By renting out a side or upstairs apartment, you can use the extra revenue to pay down your mortgage more quickly.
“You might be a little inconvenienced with sharing, but in the long run, it’s going to make a big difference because it’s basically like a savings account,” says Torres, who has made millions developing real estate. “The value of the neighborhood is going up, the house is rising in value, and you’re paying down your debt. You’re basically building up your savings account and you have a place to live.”
Plus, if you ever have a family and move into a single family home, or simply want to live on your own, you can then rent out both halves of the home, Torres notes: “And then guess what? You have an investment property. It’s a good first step of getting into the real estate world.”
Watch Sidney Torres in CNBC’s “The Deed,” Wednesday 10 p.m. ET
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