Been quite some time since I last posted. My knowledge of market conditions and general investing has increased ten-fold. I have learned alot in the last few months about mortgages/rental properties that I didn`t know about a few months ago. This will be my first acquisition. That being said, it definitely won`t hurt to pass all this by all of you.
Looking at a tri-plex in the heart of Kitchener. It is neighboured by other converted SFH`s and purpose-built`s.
Here are all the details:
Monthly income: $2015.00
Yearly gross income: $24180.00
Yearly expenses: Taxes ($2526.00) + Hydro & Gas ($2910.00) = $5436.00
Gross income - expenses = $18,644.00
Mortgage: $239,000~ @ 3.79% / 5% down with 30 year amortization = $1,052/month($12,624/year)
Gross income - Mortgage(Yearly): $18,644 - $12,624 = $6,020($501/month) NET
These calculation do not include vacancies or property insurance.
So what do you guys think about this property? Feasible in the long-term to stay profitable?
Any opinion is appreciated. Thanks guys.
Looking at a tri-plex in the heart of Kitchener. It is neighboured by other converted SFH`s and purpose-built`s.
Here are all the details:
Monthly income: $2015.00
Yearly gross income: $24180.00
Yearly expenses: Taxes ($2526.00) + Hydro & Gas ($2910.00) = $5436.00
Gross income - expenses = $18,644.00
Mortgage: $239,000~ @ 3.79% / 5% down with 30 year amortization = $1,052/month($12,624/year)
Gross income - Mortgage(Yearly): $18,644 - $12,624 = $6,020($501/month) NET
These calculation do not include vacancies or property insurance.
So what do you guys think about this property? Feasible in the long-term to stay profitable?
Any opinion is appreciated. Thanks guys.