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Tuesday, May 16, 2006

Income property

Any property, including land, which earns you money

Renting out a home that is not your primary residence is one way to use property to make money. An income property, like an apartment building with more than four living units, is normally appraised, mortgaged and taxed differently than a primary, owner-occupied residence.

Distance also plays a factor in creating a loan package for an income property.
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