First recidential property
Hi,
I am a new migrant to Canada,I want to start with residential property investment with a goal of becoming financialy independent by another 10-15 years. If I do rough calculations assuming 5% annual net income from the total value of the residential properties. Then to get 60000 Can$ per year I need 20 into 60,000$ worth properties equal to 1200,000$ in today's value during next 10-15 years.
At the same time I need a own home to live where it should be at a convenient location to my children's schools which they attend now from my recent rented out house.If that requirement met, I need bigger down payments and bigger mortgage instalements.But I will meet my dream own home earlier.
On the other hand if I go for my first property at a more convenient down payment and lower mortgage instalement, then I start my investments earlier and delay my dream of a own home.My option is deficult to select. If I delay buying my own home too much ,consequently, I may have to sell my 1st house which is rented out and generate me money as there is a posibility of inability to raise funds to lay down payments and monthly instalements to a next home.Still reverse is much worse as it get bigger time or even unable to start with renting residential properties as a investments. What are your experiences on this problem.