Being a newimmigrant to Canada, you may be already looking at purchasing a home with anin-law apartment. Yes, it’s a great idea but it’s not the ideal idea foreveryone.
Dependingon where you are thinking of purchasing, this will dictate the value of theproperty and a house with a, legal, in-law apartment will always cost more thana regular house. The question is:
Will therental income cover the extra money you have to pay for that house?
If theanswer is yes and you can afford the property then, this strategy might be theright one for you.
If you are thinking of purchasing in Toronto and your current income is $30,000.00, I can tell you right now that this strategy won’t work for you. However I have other strategies that could work for you. Again, planning is the key and having a discussion with an expert mortgage agent like me will be very valuable in becoming successful in real estate investment.
The person who is goal oriented, organized and motivated by result will achieve their goals at an expedite speed. Tell me, what situation would you chose:
1. Work all your life just to making hands meet; getting into debts for your kids college or University OR
2. Plan today, take action for the next 5 to 7 years to build a passive income that could exceed your income
If you chose #2 and you are ready to establish this plan, fill in the mortgage application, once I receive it I will contact you to get this plan going, we can do it together.
It will be very rewarding to you and your family, don’t wait you can start today.