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Speaker 1: This episode is brought to you by P and C Bank.

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Speaker 1: A lot of people think podcasts about work are boring,

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Speaker 1: and sure they definitely can be, but understanding a professionals

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Speaker 1: It might seem boring to safe plan and make calculated

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Speaker 1: decisions with your bank, but keeping your money boring is

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Speaker 1: what helps you live or more happily fulfilled life. P

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Speaker 1: the PNC Financial Service Group, Inc. P and C Bank

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Speaker 1: National Association Member FDIC Erness What's Up? You ever walk

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Speaker 1: into a small business and everything just works like the

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Speaker 1: checkout is fast, the receipts are digital, tipping is a breeze,

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Speaker 1: and you're out the door before the line even builds.

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Speaker 1: Odds are they're using Square? We love supporting business is

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Speaker 1: If you're a business owner or even just thinking about

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Speaker 1: launching something soon, Square is hands down one of the

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Speaker 1: It's not just about payments, it's about giving you time

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Speaker 1: back so you can focus on what matters most ready.

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Speaker 1: pushing your vision forward.

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Speaker 2: If you have a swimming pool, I'm not sure if

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Speaker 2: you guys, have you ever heard of think called swimpley?

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Speaker 3: No is that when you rent the pool you can you.

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Speaker 2: Can you can rent out your backyard, right, you can

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Speaker 2: run out your backyard. You can run out your pool,

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Speaker 2: Like I have one of my mentees. Every year she

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Speaker 2: rents out her backyard, her pool here in New York,

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Speaker 2: and it pays her mortgage.

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Speaker 3: For the year.

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Speaker 2: Like it's incredible, right because people treat that like an

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Speaker 2: event space for the day. Right, So you can have

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Speaker 2: somebody's backyard for eight to ten hours and you're paying

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Speaker 2: two three hundred dollars an hour for the full use

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Speaker 2: of their backyard in the swimming pool. So there's so

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Speaker 2: many different ways to house hack and generate money with

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Speaker 2: a single family or a duplex to make it more affordable. Now, also,

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Speaker 2: here's another thing that people don't really realize is that

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Speaker 2: border income, aka if you have a roommate. What people

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Speaker 2: don't know is Fanny May will allow you to use

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Speaker 2: this border income to help you qualify for a mortgage

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Speaker 2: under the Fanny Made Home Ready program. Now, the requirement

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Speaker 2: is the borrower must have a history of receiving that

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Speaker 2: rental income for at least nine of the past twelve months,

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Speaker 2: and you need documentation such as your lease agreement and

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Speaker 2: show proof or receipt that your roommate has been paying

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Speaker 2: you to or since y'all live in an apartment together,

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Speaker 2: and then you can use that income to help you

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Speaker 2: qualify for a mortgage. So to break that down just

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Speaker 2: in quick layman terms, if you are living with someone

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Speaker 2: right now and you have a lease and they're on

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Speaker 2: the lease with you, if they're your bona fide roommate,

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Speaker 2: not just someone who's just in the house and you say, hey,

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Speaker 2: they live here, No, they have to be on your lease.

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Speaker 2: If you know you are in position to qualify for

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Speaker 2: a mortgage faster than they are, what you should do

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Speaker 2: is collect the money, their portion of the rent money

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Speaker 2: from them, tell them to zelle it to you, cash

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Speaker 2: app it, whatever it is, and make sure you put

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Speaker 2: that is on the memo.

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Speaker 3: January's rant, February's rant.

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Speaker 2: Manch rent right, so we can document it that they've

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Speaker 2: been paying you, and then you go ahead and pay

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Speaker 2: your landlord from your account. If you do that nine

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Speaker 2: months out of the past twelve, then when you go

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Speaker 2: qualify for your mortgage, you can use that rental income

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Speaker 2: to as part of your income to help you qualify

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Speaker 2: for your mortgage.

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Speaker 3: Y'all got why I'm going with this?

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Speaker 1: I see where you're going with this. Documentation is important.

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Speaker 1: Making sure you're keeping records is important, and that goes

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Speaker 1: if you're buying an individual home, but even more so

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Speaker 1: in this situation when you're trying to have investment property.

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Speaker 4: So you might you've unlocked something.

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Speaker 1: Here.

