Want a Home That Pays You? What if your first home could pay for
Why a Duplex Might Be Your Smartest Move
in the future, you could eventually purchase and move into another property and then turn the unit you previously occupied into another rental, thus generating more income and additional assets for you. Better Loans You can also use future rental income on the second unit to help you get a better loan. The additional financial boost can increase your qualifying amount, making it much simpler to secure the right loan. Most lenders will let you use up to 75% of your expected rental revenue as part of your overall income. Say there’s a duplex you’re interested in for $600,000, and you only qualify for a loan of up to $375,000. If the rental income from one side of the duplex is roughly $2,000 a month, you may be able to use that additional income to qualify for a loan closer to $550,000, allowing you to afford a more expensive (potentially more desirable) property. Another great benefit to purchasing a multi-family or single-family property you may later choose to rent out is the minimum down payment amount required.
When you purchase a property to live in, whether it is a single-family home, duplex, triplex, or fourplex, you are only required the minimum down payment amount for primary residence (usually 3.5% FHA, 3%–5% conventional, and 0% VA). These amounts are truly game-changers when compared to the typical down payments required for investment properties, which range 20%–30% down or more. Tax Benefits Multi-family properties can also come with tax benefits. If you are an owner-occupant, you can deduct mortgage interest and property tax on your half of the duplex. If you have a renter, you can also write off expenses related to your rental units, like repairs, utility bills, or management fees. Properties like duplexes and fourplexes can be a smart and rewarding investment to build wealth and security for your financial future. If you’re ready to start building your real estate investment portfolio, whether it be in the direction of multi-family or something completely different, I am honored to help you!
itself? Duplexes and other forms of multi- family units can be a great way to build a passive income stream. Whether you’re looking to make some extra money, trying to pay off your mortgage, or planning an investment in the future, you can leverage real estate to create financial stability and long-term wealth. Multi-family properties offer a unique opportunity to earn passive income and can even help you qualify for a larger loan. Help Pay Your Mortgage One of the biggest perks of owning a multi-family property such as a duplex, is that while you live in one unit, you can earn passive income by renting out the other unit. The money you earn will cover a part or maybe even most of your monthly mortgage payment, allowing you to either pay the property off faster and/or more liquid cash for other investments or life expenses. As your tenant helps you pay off your mortgage, your lender can also count that income to help you be able to afford another property down the road if that is a part of your strategy. If you want to create additional revenue streams
Simple Maintenance Tips for a Cooler, More Efficient Refrigerator KEEP IT COOL!
A little TLC for your refrigerator can go a long way in keeping it running smoothly, saving you on energy bills and, ultimately, from buying a new one sooner than you have to. With just a few easy maintenance steps, your fridge will stay cool, efficient, and fit to do its job! Clean those coils. Did you know your fridge’s coils, usually behind a lower panel on the back, play a key role in cooling? These coils release heat as refrigerant passes through, but dust, pet hair, and debris can build up over time, making your fridge work harder. Slide your fridge out twice a year, open the lower panel, and use your vacuum cleaner’s hose attachment to clear out dust. Want to give it a final wipe? Use a dry towel, as moisture could damage the coils. Just be careful not
to bend anything — blocked airflow could prevent your fridge from cooling properly. Don’t ignore the gasket. That rubber seal, or gasket, around your fridge door may look minor, but it’s essential for keeping cold air in and warm air out. If the gasket doesn’t seal tightly, your fridge has to work harder to maintain its cool, costing you extra energy. Inspect it for cracks or wear occasionally, and wipe it with warm, soapy water to remove any crumbs or spills. If it’s looking cracked or brittle, head to your local hardware store for a replacement — it’s an easy fix that makes a big difference. Remember your filters. If your fridge has a water or ice dispenser, its filters need regular changing, too. Over time, old filters can clog and require repair, so a good rule of thumb is to swap out these
filters every three months, around the same time you’d replace other filters in your home. Keep it fully stocked. An empty fridge isn’t as efficient as a full one! Refrigerators need thermal mass (i.e., cool items) to stabilize temperatures. When you open the door, cool items help absorb warm air, so your fridge doesn’t have to work as hard. These simple steps help your refrigerator stay energy-efficient and fully functioning to keep your food at the perfect temperature!
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