Today you can't just go to the bank and get 8 mortgages if you work in McDonalds flipping burgers.

There is a big chunk of residents that flip burgers earning minimum wage, and living with parents at their 30s because they can't afford to live out, if you count 2,000 hours a year, and earn above minimum wage say 13/hr that's only 26k a year, and at 40% dti that's only 800/mo at federal minimum wage 8/hr that's only 16k a year and 40% is 530.

Lets review the rules in order to see if it was a good deal:50% rule - 50% of gross income should go towards expenses minus mortgage paymentExpenses include:Property InsuranceProperty TaxesMaintenance/RepairsUtilitiesProperty Management                You have no mortgage pmt since you paid cash so that is a plus                $10,800 annual income * 50% = $5,400Based off 50% rule its a deal.lets try the 10% rule - Annual rent / purchase costs 10,800/35000 = 30.85%Based on 10% rule its a stealNow lets try the 1% rulerent/purchase price*100900/35000*100 = 2.57%You found a deal.Remember that much of the expenses other than the tax interest can be tax deducted.Great Find 😁

Or if you prefer, a Nothing Burger. 

Just like so many gig workers (Uber drivers, e.g.) who never add up their real expenses to find they're only making $9.50/hr with no health insurance and a massively depreciating asset.The world needs competently educated people to work in a civil society, not a bunch of people who think they're entrepreneurs but can't find anyone to just hang drywall, flip burgers, mop floors, or teach their kids.

I keep trying to convince my relatives to get out of there but they apparently prefer the craziness and "easy" access to In-n-Out Burgers.

Another thing, I’m not seeing the 1% rule really applying in this market on other homes either so I’m curious to know how important it is!

First things first...bubble gum, paper clip and a swiss army knife...if you can't MacGyver a solution with that, you're not ready to call yourself a handyman, oops I meant handyperson(aka Jedi Master, ruler of the world, smartest person in the room, boss, etc)Oh yeah, I forgot a twelve pack of your favorite cheap beer.Haha...really, a good Leatherman multi-tool is invaluable and will do most easy work, and can be part of your "everyday carry".$80And then it depends what you will do and what you like to do.

They complain about how expensive rent is ($550 a month in this case) but refuse to leave their minimum-wage job at Burger King for one of the many jobs available that pay better.

Not only has he worked as an electrician over the years but he also worked at various odd jobs including as a cook at a burger joint.