Now a day’s most of people is scared to buy a house and get a mortgage loan for two reasons: First for the fear to not qualify to get a loan and second for the fear that in the future they won’t be able to meet the payments. But what is different now? You still pay rent where you live and you are throwing that money away. Unless that you still leave with your parents or your employer provides you with a place to stay its very likely that you are paying a lot of money in rent. Getting a mortgage now a day it’s relatively simple you will only need money for down payment and closing cost, credit history and proven income. One important thing to consider is that part of what you pay every month on mortgage is going towards you equity.
If you think smart you will be able to find ways to make your mortgage payments without getting all the money from your pockets or even without paying it at all from your money. This is very simple and common and here I will show you 3 ways for doing that:
- Rent the rooms that you won’t use: You could post an add on craigslist or even tell friend to refer you to people that its looking for a cheap option to live and this would be renting a spare room. This is a very good way because you will get a steady income every month that depending on the area or city it can go from 300$ to 800$ or more. This will be definitely a good help for your mortgage payments. And you basically need to do nothing only sacrifice a little bit of privacy. I have personally done this one before and it’s very easy and works. I will recommend setting up rules for the person that is going to live with you so you can avoid misunderstandings in the future.
- Buy a house with a Efficiency : For me this option is the best because you can rent the efficiency for a higher price and it will be separated from the main house that means that the person that is going to rent would never go inside your house unless you invite him o her in. In the other hand a house with efficiency will be more expensive to buy but I think I will be worth it.
- Rent your room, living room or even the whole house through AIRBNB: Technology in these days have made our life easier now you can take some pictures of the space that you want to rent and upload it to AIRBNB with a little description and price and you will be exposed to a market of people that is looking for economic options to stay, most of the people that will be contacting you for the property are already verified and you will have the support of Airbnb in case something happens. This option is not very steady because sometimes you won’t get booked for days or weeks but when you get booked do you can get pay good . I have seen rooms online listed for 70$ a night. Now imagine that you rent it 10 days out of 30 every month. That will be around 700$ without having the space rented for the whole month. Good right?
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