How to live in a house rent free/how to get paid to live in your own home

Are you tired of paying rent? Are you ready to live rent-free and or have other people paying you to live in your own home? Well, I’m about to tell you how:

Firstly You want to look for a duplex or a triplex. These two videos will show you how to get a duplex/ triplex with $0 money down:

Or you can do it with money down this way:

Here's a step-by-step guide on how to get approved for a loan to purchase a duplex:

1. Determine Your Budget:

   • Calculate how much you can afford to spend on a duplex, taking into account your income, monthly expenses, and down payment. Consider the additional costs associated with duplex ownership, such as property taxes, insurance, and maintenance.

2. Check Your Credit Score:

   • Review your credit report and credit score. Lenders typically require a good credit score to approve a mortgage loan. If your credit score needs improvement, take steps to boost it by paying down debts and addressing any discrepancies on your credit report.

3. Save for a Down Payment:

   • Start saving for a down payment. While the specific down payment requirement may vary depending on the lender and your financial situation, it's common for duplex loans to require a higher down payment than single-family homes. Aim to save at least 20% of the duplex's purchase price to avoid private mortgage insurance (PMI).

4. Research Loan Options:

   • Explore different mortgage loan programs that are suitable for duplex financing. Common options include conventional loans, FHA loans, and VA loans. Each has its own eligibility criteria and down payment requirements.

5. Find a Lender:

   • Research and choose a lender experienced in financing duplexes and multi-unit properties. Seek recommendations from real estate agents or friends who have purchased duplexes. Meet with potential lenders to discuss your financial situation and loan options.

6. Get Preapproved:

   • Request preapproval from your chosen lender. This process involves submitting financial documentation such as income statements, bank statements, and tax returns. Preapproval gives you a clear idea of your budget and makes you a more attractive buyer to sellers.

7. Search for a Duplex:

   • Start looking for a duplex that meets your needs and budget. Consider factors such as location, size, condition, and rental income potential if you plan to rent one of the units.

8. Negotiate the Purchase:

   • Once you find a suitable duplex, work with your real estate agent to negotiate the purchase price and terms. Keep in mind that financing a duplex may involve different appraisal and inspection considerations than a single-family home.

9. Complete the Loan Application:

   • Submit a formal loan application to your lender. Be prepared to provide additional documentation and information as requested throughout the underwriting process.

10. Appraisal and Inspection:

    • The lender will order an appraisal to determine the duplex's value. Additionally, consider getting a comprehensive inspection to identify any potential issues that may need to be addressed.

11. Loan Approval:

    • If everything checks out and you meet the lender's criteria, your loan will be approved, and you'll receive a commitment letter outlining the terms and conditions of the loan.

12. Closing:

    • Attend the closing meeting to sign the final paperwork and complete the purchase. You'll also need to provide the required funds for the down payment and closing costs.

Secondly, you would want to rent out the other rooms in the duplex and they pay you, you can do it in secret if you don’t want them to know you are their landlord and have them send it to your PO Box or slide it under your door. But however you go on about it, they are paying your rent and you now live rent-free. Now if you want to get to the point where they are paying you to live, keep on reading. You just learned how to live rent-free and now I’m going to show you how to get paid.

Thirdly, you want to rinse and repeat, but on your second duplex/triplex you don’t live in it you rent out where you would’ve lived. And now they're paying that rent and they’re paying you.

If you want to live rent-free in one of the units of your duplex while renting out the other unit, you'll need to calculate the rent for the tenant-occupied unit in a way that covers your expenses, including the mortgage, property taxes, insurance, maintenance, and any other costs associated with owning and maintaining the property. Here's a general guideline on how to determine the rent for the tenant-occupied unit:

1. Calculate Your Monthly Expenses:

   • Add up all the monthly expenses related to the duplex, including:

     • Mortgage payment (principal and interest).

     • Property taxes.

     • Property insurance.

     • Maintenance and repairs.

     • Utilities (if you're responsible for any shared utilities, such as water or garbage).

     • Property management fees (if applicable).

     • Homeowners association fees (if applicable).

2. Determine a Fair Rent:

   • Research the rental market in your area to get an idea of what similar duplex units are renting for. Look at online listings, consult with local real estate agents, and compare the features and condition of your unit to others in the neighborhood.

