3 Homes That Pay You (what to look for when buying)

^{Read time - 3 minutes / Disclaimer}

Many people are overwhelmed when buying a home.

There's many things to consider like:

- The price.

- The location.

- The size of the home.

High prices and high rates make homebuying expensive.

But— the right strategy can help lower your costs big time.

Homes That Pay You

When buying a home.

Most homebuyers focus on cost:

- Moving costs.

- Interest rate costs.

- Monthly payment costs.

I did the same when buying my first home.

And I didn't have much money.

So, I bought a little condo with a no down payment loan.

Two years later I sold it and made $100k.

Homebuying intrigued me so much, I figured out how to buy:

- a 2nd

- a 3rd

- a 4th

- a 5th, 6th, 7th property

(without having to come up with a boatload of money each time)

I learned some hacks along the way.

Hacks that help lower your monthly payment.

And can help you get your 1st home (or buy a 2nd or 3rd) much faster.

I quickly learned —

The type of home you buy, can make the homebuying game much easier.

Here's 3 homes that pay you (not just cost you):

Property 1: Regular Home + Tiny Home

Most homes have a back yard.

Some bigger, some smaller.

Over the years, more people are putting tiny homes in their back yard.

They're also called ADUs.

Short for accessory dwelling unit.

They've become so popular, they're sold at Home Depot.

They make an excellent rental.

^{Tiny Home Sold at Home Depot}

Buying a property that has a tiny home in the back yard can reduce your monthly costs by 25%-40%.

Property 2: Converted Garage & Bedroom

I currently own this property.

It has a 2nd entrance that goes into the garage and leads to a bedroom & bath.

Some homeowners convert their garage into a bedroom (like a studio apartment).

Sometimes they add a refrigerator and a small kitchen too.

These make great rentals.

^{Converted Garage & Bedroom}

Buying a home with a converted garage can reduce your monthly costs by 25%-40%.

Property 3: Split-Level Home

This is the first house I bought.

This type of property allows you to rent the downstairs area and live upstairs.

The tenant has a separate entrance and separate living area.

This too makes a great rental.

^{Split Level Home}

Buying a split-level home can reduce your monthly costs by 30%-50%.

Conclusion

Renting part of your home is not for everyone.

But properties like these (where you and the renter live separately) —

Are worth considering.

Especially if it cuts your monthly payment by 25%-50%.

It takes time to find these properties, but they're out there.

My favorite app to look up homes for sale is: ​Redfin​ 

My favorite place to look up interest rates is: AIM Loan

Also, there's over 2,000+ down payment help programs out there.

One of these programs helped me buy my 1st little condo.

Find them here:

​Down Payment Tool​ 

Keep building💰

See you next week.