Quote:
Originally Posted by blankall
Renting out a property is always a great way to build equity. Be aware that it can be a pain in the ass dealing with tenants though. You're also leaving yourself to the whims of the real estate market. In this case you've already one egg in that basket (your house) and would be adding a second.
Have you maxed out your TFSA and RRSP deductions yet? Those are also great options if plan on earning income for the foreseeable future.
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My thought about the rental property is that it would hopefully pay for itself with minimal effort on my part. Buying a condo to rent out was quickly kyboshed by my wife, who actually crunched the numbers and decided it wasn't worth it.
We're not maxing out our RRSPs, but we`re making a fair contributions bi-weekly. We are maxing out the kids RESPs though. We have started TFSAs and put money in, but not a significant amount and its really not making a lot of interest either.