{"id":1785,"date":"2016-09-23T09:03:10","date_gmt":"2016-09-23T09:03:10","guid":{"rendered":"http:\/\/www.tolet.com.ng\/blog\/?p=1785"},"modified":"2018-09-12T11:01:36","modified_gmt":"2018-09-12T10:01:36","slug":"buy-a-house-with-mortgage-get-a-tenant-to-pay","status":"publish","type":"post","link":"https:\/\/propertypro.ng\/blog\/buy-a-house-with-mortgage-get-a-tenant-to-pay\/","title":{"rendered":"Buy a House with Mortgage & Get a Tenant to Pay"},"content":{"rendered":"

Mortgages work in such a way that you agree to pay a chunk of the property\u2019s price, known as your deposit, and the bank agrees to fund the rest over a set period of time, usually 25 to 30 years, charging you interest for the privilege.\u00a0<\/span>Furthermore, the bank requires you to pay up in installments, depending on which payment plan you choose: whether monthly or annually.<\/span><\/p>\n

So, my brilliant suggestion, which you read in the topic, is that after buying a house with a mortgage, you can decide to rent it out at a favorable amount so as to pay up the mortgage fees using the gains from renting out the house. Sounds cool, right?<\/span><\/p>\n

You may be wondering why many people do not adopt this. Well, I believe it\u2019s not what everyone does that makes for the best approach as best approaches result from the courageous decision of one unique individual.\u00a0<\/span>Going back to your question…why doesn’t everyone do this? \u00a0I think it comes down to a few things:<\/span><\/p>\n

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  1. Having to find renters all the time<\/span><\/li>\n
  2. Managing the property takes time and is a hassle at times (making repairs, etc.)<\/span><\/li>\n
  3. Simple in-action. \u00a0Most people “know” how to make money, but very few take the steps to do it.<\/span><\/li>\n<\/ol>\n

    Having to find renters all the time<\/h2>\n

    I see this as a trivial issue since online real estate sites like <\/span>ToLet.com.ng<\/span><\/a> exists and you can find someone to rent your property in a short\u00a0while. More so, you don\u2019t have to bother about a tenant that leaves before your mortgage repayment is due, you can always find a new tenant with the same <\/span>site<\/span><\/a>.<\/span><\/p>\n

    Managing the Property<\/h2>\n

    This, for me, is another trivial issue. If you feel it\u2019s a lot of burden for you managing the property, why not find a property manager to handle the management? Trust me, employing a property manager wouldn\u2019t affect your budget for repaying the mortgage. With proper negotiation and calculations, you would still remain on the safe side of your budget. At, ToLet.com.ng<\/a>, we are also committed to <\/span>property manage<\/span>m<\/span>ent<\/span>.<\/span><\/p>\n

    Simple in-action<\/h2>\n

    This is where the problem lies for most people. Now, that you see this as an awesome idea and are ready to get a mortgage, don\u2019t hesitate, simply following these 6 steps:<\/span><\/p>\n