- Purchase a 2, 3, or 4 unit residential property.
- Occupy one unit.
- Rent the remaining unit(s).
- Since you are LIVING in one unit yourself, the property will be classified as “owner occupied”, which qualifies for some VERY attractive financing. (Such as a 3.5% down FHA loan.)
- Use the rent from your tennant(s) to pay your mortgage, allowing you to greatly reduce or even eliminate your own housing expenses.
- If you live in Texas, you receive a “homestead exemption” on your property taxes since this is your primary residence. And this is NOT prorated. You get the exemption on the ENTIRE property, NOT just the part that you are living in.
- Since it is your primary residence, it are protected (in Texas) from lawsuits.
Here is a more detailed article and YouTube video explaining the process…