Earlier this year, I wrote this post on finding a property to live in, but also renting part of it out.
Here’s another example in the East Bay in the much coveted Rockridge neighborhood literally a 5 minute walk from BART.
While I have been borderline on whether to sell my place or rent it out, this is another reason to sell. I need the money so I can buy a place like this.
$825,000
Top Level: 2 bedrooms, 1 bath
Lower Level: 1 bedroom, 1 bath
Total monthly property mortgage with 20% down = $3,000.
Lower level currently rents for $2,500 a month.
Net-net, you only pay $500 for your mortgage.
Michelle
March 3, 2013 at 9:24 pmI love watching Income Property on HGTV.
affinity
March 3, 2013 at 11:55 pmLove the new look. Just in time for the Bay Lights!
Rabia @ TheLiebers
March 4, 2013 at 10:26 amWOW! That sounds like a pretty sweet deal! There are some houses in my dream area that have mother-in-law quarters or just lots of extra room. I dream of buying one and renting it out for cash or child-care/housekeeping/nannying. Then I wake up!! LOL!
Catherine
March 5, 2013 at 2:36 pmfinding that down payment will be brutal, but pays off in the end to be able to offset your mortgage. let’s keep dreaming!