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i own my townhouse and now im going to rent it.

Deeker

New Forum Member
Registered
Joined
Apr 14, 2017
Messages
9
Hello all,

I own a townhouse in Calgary and i only have a couple years left to pay off the remaining mortgage. i will be leveraging the equity i have in the home to put a down payment on my second property. As it is right now the going rate for rentals in my community will cover the mortgage, property taxes etc.. I have covered most of the 10 fundamentals for my own property and it will increase in value above average, and rent will increase also along with it seeing as the migration into this community is on the rise.

After saying all this i just dont know how to off set the passive income from the rental property and what kind of other advantages and disadvantages to look forward to.
Has anyone out there gone the last 30 feet? i just need some sound advise so i can start my due diligence on this subject.

Thank you in advance!!
 

Sherilynn

Real Estate Maven
REIN Member
Joined
Oct 22, 2007
Messages
2,803
Could you clarify what you mean by "off set the passive income from the rental property?" Are you trying to zero out your income for tax purposes?

As for advantages and disadvantages, there have literally been books written on the subject, so you'll have to be more specific.
 
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