House Hacking: How Financially Savvy People Live in Expensive Markets

[LevelUP]

House Hacking: How Financially Savvy People Live in Expensive Markets While Saving Money

https://www.forbes.com/sites/davidgreene...ing-money/

If you own a home that isn't zoned in an area that allows for multi-family and rent out a basement, you can evict people if they don't pay rent; however, typically, the courts won't allow you to collect back rent, so this is the risk you take. Airbnb is a good option if you don't want to live next to your renters or like the house free sometimes.

There's a lot of money to be made in real estate due to the power of leverage.

I got into real estate shortly after the housing crash. I have experience as a licensed Realtor, I have flipped homes before and owned rental properties so if you want to talk about real estate, let me know.

[rachel83az]

Even if not zoned for multi-family, it can still be a huge hassle to evict people once they've established residency. In many areas, you only need to live in a location 2-4 weeks to be considered a resident and require a court order for eviction. It's why it can be difficult to find long-term rentals on AirBNB. Someone can pay up for a month and then... just refuse to leave and it takes 6 months to get them out.

[ss20ts]

In my state this would not work. The tenants have far more rights than landlords do. Even if it's an illegal rental it doesn't mean an eviction will be cheap or easy. Evictions here pre-Covid took about 8 months and cost thousands. Evictions were on hold for 2 years because of Covid. Now the courts are crazy backed up. It will probably take over a year to get most of these cases sorted out.

[dfrecore]

CA is a nightmare to be a landlord in. I would NEVER do it again. Absolute nightmare. It's 100% for renters and 100% against those evil landlords.

[ss20ts]

CA is a nightmare to be a landlord in.  I would NEVER do it again.  Absolute nightmare.  It's 100% for renters and 100% against those evil landlords.

Same with NY. I worked in property management 20 years ago. It was a nightmare then. I can't even imagine what hell it is today. People could go a whole year not paying their rent and it would still take 8+months to evict them. They know what they're doing. They know how long the process takes. They just keep moving. I have no idea how they keep finding landlords dumb enough to take them after they do this 3 or 4 times.