Hey everyone,
I am new to the board, I hope you will forgive me if these posts are frowned upon.
So to break it down, I am 26, single, no kids, and looking to buy in the next 12 months, with a minimum 50k for a downpayment, will likely be able to afford a maximum of 400k.
Some scenarios I have been considering:
1) Buy a 2 bd Condo in DT, Etobicoke or Mississauga. Rent the other room out to bring my costs down and pay it down as much as possible so it can be cash flow positive when I move on.
2) Buy a house and live in the basement while renting the entire upper level, or rent the entire house if it makes for a painful commute.
3) Invest overseas in one of the depressed Eurozone economies or the US and have a vacation rental(Financing can be tricky along with various tax and legal implications on top of management)
Regarding my living situation, I currently freeload off my parents, I have the option of moving to a upper level of a house in Brampton with 2 friends for $500/month
I work alot in Downtown Toronto but also work anywhere from Markham to Milton.
I am honestly at a loss with the options available, and with all the fear mongering I am finding it more and more difficult to make a decision on the best direction to take.
Any advice, words of wisdom, or book recommendations are appreciated.
I am new to the board, I hope you will forgive me if these posts are frowned upon.
So to break it down, I am 26, single, no kids, and looking to buy in the next 12 months, with a minimum 50k for a downpayment, will likely be able to afford a maximum of 400k.
Some scenarios I have been considering:
1) Buy a 2 bd Condo in DT, Etobicoke or Mississauga. Rent the other room out to bring my costs down and pay it down as much as possible so it can be cash flow positive when I move on.
2) Buy a house and live in the basement while renting the entire upper level, or rent the entire house if it makes for a painful commute.
3) Invest overseas in one of the depressed Eurozone economies or the US and have a vacation rental(Financing can be tricky along with various tax and legal implications on top of management)
Regarding my living situation, I currently freeload off my parents, I have the option of moving to a upper level of a house in Brampton with 2 friends for $500/month
I work alot in Downtown Toronto but also work anywhere from Markham to Milton.
I am honestly at a loss with the options available, and with all the fear mongering I am finding it more and more difficult to make a decision on the best direction to take.
Any advice, words of wisdom, or book recommendations are appreciated.