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Sharing your living space may seem unappealing at first, but it's a great source of extra income.

"I always encourage people to at least consider getting a home that could allow them to get some rental income, such as a duplex," Yeager says.

Again, Yeager speaks from experience. He and his wife have had renters for the past 20 years. By doing so, they were able to pay off their house in 15 years instead of 30.

"The beauty of it only begins with the monthly rent check you're collecting," he says. "Obviously, there are incredible tax benefits to it, too ... and much to our surprise, my wife and I found that it's actually nice having other people around."

Don't own a duplex? Jay says all you need is an extra room to take in a boarder and "raise some cash and help pay your mortgage, rent and utility bills."

Jay says if you decide to make this money-saving move, be sure to draw up a tenancy agreement to specify payment terms and the sharing of common facilities.

"Check local zoning laws to confirm that such an arrangement is permitted in your neighborhood," she says.


 

 

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