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Income Property

What is 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.

Rental agreements are strongly recommended.
Renting your personal property can be profitable and also risky.
Court proceedings for tenant eviction are costly, in loss of income from absent rental payments and court costs.

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