I was out shopping the other day and was surprised to see “Back to School” products already on store shelves. While we may not want to think of the Fall’s approach so soon after the start of summer, it’s important to think ahead as you plan the return to school for your university-aged children.
Where will they be living?
Have you ever thought about buying a second house (or condo) for them and having their roommates pay off the mortgage for you?
Owning a second home as an investment property is a great opportunity to bring in a little extra cash flow, and still build equity on a home that will likely become more valuable in the future. With the infill homes around the University area right now, and the low prices on new homes around the city, in general, it’s a great time to buy!
Securing a mortgage on an investment property that your child(ren) are able to live in is beneficial for them as they don’t necessarily need to worry about rent and accumulating debt. With a large enough house or condo, you can also benefit by renting out the extra rooms to help you pay off your mortgage, without money from your own pocket.
If you have no children but are still thinking of an investment property, there are other ways to have others pay off your mortgage for you – not just AirBnB, either.
According to a recent Financial Post article, you could also rent out your home as a film location or commercial location, rent out unused parking spots or garage space, shelter pets for owners on vacation or even rent out your basement monthly. I encourage investors to get creative in finding new ways to have others pay off your mortgage.
Ask me how you can secure a second mortgage for an investment home and some of the perks that come along with it.