How to live RENT FREE And get paid! This is exactly how you..
Added 2020-09-16 14:18:22 +0000 UTCHow to live RENT FREE And get paid!
This is exactly how you can essentially live for free by INVESTING in multi family real estate as a primary residence. If you do it right can get literally get paid to live for free
When buying a property one of the things that so many people over look is multi family properties. These are 2-4 units home like duplexes, triplexes and fourplexes. Which means instead of having one house on one 1 lot. You can have 2, 3 or 4 units on one lot. For loan purposes this is the exact same process as if you are buying a house or if you’re buying a condo. What makes this unique is that you have other units in your property that you can freely rent out. To cover all of your property expenses.
When you buy these properties correctly, your rental income from the other units will cover your entire mortgage, property taxes, insurance and repairs, essentially letting you live in one of the units for free. Not only that, but you can apply the rental income towards your loan, meaning you can often qualify for a much larger loan than normal. You’re also paying down your loan and building equity at the same time.
The best strategy to maximize the rental income is to look for vacant multi-family buildings that need cosmetic upgrades. This means you can immediately begin updating the property when you buy it - new floors, paint, bathrooms, landscaping are all cheap and make a significant improvement for rental income.
But the good news is that when you’re ready to buy a house or upgrade, you can rent out your unit and you have a great cash-flowing rental property for you to keep long term. Essentially when this is paid off, it could be your retirement money that keeps cash flowing month after month. Or, you can live there long term and bank as much money as you can knowing that you don’t have be out of pocket every month for housing payments.
