3 ms·
I'm starting with steps 1 and 2. I'm hoping to get a 3 bed mortgaged with repayments around $860, plus bills and taxes around $330. Rent out each spare room for
by switch007 9y ago
I'm starting with steps 1 and 2. I'm hoping to get a 3 bed mortgaged with repayments around $860, plus bills and taxes around $330. Rent out each spare room for around $555.
As far as I know in the UK there are no income tax benefits unless you are a proper landlord letting out properties.
It's not quite as lucrative as perhaps your suggestion, but if I take the profit from the lodgers and overpay the mortgage, it would be paid off in around 9 years (and I certainly won't be a millionaire at the end hah!)
And it's quite theoretical, as I'm not going to live with 2 people for 9 years, but that's the math.
- tabeth 9y agoI'm not familiar with UK tax law, but you don't have to live with 2 people for 9 years. I'd do it until you have enough to put a down payment on a multi-family and transition to that. Then you don't have to live with the other people, but you still have the advantages.