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Should I Buy A House Vs Buying An Apartment Complex
If you’ve never owned any real estate and your in the market looking at homes and apartment buildings, you make want to consider who’s going to pay for that piece of real estate. Let’s say you’ve found a house you like and an apartment building in the same area. The mortgage on the new house is $1500.00 and the apartment building is $1500.00.
One person decides to buy the new house for his family. Now, he’s the only one responsible for that piece of real estate. So, if he loses his income, he’s going to more likely lose the house and hurt his credit. Now the other person decided to buy the 4 family complex. His mortgage is also $1500.00, however he decides to rent out 3 of the units for $500.00 each, which covers his mortgage. So whether he has a regular income or not his still keeps his piece of real estate.
Also, the second person decided to add solar panels to the property and switch everything over to electric, and increase rents to $850.00 for each unit. He decides to pay all utilities for those three tenants. He gains an extra $1050.00 in rental income and he still does not have to pay any of his income into this piece of real estate. He also gets to save up to buy the house the first person lost and the tenants from the apartment complex are paying for that house to.