Multi-family Investments - Great options for this economy
Yes it is difficult to get a mortgage right now. Banks are loaning money but they want more downpayments and they are taking more precautions to protect their investments. As such, I would recommend that couples looking to purchase a home consider a multi-family.
Multi-families are great because it allows the couple to purchase a home, thus saving them from paying those pesky association fees you get with condos and many townhouses. In addition, the couple becomes the landlord rather than paying someone else.
If a couple purchases a 3-family home, they can rent out two of the levels and will likely make enough money doing that to cover most if not all of the mortgage for the entire property. In addition, if the couple can get people to sign a lease to move into a level of the home prior to closing on the property, that might influence the bank because it will show that you are getting additional income. As banks are very concerned about debt to income ratios right now this can really help you get the mortgage you need at an interest rate you can be happy with.
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