But to benefit the most from the profit, you’d be careful with who you borrowed the mortgage from; you don’t want to be stuck with high interest rates. Look for names like Mortgage Central Nationwide brokers, as they offer competitive interest rates.
If you have a bad credit score, you might be forced to take a higher interest loan. But a less than perfect credit mortgage with affordable rates can be found if you’re willing to look.
Space for Your Family
Even if you buy a small block, there would be a lot of living spaces in it. You’d be able to gift close loved-ones apartments to live in.
If you’re not a fan of giving them the spaces for free, no one would blame you. You could do them a favor and rent the apartments for lower than the other tenants.
Lenders want to make sure that you’re going to be able to pay them back. They love candidates who have assets. If you ever need to take out a loan in the future, the apartment block would be an asset any lender would approve.
What’s great is that it’d also let you take out large sums that you wouldn’t have been able to before.
The continuous flow of rent from your tenants would help improve your credit score – you can now borrow at low interest rates too.
Considering all of the points discussed, its crystal clear that being the landlord to the block is beneficial. From the many benefits, the best would be the large sum you’d be making every month from rent. You’d also be the owner of an asset, which would let you borrow easily in the future.
Who wouldn’t want to give their loved ones a great place to stay? You could gift them apartments in your building. But if you’re not a fan of this, you could rent the spaces for much lower than you are with other tenants.