Hi there everyone,
I have been wanting to venture in to real estate for some time now and I have a few questions as I am need some advice.
I currently have a home worth approx 180k, I owe 75k on it currently. I have had my home for 4 years and have made significant principal payments on it. I do have 2 roommates which allow me to do so, the house is not costing me anything really and I have done a significant amount of work to it - roof, furnace, fence, insulation, bathroom, and some lipstick
With this house the interest rate is fairly high, 5.19 % with one year remaining on the mortgage - I have asked the bank and they have told me that to break my mortgage, it would be approx 2000$
I have approximately 75k in liquid savings in the bank and I am wondering how I should start my real estate career.
I think that I would like to buy a duplex/triplex/fourplex etc (having more tenants under one roof seems to be more cost effective...)
I am not sure if it would be better to sell my principal residence and purchase a duplex with 5% down (as I would live in one suite), OR refinance my principal residence, keep it, rent it out and buy and live in a duplex at 5% down OR refinance, keep it, and keep living there, and purchase a rental at 20% down OR .......
I am a bit stuck of where to start! or how each decision will affect me in the future in real estate. Or if this is a good time to buy. I feel like Winnipeg is a good market but with the changes in mortgage rules recently, am wondering if value's will drop here as well. It is a different market than Vancouver or TO but am not sure how it will effect me.
I am located in Winnipeg
Any help is appreciated!
I have been wanting to venture in to real estate for some time now and I have a few questions as I am need some advice.
I currently have a home worth approx 180k, I owe 75k on it currently. I have had my home for 4 years and have made significant principal payments on it. I do have 2 roommates which allow me to do so, the house is not costing me anything really and I have done a significant amount of work to it - roof, furnace, fence, insulation, bathroom, and some lipstick
With this house the interest rate is fairly high, 5.19 % with one year remaining on the mortgage - I have asked the bank and they have told me that to break my mortgage, it would be approx 2000$I have approximately 75k in liquid savings in the bank and I am wondering how I should start my real estate career.
I think that I would like to buy a duplex/triplex/fourplex etc (having more tenants under one roof seems to be more cost effective...)
I am not sure if it would be better to sell my principal residence and purchase a duplex with 5% down (as I would live in one suite), OR refinance my principal residence, keep it, rent it out and buy and live in a duplex at 5% down OR refinance, keep it, and keep living there, and purchase a rental at 20% down OR .......
I am a bit stuck of where to start! or how each decision will affect me in the future in real estate. Or if this is a good time to buy. I feel like Winnipeg is a good market but with the changes in mortgage rules recently, am wondering if value's will drop here as well. It is a different market than Vancouver or TO but am not sure how it will effect me.
I am located in Winnipeg
Any help is appreciated!