Living in Your Investment Property

One of the ways to get a jump start in real estate investing is to live in your property. There are several ways to do this to accellerate your wealth building. One way is to buy a single family home or condo and rent out the extra bedrooms in it. In most cases this will cover your mortgage payment so that you are living rent free. If you can stand roommates for a year or so this is a great way to own your first property. You will qualify for owner occupied mortgage interest rates that are around one interest point or more less than non-owner occupied rates. You could also buy a duplex, triplex or a fourplex. Live in one unit and rent out the others. In this situation you can also qualify for owner rates on the mortgage. You can then live in it for a year or so and buy another duplex, triplex or fourplex and repeat the process. If you pick well you could have a several hundred thousand dollar net worth in about five years. You can do this starting out with just a few thousand dollars for the down payment as owner occupied martgage programs need very little in the way of down payment.