The most you can usually get out of your neighbors is a bag of sugar, a couple eggs, and a friendly conversation…
But I’m going to reveal a way you can get them to pay your mortgage, all while doing them a favor!
That’s right… They will actually be thanking you AND paying your mortgage at the same time, so you can still borrow all the sugar and eggs you want… while getting your mortgage paid for.
Why would they want to pay your mortgage, you ask?
Well, it’s all thanks to a special real estate situation where you are both the landlord and the tenant.
But don’t worry, this doesn’t come with all the usual headaches a landlord has to deal with.
You’ll see why shortly.
What I’m talking about is a little trick that is usually overlooked but can be very beneficial to people who are just getting started in building real estate wealth.
There are many ways to get started.
- You could buy a house and flip it
- You could buy a house and rent it
- You could buy a house and AirBnB it
But the way where you get your neighbors to pay your mortgage is what I’ve found to be the easiest.
I’m talking about duplexes.
Most early aspiring real estate investors overlook duplexes because they think: double the renters = double the headaches.
But they’re actually overlooking a goldmine.
You see, there are many advantages to investing in a duplex.
But the best way to take advantage of it is to not have 2 renters right away.
The best way is to live in one side and rent out the other side.
The rent you take in from the other side will cover the cost of your mortgage.
This is why I say it’s like having your neighbors pay your mortgage.
But the best part about living in one side of a duplex and renting out the other is this:
If you use the rent received from the rental side to upgrade the duplex, it becomes tax free.
That means you’re now inherently receiving 25%+ more rent than if you were just renting out a unit the old fashioned way.
So your mortgage is covered AND you’re adding value to your unit TAX-FREE.
When you decide to sell it, you’ve increased the sale price.
Talk about having your cake and eating it too!
So, consider looking around your town for a duplex you wouldn’t mind living in.
Even just living there for a year has major benefits, and you can have your renters pay your mortgage until you’re ready to find a renter to take over your side or sell it at a profit.