3. Factor in Vacancy and Miscellaneous Costs:

   • It's a good idea to account for potential vacancy periods, where the unit may be unoccupied between tenants. A common approach is to assume a 5-10% vacancy rate when calculating rent.

4. Calculate the Total Needed from Rent:

   • Add up your monthly expenses and any contingency for vacancy and miscellaneous costs. This total represents the minimum amount you need to cover your expenses while living rent-free.

5. Divide the Total by 2:

   • Since you're living in one of the units rent-free, you'll divide the total from the previous step by 2. This is because you'll collect rent from the tenant in the other unit to cover your costs.

6. Set the Rent:

   • The result of step 5 is the rent you would charge for the tenant-occupied unit. This amount should be fair, competitive, and sufficient to cover all expenses associated with the property.

Keep in mind that local rental market conditions, the condition and amenities of your property, and your specific financial situation will all influence the rent you can charge. It's crucial to be fair to your tenant and ensure that the rent aligns with the market rates while covering your costs. Additionally, consult with a real estate professional or property management expert to help you determine an appropriate rent amount for your specific duplex and location.

Recap: since you now live rent-free, you want to make money off of your tenants by getting another duplex and rinse and repeating the cycle. I will provide you with tips on how that will look:

Renting out rooms in your duplex can be a lucrative way to generate additional income. Here are some steps to help you make money from renting out rooms in your duplex:

1. Prepare the Rooms:

   • Ensure that the rooms you plan to rent out are in good condition and meet local safety and building code requirements. Make any necessary repairs and consider upgrading amenities to attract tenants.

2. Understand Local Regulations:

   • Check local zoning laws and regulations to determine if there are any restrictions on renting out rooms or operating a boarding house in your area. Some municipalities may have specific rules governing this type of arrangement.

3. Set Competitive Rent Prices:

   • Research the local rental market to determine competitive rent prices for rooms in your area. Consider factors such as location, room size, included amenities, and shared spaces when setting your rental rates.

4. Advertise Effectively:

   • Use online platforms, social media, and local classified ads to advertise the available rooms. Include high-quality photos and detailed descriptions to attract potential tenants.

5. Screen Tenants Carefully:

   • Implement a thorough tenant screening process to ensure you choose responsible and reliable tenants. Check their rental history, credit history, and income to assess their ability to pay rent and adhere to lease terms.

6. Create Clear Lease Agreements:

   • Draft comprehensive lease agreements that outline the terms and conditions of the rental, including rent payment, security deposits, house rules, and shared responsibilities for utilities and common areas.

7. Set House Rules:

   • Establish clear house rules that all tenants must adhere to, such as quiet hours, cleanliness expectations, and common area use. Communicate these rules to tenants to maintain a harmonious living environment.

8. Collect Rent On Time:

   • Implement a reliable rent collection system. Consider using online rent payment platforms or automated reminders to ensure timely and consistent rent payments from tenants.

9. Maintain the Property:

   • Regularly inspect and maintain the property, including shared areas, to ensure it remains in good condition. Promptly address any repair or maintenance issues to keep tenants satisfied.

10. Provide Excellent Customer Service:

    • Be responsive to tenant inquiries and concerns. Address issues promptly and professionally to maintain a positive landlord-tenant relationship.

11. Consider Furnishing and Amenities:

    • Depending on your target tenant demographic, you may consider offering furnished rooms or providing certain amenities like internet access, laundry facilities, or a shared kitchen.

12. Manage Finances and Taxes:

    • Keep accurate records of rental income and expenses. Consult with a tax professional to understand your tax obligations, including reporting rental income and potential deductions.

13. Plan for Security:

    • Ensure the safety and security of your property and tenants. Consider installing locks on bedroom doors, smoke detectors, and proper lighting in common areas.

14. Renew Leases or Seek Long-Term Tenants:

    • Whenever possible, aim for longer-term leases to reduce turnover and vacancy rates. Renew leases with existing tenants who meet the terms and have been good renters.

15. Stay Informed:

    • Stay informed about changes in local rental laws and regulations, as these can impact your responsibilities and tenant rights.

Renting out rooms in your duplex can be a profitable endeavor, but it also requires effective property management and a commitment to maintaining a positive living environment for your tenants. By following these steps and providing a well-maintained and comfortable living space, you can maximize your income potential from renting out rooms in your duplex.