Quote:
Originally Posted by photon
We just bought a detached house for $308k.. with a bit of work we can suite the downstairs and will be able to rent the upstairs for at least $1200 and the downstairs for at least $800, which would cover the mortgage, taxes, etc.. get a bit more for the rent and it'll cash flow fairly nicely. It'd be a non-conforming suite though, which always runs the risks of the city taking it out.
But that way you could move into the upstairs and keep renting the downstairs to supplement your mortgage. Though not everyone wants to have neighbours downstairs.
You could also get a duplex, live in one side and rent the other, though that might be hard to get under $400k without going to the far edges of the city or even out.
So the places are out there to buy right now that make sense.
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At my current level of income and knowledge I don't think I'm capable of doing any additions or improvements other than painting the place.
My reasoning behind this is more to get into the market have the mortgage subsidized by renters for a bit and then move in. However, come move in time I can re-assess things and do something different. Like what you've just suggested fix a place up, get some more rent etc.
Yeah I don't think I'm going to be able to afford a duplex the 400K is the top of the budget.
The work you're doing or did to suite the place - was it pretty expensive? Did you do it yourself?
Thanks fella's