I have been looking for a while now (over 8 months) to find a property (SFH ~1000 sqft bungalow with 15.2m lot in SE or SW Calgary) and cannot find one that is cash flow positive.
I am using the following to calculate the cash flow:
5% interest
30 yr mort
10% vac rate
10% maint
and actual taxes
My plan is to buy a suited bungalow (or suite it myself as my family does that as a side business) and live up stairs and rent downstairs. I would like it to be cashflow positive assuming I pay current market rent so that I can move out within 3 years and buy another property. Does anyone have any suggestions to what I should change to realize my goal? Any help that would be great.
I am using the following to calculate the cash flow:
5% interest
30 yr mort
10% vac rate
10% maint
and actual taxes
My plan is to buy a suited bungalow (or suite it myself as my family does that as a side business) and live up stairs and rent downstairs. I would like it to be cashflow positive assuming I pay current market rent so that I can move out within 3 years and buy another property. Does anyone have any suggestions to what I should change to realize my goal? Any help that would be great.