The Gold Mine Under Your Feet
Are you worried about having enough income?
Would $300 – $1,000 of extra income help every month?
Maybe you have an untapped goldmine right under your feet, literally!
In a downward or recessionary economy people tend to tighten their belts, watch their pennies and not spend.
If everyone’s doing it, then you likely want to go in the opposite direction.
(I don’t mean go out and stimulate the economy by buying a new car or taking a lavish holiday on your credit card.)
Look around and think how you could increase your own income so that that income can buy your car and pay for holiday, or maybe just buy groceries at this point.
Here’s a simple suggestion.
Consider adding a legal suite to your home.
Depending on the zoning, this will be easy for some homes and more difficult for other homes. Something to consider when buying.
Now, yes this takes money.
However, you can borrow the money from mortgage brokers or banks at cheap rates right now.
And, since you are making money from it, you are investing – not spending – big difference.
Sometime it can be as easy as $5K or $10K to make an additional $700 – $900/mo.
Let’s look at an example:
In fact, let’s go crazy and borrow $30K from your bank at 4% interest with a 25 year amortization to build a legal suite.
Your monthly payment to your bank would be $158/mo.
Assuming you could now generate only $700/mo in rent minus your loan payment of $158, you would have an extra $542/mo in additional income.
If you earn $60K per year at your job – that’s like giving yourself an 11% raise in a time when people are taking pay cuts and losing their jobs.
This way – you’re in control.
Plus, you now have tax write offs too.
If you can’t get proper zoning…
If you can’t get the proper zoning, then consider opening up a room in your home (maybe your basement or loft) and take on a room mate, border or exchange student.
There are plenty out there – just google it and you’ll find lots of people and agencies who will gladly pay you for a room in your home.
Some just want a room.
Others want room and board and will pay more for it.
Some just want the experience living in our beautiful country in a typical home.
Think about that today and take control of our own life.
You may be sitting on a gold mine.
There’s (Much) More Where This Came From!
- If you want 3 days of money making ‘meat and potatoes’ content (just like this) that you can use in today’s market (whether you have any money of not) then get signed up for my Live 3 day Training in October.
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From Bankrupt to Millionaire, Best Selling Author Paul M Hecht shows everyday Canadians how to become Real Estate Millionaires regardless of their current situation.
Paul,
You should have called this article “The Goldmine in Your Basement.” Since most people in BC have basement suites.
I think calculating the return on investment of putting in a suite is brillant.
A really smart friend told me once, “Run your home like a business.” He has several properties and is doing very well because of this philosopy.