s my update
for today and hope to see you on another video. Thanks. PAGE * MERGEFORMAT :pip [Content_Types].xml
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Paul Whisler

20 Comments

  1. Lenders typically allow 70% of the gross rental income as additional income for you. That 70% of gross rental income excludes the unit that you are occupying. That's why $1470=70%×3×$700 qualifies for sufficient income to service the debt. Just be sure that the property can carry itself with only half gross rental income (2 units paying and 2 units not paying). See my YouTube channel for more info on income valuation, cash flow, and wealth creation. Thumbs up to Todd Miller!

  2. Awesome analysis and very correct info. You are always a good source of information!

  3. investors don't live in them cause the area nor the property is as nice as a home!

  4. don't see why the negative comments that's a great idea link to fha borrow?

  5. I NEVER EVER PAYED RENT IN MY 43 YEAR LIFESPAN..I PAYED BEFORE I WAS BORN

  6. Grosss "units" 😡 neurosurgeon on Mark Levin interview. Ask any doctor on the board. My mom quit her lifelong doctor career cuz of that shit

  7. This man is a special kind of stupid. You can buy a duplex for $30,000 and mortgage might be $225 month and you can do this with one renter.

  8. Can't get a loan…My credit is good but debt to income ratio is not. I do however own a property outright but apparently it still does me no good especially the property I have. Any help or advice?

  9. Anoynmous, a Hacktivist (Activist-Hacker) group has a Video of how to
    access a Treasury Direct Account that was opened up in your name at birth and has been sitting in the bank drawing in more and more cash !.

    Here's The Link, the Activist-hacker give's more detail in Video
    about how to access what is rightfully your's.
    https://www.youtube.com/watch?v=z6GxdC-HnYw

  10. paying rent is a scam to give money to a landloard who did not work even 5 min to deserve it….its handing over money you worked hard for and they do nothing

  11. Or if you're a general piece of shit, you could find a bunch of Mexicans, and or Chines, and or Indian people who are more than willing to have 10 people per room and have them all live Commando bunk bed style like in Fight Club. Maximum profit and if you need any evidence of this actually happening in real life, take a look at Fremont and or the Bay Area as a whole in general. Then ask yourself how are people paying $3,300 a month in rent?

  12. The reason most people don't do that . Because when they go for a mortgage with the FHA they have to come up with the rent for all three places plus their own. So they have to have to have 6 months rent for those other occupancy places besides their own. The reason is that if the party should move out they have to be able to pay the first month's the last month's and the rent to the person if anything should happen. But most of the time they have to pay a percentage on the amount that they hold for the amount of the time frame that the person lives there. Plus they have to return the security deposit and the last month's rent if it's not used up for taking care of the apartment or the space but they rented to do any modifications due to damages. That's a requirement for a loan but they don't tell you that. But this I know as being a past loan officer. Also when you go and make a deposit for an FHA you can incorporate all the rent securities and all the first month's rent that would be coming up do to the next full month as your deposit towards the loan. So it's best to buy towards the end of the month so when the next current month comes you can use that as your deposit towards your loan. As a loan officer as well as a realtor in the past these things I know for a fact.

  13. What about maintenance repairs? Gas/elec/water/sewer/garbage etc

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