🏠🏠There are different types of income properties and they all offer a few different perks.
✔Owner occupied + rental suite (also known as a mortgage helper): this is a home with a suite on the main floor and in the basement. There may be more suites in the home as well. The owner lives in one of the suites, and rents out the other.
The income from the suite can be used to help you qualify for the mortgage.A great option for:*Anyone who would like to pay less in housing costs.*Anyone willing to work with others.*This is how I bought my first home at 23 years old on my own.
✔Long term rental property: an entirely separate home than yours with renters that stay 6+ months at a time.A great option for:*Anyone who wants to expand their portfolio.*Anyone who wants to own property that tenants are mostly paying for.*Anyone who is willing to put in a little elbow grease here and there (consider it a part-time job).
✔Furnished, short-term rental: consider this the Airbnb type option. The space is furnished, cleaned between visitors, and you are the host. A great option for:*Anyone who already owns a property and can easily furnish it.*Anyone who does not need the income to qualify for a mortgage.*Anyone with the means to hire support staff to clean and meet the client's needs, or additional time on their hands to be a great host.
Roommates are also mortgage helpers. However, income from rented rooms can not be used to help qualify you for a mortgage. Get in touch if you'd like to chat rentals and what option might work best for you.