We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Inside the Awful World of Young Landlords on TikTok

2 2 0
08.04.2021

TikTok user @ceolawyer had advice for his followers.

“There is no reason for you to be broke in the United States,” CeoLawyer (real name Ali Awad, an Atlanta-based personal injury attorney) said in one video. “Starting pay at a fast food restaurant is $10 per hour. If you work two full-time jobs for an entire year, you should be able to save at least $20,000 net after expenses.”

“You do this for two years, put that money into a quadplex or a triplex, a multi-unit building,” he continued. “Pay 3.5 percent down payment, rent out the other rooms. In just two years, you can start cash-flowing several thousand dollars a month net, all from working at a fast food place.”

“There’s no reason for you to be broke in the United States.”

In other words, work two full-time jobs despite that being close to impossible, save every penny, take out a massive home loan on a multi-family building, and rent it out for higher rates.

Such a scheme might sound unlikely—even unethical, critics charged on Twitter, where Awad’s video went viral—but it’s far from unheard of on TikTok. There, a burgeoning scene of young people are encouraging each other to buy up large properties and lease them.

Some TikTokers advertise the tactic as “house” or “home hacking,” a clever way to live “rent free.”

Their critics call it “being a landlord.”

“This is how my parents live in this........

© The Daily Beast


Get it on Google Play