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I think buying a single family house as your first home is a mistake. Yea…I know…this IS what everyone does. However, if you’re reading this post I assume you plan to lead a different life than the average person. In this post I’m going to tell you why buying a multi-family property is a great idea. In the end, it will help you become a BALLER.
Why Your First Home Should Be A Multi-Family
- Save A LOT of money. In a single family home your monthly mortgage + taxes will be $1,500 to $2,500 on average. In a multifamily home your monthly mortgage + taxes, netted with your tenants rent payments, will be something like $500 dollars to $(500) – by negative I mean you will actually receive money each month. In other words, your tenants will be paying for your entire mortgage! This point is so important I’ll say it one other way. In essence, you will be paid $500 each month, have a free place to live, and have a valuable real estate investment growing in value for you for free. Early retirement anyone?