Starter Home + Time = Rental Property
February 8, 2019 | Posted by: Mike Garganis
Like most of us who get married, we start a new chapter in our lives with a bit of financial uncertainty. Student loans, car loans, credit cards, and a wedding that some relatives you wish you never invited.
If we take our parents advice, or better yet, crunch the numbers to realize a starter home that is affordable makes sense, it could just payoff later on in a big way.
I had a friend come to me 10 years ago who was looking for some advice and wanted to go over numbers for a mortgage. We were both getting married within a year apart, so I knew exactly what he was going through. He and his spouse were both pulling in pretty good money and he wanted a big house so they didn’t have to move. The location he wanted it in, didn’t make financial sense, even though they could afford it. He scaled back a bit in size, and they decided to rent out the basement.
Fast forward to present, he is renting out the basement still, and the main part of the house. The house is almost paid off, and they are in a beautiful family home.
Not only were they not cash poor, they had help paying down their mortgage, and have a great retirement nest egg waiting for them when they are ready to sell.
With access to over 50 lenders and hundreds of mortgage products, I can show you how to make home ownership affordable and work with you down the road to help grow your net worth.