Buying a place to rent out
Well - the other thread got me thinking that I should probably post something to get some replies.
In about two weeks I'm going to actively start shopping for a place to buy.
This place is going to be rented out for 1 - 2 years after which I'll need somewhere to live. I guess my options would be
1. Start living in property
2. Sell property and buy something else
3. Keep renting property and find something else
With open 3 it'll obviously depend on cash flow issues and what the banks/lenders will allow me to do at the time.
I intend on using the rental income to pay down the mortgage and using some of my own income as well since I'm living free of charge in the meantime.
So - I'm open to suggestions, advice, criticisms etc.
I know there are some landlords here so any advice would be great.
I'm looking for something between $290,000 - $400,000. With that amount I think I'm mostly looking at condo's.
I'm not putting 25% down. It's not being financed as a rental property (the income from the rent isn't being used to get me my mortgage). I've just applied for a personal mortgage based on my salary and what I have as a DP and then will be using my situation to help pay it off a bit.
It'd be great to rent it out to cover my monthly payments.
Do renters pay your condo fees?
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