(as an example) and at the end of the year, we would pay them the total they paid ($1200) plus an extra $100 more (totaling up to $1300). So they benefit by $100. These dollar amounts are just rough ideas. And we benefit by having them pay off our mortgage quicker and so we pay the bank less interest.
Would this be a good idea or not? Why or Why Not?
And if not. Do you have other unique or unusual ideas that would work to pay off our mortgage quicker?
Read more: Having tenants pay off our mortgage? What do you think of the below idea? If we ask our tenants if they can pay just $100 per month more?
