Have you ever thought about what you would do if you lived a rent or mortgage free life? After watching a few episodes of Income Property on the DIY Network, I find myself pondering that question. That show can make you do that, trust me! Accomplishing such a daunting task is possible though. I remember reading a blog post about how this young 20-something year old started saving up money as a teenager so that after college she would have enough in savings to purchase a starter home. I am not 100% sure if she paid off her house in full or if she just used the money for a downpayment, but I thought, "what an ingenious thing to do and to save up for."

There was a time during my early years of marriage (this was during the recession) where I thought how awesome it would be to buy a home and later rent it out and make a small profit, once the monthly mortgage was paid. I felt this way because my family struggled so much during that time just trying to make ends meet. I was an employed college graduate, but my husband was still in school. We had a challenging time making it over that financial hump that sorely weighed us down. We lived in a place where income property was extremely popular and where students and young adults were capitalizing on it. I don't think I was jealous of them, but I do remember thinking, "How nice it would be to live a rent or mortgage free life," especially after watching an episode or two of Income Property. I can only dream for now.

Living essentially a mortgage free life is something to this day that I still think and have spoke openly about. Due to my husband's career, we will forever be living either in or around a university, which I think is an ideal hotspot for either young professional, graduate students, or even young families to rent. With that said, what would I do if I had the opportunity to live a mortgage free life? I would be able to put my children in any extracurricular activity that they desire. My children are good kids who barely ask for anything, but I know that their hearts desire is to take dance, play soccer, or go to cooking camp. Another thing I would do is save money. When you are renting (like what we are doing now) the monthly rental payment is somewhat inflated so that the landlord can pay off the mortgage of the rental (if they still owe anything) and so that they can make a small profit from your payment. So our rent is pretty steep compared to if we purchased the home we rent and paid a mortgage on it. With that said, we are only able to save so much monthly. Saving money is something we try to do and is very important to the mister and myself. It would provide us with the ability to take family vacations and would allow us to put some money aside for our children in case anything were to happen to us. On a design note, I believe wholeheartedly, that if I lived a mortgage free life, I would still be thrifty in decor style and stick to a monthly decor budget.

I have shared with you what I would do if I lived a rent/mortgage free life, but did you know that there are homeowners that make an income from their rental properties to help cover their own mortgage, so that they can live mortgage free. On DIY Network's Income Property, host and licensed contractor, Scott McGillivray shows homeowners with cash problems how to create rental suites in their home, as a way to generate additional revenue to defray mortgage costs. In each episode, host and licensed contractor Scott McGillivray presents his client with two design options. After they pick the one that meets their needs, the host and his team of contractors renovate the space, with McGillivray overseeing a sleek and cost-effective makeover. The aha moment is at the end of each episode when the homeowners realize that their mortgage is covered, and that they can now live rent free because of their new rental property. It's hard work and includes lots of demolition, but in the end it pays off with a beautiful space that brings in money.

New episodes of Income Property are debuting this Fall on Thursday nights at 10/9c on DIY Network. The episodes feature never-before-seen makeovers and reveals, great renovations, and tips for turning your home into an income property.

Catch a sneak peek of what is to come this season on Income Property on the DIY Network:

courtesy of DIYNetwork.com

Don't forget to watch

Income Property // DIY Network // Thursdays 10/9c