Hi everyone,
I am new to the site and new to real estate investing, yet love the information on the site and the input. I have been considering focusing on real estate as a business and considering purchasing a student rental in the KW or possibly just a regular bungalow with basement finished to rent out. I am still reading and doing my homework on which is best and that best suits us.
My dilemma is we were considering selling our home in Brampton and using our equity to purchase one or two properties as we have a little over 200k in equity in the house or do we go the route of refinancing and use the mortgage to purchase towards the new project.
Second, I have a condo in downtown Toronto and possession is due at the end of the year. Do I consider assigning the condo for a potential profit of approx 150k (purchased for 550k and potential sell is around 699k less realtor fees) or do I close the property and pay the closing fees and rent it out and try and refinance this property and use the funds to also invest in a new project. The unit should rent for around $2500/month and will carry with minimal cash flow (%20 down with utilities of 550 and taxes of 435).
Any suggestions would be greatly appreciated.
I am new to the site and new to real estate investing, yet love the information on the site and the input. I have been considering focusing on real estate as a business and considering purchasing a student rental in the KW or possibly just a regular bungalow with basement finished to rent out. I am still reading and doing my homework on which is best and that best suits us.
My dilemma is we were considering selling our home in Brampton and using our equity to purchase one or two properties as we have a little over 200k in equity in the house or do we go the route of refinancing and use the mortgage to purchase towards the new project.
Second, I have a condo in downtown Toronto and possession is due at the end of the year. Do I consider assigning the condo for a potential profit of approx 150k (purchased for 550k and potential sell is around 699k less realtor fees) or do I close the property and pay the closing fees and rent it out and try and refinance this property and use the funds to also invest in a new project. The unit should rent for around $2500/month and will carry with minimal cash flow (%20 down with utilities of 550 and taxes of 435).
Any suggestions would be greatly appreciated.