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Speaker 4: Let's go back a little bit, all right, If you're

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Speaker 4: in a relationship with somebody, right and We talked about

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Speaker 4: fifty to fifty a lot right on these different shows

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Speaker 4: and podcasts. But that's a real thing, though, where somebody

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Speaker 4: lives with somebody and they're contributing. They're contributing to something,

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Speaker 4: but most of the time they're just giving a person money.

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Speaker 4: So it's usually either male or female. Somebody has a

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Speaker 4: lease in their name and they meet somebody and after

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Speaker 4: a while, and then that person just kind of ends

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Speaker 4: up living with that person. They may not never be

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Speaker 4: on the lease, correct, And they're contributing financially on a

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Speaker 4: certain level, but there's no real documented record of them

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Speaker 4: contributing financially.

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Speaker 3: Correct.

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Speaker 4: You're saying that boyfriend, girlfriend, whatever, you're living with somebody,

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Speaker 4: that should be something that's documented, because if it is documented,

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Speaker 4: then what's it called.

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Speaker 3: So it's border income. Right.

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Speaker 2: So if in that same situation you have the girlfriend,

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Speaker 2: let's just say the boyfriend and the girlfriend moves in, right,

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Speaker 2: Let's say that situation the least is in a boyfriend's name.

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Speaker 2: But y'all splitting it fifty fifty as what shall said.

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Speaker 2: The girlfriend is not on the lease. Boyfriend is in

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Speaker 2: position a year from now, he wants to go buy

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Speaker 2: a house for them to live in. He should now

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Speaker 2: put her on the lease of the apartment. And then

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Speaker 2: now when she's making that contribution, don't make it on

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Speaker 2: make a cash she should sell him a wire transfer,

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Speaker 2: a cash app put on the memo it's for her

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Speaker 2: portion of the rent as long as we have that

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Speaker 2: document nine out of twelve months. And then now the

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Speaker 2: boyfriend goes to get pre approved and says that, hey,

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Speaker 2: this is my roommate. She is going to live in

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Speaker 2: the house with me. Now, from a lending perspective, I

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Speaker 2: can use the portion of that rental income that she's paying.

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Speaker 3: Let's just say it's one thousand dollars a month.

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Speaker 1: I was gonna say, clean number, one thousand dollars a month. Right,

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Speaker 1: we can on the member, I'm putting five hundred dollars

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Speaker 1: in toward that at the end of the year. Let's

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Speaker 1: say it's the twelve months. Now, it's an additional six

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Speaker 1: thousand dollars that you have an income.

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Speaker 2: Correct, that's now is going to be used for the

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Speaker 2: boyfriend doing his prey approval to help them qualify for

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Speaker 2: more of a house. It's a clean way of qualifying

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Speaker 2: with using this roommate income. Because your roommates. Right at

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Speaker 2: the end of the day, you're not legally married. You know,

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Speaker 2: you're technically single in the eyes of the law. Boyfriend

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Speaker 2: and girlfriend is not a marital status, right last time

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Speaker 2: I checked, So you're legally single.

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Speaker 3: This is your roommates.

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Speaker 2: So if you do it that way, now that rental

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Speaker 2: income can now be used to help qualify for a mortgage. Now,

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Speaker 2: I know some people are going to say, why won't

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Speaker 2: she just go on the mortgage with him this Now

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Speaker 2: we talk about divide and conquer. Let's to say, now

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Speaker 2: they move into this house, they get approved, and they

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Speaker 2: wind up separating. Right now, she doesn't have a mortgage

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Speaker 2: in her name. She can still go out here and

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Speaker 2: buy a duplex, a single family and house hack her

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Speaker 2: life away as well. So, just depending on your circumstances

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Speaker 2: in your situation, if you understand real estate finance and in

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Speaker 2: these programs that are out there, and if you set

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Speaker 2: your documentation up the right way, you can really go

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Speaker 2: out here and scale at a very high level and

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Speaker 2: reap all the benefits of wealth building with real estate.

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Speaker 3: If you know exactly what you're doing. That's a very

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Speaker 3: vital playment.

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Speaker 1: I never heard that I'm glad you brote that down before.

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Speaker 4: It doesn't have to be boyfriend girlfriend either, because there's

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Speaker 4: a lot of scenario who somebody lives with somebody.

