First Investment Property in Canada

[Greg Pierce]

My wife and I bought our first house in May 2019 via 25yr Mortgage. I want to get in the investment game and was thinking of buying a duplex, living in one side, renting the other, and renting our current house (4 bed, 2.5 bath split entry). 

1)What's the best way to get capital for the duplex with little saved?

2) can this follow the BRRRR strategy if it's a live-in?

3) Are duplex's a good investment? 

Any help is appreciated!

- GP from Nova Scotia, Canada

[Theresa Harris]

Originally posted by @Greg Pierce:

Thank you so much that's very helpful. I hadn't considered staying in our existing home, however that would involve a 20% downpayment instead of 5% right? 

 Any investment property in Canada, you need 20% down.  I'm not sure what happens if you bought it as a home to live in and then turn it into a rental-call a bank (doesn't need to be your bank) and ask. Most of the time houses that you buy as a personal residence, do not make good rentals as you bought it without looking at the numbers with respect to a rental. In addition to duplexes, look at houses that have a basement suite.