With the mortgage being 50/mth and rent coming in at 00/mth, any amount of money you are able to save is able to be chopped right off of your mortgage.My fiance and I budgeted ourselves around 00/mth, so I know we are comfortable with giving that up.So we put that on top of the rent, and the mortgage gets paid of way faster.
They don’t want to give you the first payment and have you go to Vegas and blow it, and all they can take from you is a vacant lot that isn’t worth what they’ve given you already. I just recently built a 1750sq ft home with a fully finished basement for ~0k. Make sure your building contractor is including the price of a fully finished basement in the total cost.
Two bedrooms, kitchen, bathroom, laundry room in the basement, and there are two sets of stairs to access the basement. Two sets of stairs mean basement tenants never have to enter your actual house; they access the basement from the garage.
Complete the house, and rent the basement out to either a couple or two separate people.
Price the rooms comparatively to what a dorm room costs at your nearest college/university if you’re near one, and if you’re not, make sure it’s priced comparatively to other rented properties in your area.
If shitty ass two bedroom apartments that are small in an apartment complex are being rented for 00/mth, you can get more than that easily.
You are offering a brand new, clean, never been lived in, LARGE two bedroom apartment. Where I am, shitty fuckin dorm rooms are rented for around 0/mth.
That makes renting the basement to two students EASY for 00/mth, because it’s the same price as a dorm but a hell of a lot nicer.
We’re close to a university, so that allows us to be a bit more choosy with who we want living there as well.
I’m tired of seeing people posting that “mortgages are just the bank fucking you” and “owning property is letting the jews win” and all this shit.
Here’s how to own a house and make more money with the bank’s money than the bank is making. There are lots around if you look online in your area, it doesn’t have to be huge but the more you can get over a half acre, the better.
Now the bank will fund you to build a house on that lot, it’s called a builder’s mortgage.