Wednesday, February 13, 2008

Why Buy a House When You Can By a Duplex?

Example of a Duplex

While the housing market is in a slump rental rates are now at an all time high. Anyone thinking of buying a new house should find one that has an attached rental unit or make plans to create one. Find a house with a rental unit, duplex, or triplex. Live in one unit and rent out the rest of the space. This way your renters are paying off your mortgage and you will be able to afford more property. Since the gain on a $500,000 house will be more than a $300,000 home you will end up making more money when you sell. Also, property that is able to be rented out is more valuable especially in a down market. This is a no brainier easy money solution to maximizing your wealth generating potential on a less than millionaire salary.

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