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Speaker 3: It could just be a college roommates, or it could

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Speaker 3: be could it be parent child, No, it can't be

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Speaker 3: parent a child. Right, But let's think about college roomate.

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Speaker 3: Think about what's just happened to manage you.

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Speaker 2: And we have all these college graduates, right, most of

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Speaker 2: them have what roommates for the majority. So, first of all,

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Speaker 2: if you just graduated college, congratulations, right, But did you

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Speaker 2: know that you can use your college education as your

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Speaker 2: work history. You don't need a two year job history.

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Speaker 2: You can use your college history as work history. Did

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Speaker 2: you guys know that?

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Speaker 4: To see that again?

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Speaker 2: So you just graduated from college, you did your undergrad

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Speaker 2: right four years.

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Speaker 3: You're twenty two years old. You're graduating.

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Speaker 2: You just got a job offer from you Earn your

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Speaker 2: Leisure Entertainment, and you're going to start and you're going

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Speaker 2: to be the marketing manager. You're making a base salary

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Speaker 2: at one hundred thousand dollars, and you have an awful

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Speaker 2: letter from Earn your Leisure Entertainment to start August. First,

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Speaker 2: you don't need to work at Earn your Leisure Entertainment

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Speaker 2: for two years. You have your college history for four years.

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Speaker 2: That's your work history. You can now present them orfer

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Speaker 2: letter and your first pay stop and you can buy

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Speaker 2: a house immediately.

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Speaker 1: So you can use college as work experience.

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Speaker 2: Absolutely has that always been the case? Absolutely, absolutely right?

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Speaker 2: And now if you freak it, you got that college

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Speaker 2: history four years, you got your degree.

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Speaker 3: But during college you have a.

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Speaker 2: Single family home that you was renting out, and now

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Speaker 2: your roommate is on the lease. If you do what

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Speaker 2: we just said with the boyfriend and girlfriend scenario, now

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Speaker 2: your roommate starts paying you, and you know you have

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Speaker 2: a better chance of getting the house faster than them have.

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Speaker 3: Them pay you.

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Speaker 2: Now, first of all, everybody got to be on the

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Speaker 2: same page with this, right. Everybody got to be a

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Speaker 2: team effort here. So now they pay you instead of

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Speaker 2: paying their portion of the rent, you pay the landlord.

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Speaker 2: And now you can use that border. Now only can

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Speaker 2: use the offer letter from Earn your Leisure Entertainment. You

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Speaker 2: can also use that roommate income to help you qualify,

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Speaker 2: because now that roommate is going to move into your

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Speaker 2: house with you as well, continue to be a roommate.

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Speaker 1: And that offer letter is kind of one of those

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Speaker 1: things that you kind of need to have in order

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Speaker 1: to this work.

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Speaker 2: You can't just go we need to we need to

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Speaker 2: show that you got a job, right, right, We need

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Speaker 2: to show that you have a job and it's a

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Speaker 2: start date and you can go ahead and.

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Speaker 3: Get pre approved.

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Speaker 2: But one of the pre approval conditions is going to be, hey,

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Speaker 2: when you get into contract, we need to know that

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Speaker 2: you're working. Now, we need to see pay stubs from

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Speaker 2: EARN your leisure entertainment as we're using that example to

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Speaker 2: show those pay stubs. So that way now and it

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Speaker 2: matches up with the income from the offer letter, then boom,

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Speaker 2: you use that and long as your credits go your

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Speaker 2: DTI works.

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Speaker 3: You don't have to wait two years to qualify.

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Speaker 1: Yeah, that's a good hand because there's plenty of college

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Speaker 1: students who there's three roommates, but there's the one person

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Speaker 1: who gets the lease. Right If that person now looks

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Speaker 1: at those two and that you've just seen it for

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Speaker 1: one roommate, yeah, eventually that could be two or three

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Speaker 1: roommates that are paying them. To that documentation point, it

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Speaker 1: becomes even more important exactly.

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Speaker 2: But the key is everybody has to be on the lease, right,

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Speaker 2: everyone has to pay you, and then everyone has to

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Speaker 2: be moving into your house because now it's border income

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Speaker 2: roommate income, and we're using that to help qualify, So

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Speaker 2: it needs to sustain to the new house, right.

