I’m currently renting and I know I need a place to live. I’ve very minimalist and was thinking of purchasing a 3 bedroom and renting out the two other rooms. I make more than enough to cover expenses if the rooms aren’t rented out as the mortgage would be less than 33% of my post tax income. My plan is to do this for a few years and then change my primary residence and do it all over again.
I have two options while staying there, my portion of paying the bill would be around $1000. That would leave me with $5000 in additional income to save after necessities.
Would you recommend aggressively paying off the loan, investing some, or a mix of both. I don’t want to be too imbalanced however the I understand Canada is the fastest growing developed country by population (3% growth yearly with a target of 100 Million by 2100) and I know for a fact demand will continue to rise in the long run.
Nick Answers Reddit
Every week, Nick answers a Redditor’s question about buying, selling, renting, investing or living in Ottawa. Send Nick your own questions on the website, on Reddit or on a YouTube comment!
3 excellent resources if you’re considering house hacking
Bigger Pockets Podcast and Online Forum offer market-tested advice and a chance to connect with investors in a supportive community.
Government and Financial Institution Resources: In Canada, resources from the Canada Mortgage and Housing Corporation (CMHC) and various banks can provide insights into financing options, regulations, and other important considerations.
Online Courses: There are online courses and webinars that offer structured learning about real estate investment. Platforms like Udemy, Coursera and even some universities provide such courses.