Reader Interactions

23 Comments

  1. Hey, this is quite an interesting article. The best part of your article is the point no. 8 makes – The most beautiful place on the earth – Stay with your parents and there is no other place where you can live free, eat free, and do whatever you want. Of course, we should contribute. But still, we can live free of cost without any worries. Thanks for sharing this beautiful article with us. Best wishes and regards.

    • I’m so glad you liked it, Suresh! Yes, living with parents can be a wonderful thing!

  2. These are great ideas. I love the idea of house hacking. I wish I had known/thought about these things when I was younger. Housing is such a large piece of your monthly expenses. It would be awesome to reduce or eliminate it completely.

    • Yeah, me too, Owen!! Hindsight is 20/20, I guess, but we can do our best to make good decisions going forward.

  3. These are nice tips on how to live rent free. Staying with your parents can be a great way to build up some extra cash before you go it alone. I wish more people would take advantage of this if it is an option for them. It can really help set up your finances for success for years or the rest of your life.

  4. I made the mistake of helping out a mate down on his luck due to a long story. He asked, and I offered free rent till he got a job and back on his feet. This was four months ago. He still has no job. I’ve caught him gambling, sending money to his ex, going out for club dinners with his friends… I don’t want to go back on my word, but at the same time I don’t want to appear to be a bad mate. But, I need help in choosing the right way to discuss ongoing rental payments for the room he’s occupying without appearing a man of broken arrangements. By the way, he’s also receiving social security payments.
    Help please.

    • Keep in mind we are certainly not counselors here on Well Kept Wallet. However, it sounds like a frank conversation is overdue. Perhaps you could sit down with him and show him the comment you posted here. As hard as it may be to have the conversation, it sounds like he is taking advantage of you.

  5. Renting to people to pay rent or mortgage is a great idea. However, in some states – at least in mine – it’s illegal if you are a renter to charge others more than what you pay. For a homeowner it’s different. You can charge whatever you want. A renter can’t.

    • You bring up a good point. It’s good to know the law and what you can and can’t do when subleasing to make sure you don’t land in hot water.

  6. You can also live in a tent.

  7. This is a very interesting and excellent article. Thank you! I’ve learned a lot.

    • Great! We’re glad to hear that!

  8. I have lived free of housing payments for 6 months now! Also, I’ve had many more fun experiences! It’s mental. People don’t realize that they have no need for a house in this modern world of public amenities.

    • Good for you, Hans! I hope you have a lot more interesting and fun adventures and experiences!

  9. Don’t let family move in. One comes then goes then another comes and then they go. You end up being nothing more then everyone’s free loader. I’ve done it 3 years straight and finally had enough. It cost me in so many ways financially, emotionally, etc. Now I’m emotionally bankrupt and broke too. My marriage is gone and now I need help and I stand alone! Take care of yourself and make them do the same. Life’s not free. It’s not easy. Never was never gonna be, but set boundaries and stand up to these heathens! At the end of the day, they don’t care and you’re left feeling broken.

  10. These are great ideas and this is a good article. It’s plausible, although, speaking from experience and education, I’d like to say that sometimes, especially depending on locations and your own personal records, they can prove to be difficult to obtain and be pretty elusive finds. I agree with Texas T – no matter what, family and friends can let you down and are more likely to do so as they tend to feel that they either don’t need to worry about paying you or helping you as they think you’ll always care and be there anyway. If you end up finding yourself in one of theses family or friends arrangements, my best advice for you is to “say what you mean and mean what you say”! Set rules, time limits, and create a set of expectations and then STICK TO THEM STRICTLY! Provide no forgiveness, no exceptions, and no free rides!
    No matter what you decide to do, either rent free living or if you’re the one providing a home, if it’s at all possible, try to make sure you have some safeguards in place for when and if things don’t go as planned. Good luck and take care!

    • Yes, you’re right. If you are providing a place to live to a friend or family member, you do still need to have a rental agreement of some kind, regardless of whether or not actual rent money changes hands. It will protect both parties.

  11. These are good ideas. I would like to manage an apartment in exchange for free rent.

    • Of course, that won’t be the arrangement every apartment owner makes with their building manager. But, it’s a great idea. You just have to find the right one!

  12. Im 63 on disability but not useless. My wife is 60 & still working. We are finding much more difficult to cover all the bills each month. If we could find someone in our area that has separate living quarters for an older couple to watch over the rest of the place while the owners are gone would be a Great idea for older couples that like us that pay a pretty hefty mortgage each month this would be great. There are alot of senior couples that could help with pets also. Way a solid for some seniors to make things a bit easier for them & the home owner gets very responsible people to watch the place & care for pets when the are gone. How Would one find such a deal. The wife could do light childcare from time to time also. It would be like having your grandparents looking out for you! GREAT Idea!!! But finding the right situation may prove difficult depending on where you live. We are in Oklahoma City!

    • Check out some of the suggestion in the article for how you could make it work to live rent free!

  13. Texas T
    I have had the same experience. Owned a very nice home, but allowed family to take turns moving in and out. I too lost my home, marriage and nearly lost my mind. Starting over from scratch, and not one of the people who I helped is there to help me. Oh well I learned the hard way and will not repeat it.

  14. Which state would be a good choice to buy a house and then rent it out?

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