Earning money through real estate can be done in a number of different ways and is still possible in difficult economic conditions. Some people become realtors and earn money by selling houses. Still others acquire properties at distressed prices, fix them up, and then sell them for a profit. The easiest way to earn money in real estate is to become a landlord and the most cost efficient way to do this is to live on part of the property you rent. Here are three benefits to being a landlord and living on the property.
1.) Cost Efficiency- If you own a duplex and occupy one half, then you will only be responsible for one mortgage payment. The rent that the other duplex occupant pays then goes toward the mortgage payment of the property. Therefore, if you have a mortgage payment of $1,200 and receive $900 in rent from the other duplex occupant, then it’s like paying $300 on a mortgage and building equity in the property.
2.) Save Money By Performing Repairs- Many repairs such as fixing ceiling fans, toilets, and sinks do not take much time or money to remedy. In fact, once you perform these tasks once or twice you will find they are quite simple and not worth hiring outside help. Save the big jobs for the pros but there’s no reason you can’t save money by doing basic maintenance yourself.
3.) It’s A Good Start to Real Estate Profits- Living in a duplex and renting half won’t make you rich, but with the money you save you can begin to get the ball rolling on a second property.
