- Joined
- Jun 7, 2016
- Messages
- 11
Hi there,
Have been following the REIN thread for years, am not a member yet however I have learned and pick up a lot via this forum, bought my first and only primary resident home here in Edmonton in an old neighborhood, living with my 12 year old son on the main floor and rented the basement since 2011. Spent $25K on reno and has turned it into a legal basement suite.
I have saved about $60k cash and my house has an equity of approx. $80k. I am ready to move on to buy another property but am not sure of my options: I have the following ideas:
1) Buy 2 duplex side by side, live in one and rent the other
2) JV partner with someone on an investment property
3) Buy a fourplex, live in one and rent out the rest
3) Buy a condo and rent out
4) Tear down my primary home which is a RF3 and build a new infill duplex, live in one and rent out the other. Not sure if this is worthy, on how the cost will be like based on $140/ft. Some of the new infill project here are crazily priced from $500k to $750k.
If someone can throw me some suggestion here, will be much appreciated.
Have been following the REIN thread for years, am not a member yet however I have learned and pick up a lot via this forum, bought my first and only primary resident home here in Edmonton in an old neighborhood, living with my 12 year old son on the main floor and rented the basement since 2011. Spent $25K on reno and has turned it into a legal basement suite.
I have saved about $60k cash and my house has an equity of approx. $80k. I am ready to move on to buy another property but am not sure of my options: I have the following ideas:
1) Buy 2 duplex side by side, live in one and rent the other
2) JV partner with someone on an investment property
3) Buy a fourplex, live in one and rent out the rest
3) Buy a condo and rent out
4) Tear down my primary home which is a RF3 and build a new infill duplex, live in one and rent out the other. Not sure if this is worthy, on how the cost will be like based on $140/ft. Some of the new infill project here are crazily priced from $500k to $750k.
If someone can throw me some suggestion here, will be much appreciated.