Is this a good idea to pay for my mortgage?

I'm thinking about buying a house and then renting out a part of the house to someone so that I will have a tenant living with me. I will use the rental income to help me pay my mortgage. How do I go about doing this?I'm not sure about some things like where do I get the lease papers? I don't feel that I am qualified enough to write one up myself.Is this a good idea to pay for my mortgage?
I would suggest you talk to some professionals in real estate. They could help you with this. This is a good idea.Is this a good idea to pay for my mortgage?
Yes, this could be a good idea if done properly. I would make sure you look into buying a duplex though and not just renting part of your home out to a stranger. Make sure you can qualify for the mortgage and make the payments on your own though and do not count on a renter to provide a portion of your payment for you. You never know how long it might take to find a ';good'; renter or initial renter could move out and it could take you quite awhile to replace him/her. As one of the previous answerer's mentioned that is how her father started buying real estate and it helped him to buy more. There are many successful real estate investors who start out this way.





You can search online and find rental agreements all over the place. In the sources I will provide you with one place that has lease agreements. I think they are even under $5. I also have generic rental/lease agreements to that I could provide for you. Best of luck to you and it sounds like a good idea. Just make sure you do not get in too deep and buy a home that is too expensive banking on others to help make your payment as that is how many fall into the trap of buying too big too fast.
Go to a real estate lawyer or contact a title company=they may be able to assist you. You could also call a real estate agent or visit your city tax office to see what the rules/regs are for renting in your area as well as tax deductions/interest payouts, etc. Good Luck!
My dad did that. He bought a duplex and went to City Hall to get a renter's license. He used the income that he received from teh tenant to pay the principle amount on teh loan and he would also contribute to that amount also. This helped my dad pay off his mortgage and he bought another duplex (via Sheriff's sale this time) and did the same thing. He's almost completed that mortgage payoff. He plans to buy a house now and he'll move into that and keep the four units as an income and I'm sure to help pay the mortgage on whatever house he buys.