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10 Jun

8 Ways to Make Money With Your Real Estate

General

Posted by: Michael Hallett

Below are just a handful of ways to make some additional money with the real estate property you have purchased.

1. Roommates – helps to pay your mortgage faster.

2. Home Business – will allow you to receive tax deductions; just make sure it is zoned correctly.

3. Storage – rent out unused space. Check with local companies storage companies to make sure you are renting for market value.

4. Parking – if your apartment comes with a parking stall and you don’t use it, that is potential for monthly income.

5. Vacation Rental – if you travel for long duration, rent your property.

6. Collateral – use your current equity as leverage to secure better rates or a HELOC.

7. Long-term investing – it’s not liquid, but if you have the correct plan, this can provide financial freedom.

8. Tax shelter – real estate is a great tax shelter; lowers your tax liability, mortgage interest, closing costs and property taxes can be deducted from your income.

DREAM TODAY. OWN TOMORROW.