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Speaker 3: The key.

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Speaker 2: So if everybody's on the same page, this could be

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Speaker 2: a home run. But here's how we even go a

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Speaker 2: little bit deeper with this pause. If you buy a

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Speaker 2: home that has an a DU an accessory dwelling unit

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Speaker 2: on it, right, everybody type ADU on chat. If you

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Speaker 2: have an ADU, you can use rental income from an

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Speaker 2: ADU and it.

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Speaker 3: Can help you qualify.

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Speaker 2: So let's just say, for example, you don't have the roommates,

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Speaker 2: you live by yourself, but you just graduated college and

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Speaker 2: you want to use that college degree hack, right, but

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Speaker 2: you might be short rent with income to qualify.

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Speaker 3: You find a house that has.

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Speaker 2: An ADU and we can use that rental income from

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Speaker 2: the ADU to help you qualify as well. And when

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Speaker 2: you get into the ADU, now we're going to use

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Speaker 2: long term rental income to help you qualify, but that

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Speaker 2: does not mean you have to have a long term tenant.

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Speaker 2: You can now turn that ADU into an Airbnb play vrbo,

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Speaker 2: you can make it a content studio. There's so many

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Speaker 2: different things you can target mid term renters, like traveling nurses,

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Speaker 2: like flight attendants, like depending on where city you live,

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Speaker 2: So if you live close to airports, you live close

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Speaker 2: to hospitals, right, you should be targeting homes that are

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Speaker 2: close to in proximity to these areas. Because the mid

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Speaker 2: term rental and come from corporations. Right, you have people

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Speaker 2: who travel for corporations. They may need someone to stay

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Speaker 2: for six weeks because they're doing a corporate project in

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Speaker 2: a certain city. Think about what's happening. And guys, I'm

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Speaker 2: gonna tell you another hacking. I've talked about this on

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Speaker 2: my program and I know you guys talked about Look

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Speaker 2: at all the AI data centers that's being invested in

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Speaker 2: built all around the country. Right, you got Texas. I

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Speaker 2: think there was two or three half a billion dollar

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Speaker 2: projects that was launched this year. Think about it. These

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Speaker 2: people are not the people who are constructing this. They're

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Speaker 2: not going to be long term residents of Texas, right,

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Speaker 2: They're probably coming in from all different parts of walker life.

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Speaker 3: So what do they need rentals.

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Speaker 2: They might only be out there to do a job

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Speaker 2: that's going to take six months, so what do they

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Speaker 2: need a mid term rental? They don't want to sign

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Speaker 2: a year lease or two year least. They may need

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Speaker 2: only a six monthly eight monthlies and it's going to

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Speaker 2: be cheaper than the corporations putting them into a hotel

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Speaker 2: because that daily ran at a hotel.

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Speaker 3: That shait going to add up, you know what I'm saying.

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Speaker 2: So you got to really take the current events and

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Speaker 2: everything that's happening. I know you guys talk about at

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Speaker 2: scale on market Mondays. That's why you need to tap

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Speaker 2: in every Monday eight pm Eastern Standard time to see

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Speaker 2: what is moving and shaken because all of these moves

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Speaker 2: that's happening in AI, those are also real estate plays too,

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Speaker 2: if you're paying attention.

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Speaker 5: An illegal alien from Guatemala charged with raping a child

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Speaker 5: in Massachusetts. An MS thirteen gang member from El Salvador

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Speaker 5: accused of murdering a Texas man of Venezuelan charged with

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Speaker 5: filming and selling child pornography in Michigan. These are just

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Speaker 5: some of the heinous migrant criminals caught because of President

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Speaker 5: Donald J. Trump's leadership. I'm Christine Noman, the United States

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Speaker 5: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 5: crossings are at the lowest levels ever recorded, and over

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Speaker 5: one hundred thousand illegal aliens have been arrested. If you

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Speaker 5: are here illegally, your next you will be fine nearly

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Speaker 5: one thousand dollars a day, imprisoned and deported, you will

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Speaker 5: never return. But if you register using our CBP home

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Speaker 5: app and leave now, you could be allowed to return legally.

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Speaker 5: Do what's right, leave now. Under President Trump, America's laws,

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Speaker 5: border and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security,