In today’s market, with interest rates remaining high and rents increasing, there are still ways to become a new homeowner and build wealth through real estate. John "JJ" Jeffrey, Senior Loan Officer with Aslan Home Lending Corporation (NMLS201863) CO MLO #100018682, suggests that there is an excellent opportunity in buying a multi-unit home (duplex, triplex, quadruplex, etc.).
Jeffrey states, “Many people don’t know that if you buy a multi-unit home as a primary residence, you can use the rent of the other units to help you qualify for a loan.” And even though it is an investment to purchase property that brings in rental income, you still only need to pay the downpayment for a primary residence, not like 20% for an investment. Jeffries continues, “And if the seller is willing to help with closing costs, this can be a very affordable option for a current renter to become a homeowner.”
This example proves there are still some ways to succeed and build wealth in today’s real estate market. By being creative and by doing research, there are opportunities out there.