Building owner Lee Hae-in: 'Even with 100% occupancy, I might not earn 1 million won a month'

Actor and creator Lee Hae-in has revealed the realistic struggles she is facing after purchasing a building worth 4 billion won. While she may appear to be a significant asset holder based solely on the building's value, she explained that the actual cash remaining in hand differs greatly from expectations due to a combination of large loans, interest, vacancies, and overdue rent. This case illustrates the gap between the common misconception that "becoming a building owner allows you to live off monthly rent without working" and the reality of property ownership.

On the 29th, Lee released a video on her SNS, stating, "I thought I could live without working while receiving monthly rent just by buying a building. The reality is much more complex than I thought," adding, "It is a mirage, but I cannot stop, so I am going again today."

In the video, Lee confessed the expectations she initially held when purchasing the building, saying, "I thought I would become rich if I became a building owner. I thought I could live while earning living expenses without working just by buying a building."

However, reality was different from her expectations. According to Lee, the number of vacancies, which was 6 at the time of purchase, has now decreased to 2. Although a significant portion of the building has been leased, the rental income is still insufficient to cover all expenses.

She said, "On paper, I should only have to cover about 1 million won, but since some places are late with rent, I am currently paying 3 to 4 million won myself."

What is even more notable is that even if all vacancies are resolved, profitability does not improve significantly. Lee stated, "Even if I fill all the vacancies, after deducting various expenses, I might or might not have 1 million won left in a month. I thought I wouldn't have to work anymore just by buying a building, but that was a mirage."

The "rental income" commonly mentioned in real estate is not calculated simply by the rent coming in from tenants. If a building is purchased using loans, financial costs are incurred, and here, management fees, taxes, maintenance and repair costs, losses during vacancy periods, and unpaid rent sequentially erode the actual cash flow.

In particular, the market value of a building and the cash an owner can actually use every month are entirely different concepts. Even if one holds real estate worth billions of won, if the mortgage is large and the rental yield is low, a situation may arise where additional cash must be injected every month.

Lee's case also shows this discrepancy between assets and cash flow. She previously revealed that she purchased a building in the 4 billion won range by taking out a loan of 3.2 billion won. At the time, she confessed, "I honestly didn't know it would be this much," noting that the monthly interest alone reached 12 million won.

She explained that there were 6 vacancies in the building at the time, and the total monthly rental income was around 6 million won. It was a structure where the rental income was woefully insufficient compared to the monthly financial costs.

Later, in June, Lee announced that the vacancies had decreased from 6 to 2, indicating that the leasing situation was improving. However, this disclosure also revealed that lowering the vacancy rate does not completely resolve the burden of operating the building.

This aligns with the reason why one must distinguish between "yield" and "cash flow" in real estate investment. Even if the book value of an asset rises, if the net cash flow after deducting loan interest and various expenses is insufficient, it can become an asset that requires continuous capital injection from the owner's perspective.

In particular, interest rate levels, rental demand in the commercial area, the building's location, the tenants' business types, and contract conditions are key variables that determine the stability of rental income. Vacancies also do not simply mean a period without a tenant; they can lead to decreased rent and costs for attracting new tenants.

Lee debuted in the entertainment industry through a CF in 2005 and gained public recognition through tvN's "Rollercoaster - Man and Woman Exploration" in 2010. At the time, she drew attention with nicknames like "Rollercoaster Girl" and "Flower Deer Girl," and later expanded her field of activity as a creator.

In particular, she built her own online content through videos such as playing the piano while wearing revealing outfits, and in 2024, she revealed her economic situation while appearing on Mnet's "Couple Palace." At that time, she stated her annual salary was approximately 100 million won and her assets were approximately 1 billion won.

After purchasing a building using a large loan, Lee's economic moves have once again become a subject of interest. However, this confession shows that a glamorous title like "building owner" comes with the reality of managing heavy financial costs and vacancy risks.

Owning real estate does not immediately equate to economic freedom. When Lee described it as a "mirage," she was referring to the gap between the scale of an asset and the actual income available for daily life. The fact that she holds a 4 billion won building is secondary to the more practical reality of how much money is coming in versus going out each month.

Lee continues to balance her entertainment activities and content creation with managing the building. Her confession that she must still inject her own funds even after reducing vacancies serves as a reminder that being a "building owner" does not always guarantee economic freedom.