How to Live Rent & Mortgage Free

How to Live Rent & Mortgage Free

  • Taya DiCarlo
  • 03/16/22



Most people don't know where they're going to be in the next five years, so why are you shopping for a home like you're actually going to live there for the next 30 years? Spoiler alert, just because you got a 30-year mortgage does not mean you’re going to live in that home for the next 30 years.

Let’s talk about alternative types of properties, where you could live there with very low overhead. Maybe make some money or possibly live there rent free.

A while back, I made a TikTok that was all about why not buy a duplex, a triplex or a fourplex live in one of the units and rent out the others. I made that TikTok and it got almost a million views. What I want to tell you guys right now is in the climate of this real estate market, there are unprecedented bidding wars going on. There are upwards of 80 offers on some properties here in Los Angeles; it's absolutely crazy. I'm telling my clients why not take a step back and let's think short term, let's think where you're going to be in the next four years.

Let's say you find a four unit building where there's one studio apartment and the rest are much larger units, which yield a lot more rental income. If you lived in that smaller unit and rented out the other three units, you would actually make money. You would live there, rent free and make money if you do this right. And even if the numbers don't pencil on another property, because maybe the rents are low, perhaps you'd break even or better yet, your monthly payment would be really small. The point is, there are options out there for you. You don't have to buy a condo as your first property.

You don't have to buy a single-family home as your first property, where you're scraping together all your money, just to get into that big property that you really dreamed of. Why not think of this as a stepping stone, think of this as that, getting on the escalator moment, where you get that first property and you live there for a couple years, and then you move out because the average American stays in their home for seven to 10 years. And I would argue that that recent statistic is probably a lot lower.

So, instead of for single-family homes, I want you to look for duplexes, triplexes, and fourplexes. Why? Because you can still get a residential loan where that interest rate is still lower and mind you, interest rates are on the rise. So, make sure that you're also looking at these other properties, because there are so many more opportunities out there than you think, but that's just my 2 cents.

If you have any questions let’s talk.

Don’t forget to catch up on my weekly show, Taya’s 2 Cents, where share my two cents on different real estate topics from buying and selling real estate, owning a home and more.

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Taya is a California native with 12 years of real estate experience and has sold over $145M in residential sales. She repeatedly goes above and beyond the call of duty to ensure deadlines are made and that all transitions go smoothly. Whether you’re selling or buying, Taya is the kind of Realtor® you can always depend on.

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