3 ms·
The sneaky best thing to do is buy a small multifamily unit, live in one, and rent the others. One of my coworkers at the time I bought my building was shopping
by megaman22 9y ago
The sneaky best thing to do is buy a small multifamily unit, live in one, and rent the others. One of my coworkers at the time I bought my building was shopping single-family homes in the exact same price range, and we have almost the same monthly costs. The difference being that my tenant essentially pays my mortgage, and I only have to pay the taxes and insurance. Down the road, when I have a family and buy a real house, the rental will bring in $3k or more every month.
- mancerayder 9y agoYou also have additional deductions on expenses that you don't get on a single owner-occupied home. In fact it goes in a different Schedule than personal. One chooses a percentage of personal and business, which might be 50 50 if each unit is about the same and the owner is in one, while the other rented out.