I have a wife, two kids and no home. I’m a Canadian who plays semi pro hockey In the US from October to April-ish. When we are in Canada, we stay at my parents Cottage, rent free, as I work a normal job. When the end of September comes by, my work contract ends (My boss and coworkers are good friends) and we set off for the States to play hockey. I could be potential playing hockey for another 5 years as the plan is to start playing over somewhere in Europe within the year (We have a,ready played in France previously).
Is it a good idea to think about purchasing a rental property as a first time property buyer?
Why not.. especially in Ontario when you will get a break on the land transfer tax. I know a few people who house hacked for 1st property and make the tenants contribute to the mortgage..
You should consider short term rental.. just make it available when you are out of the country. Have a third party company manage it for you..
Absolutely worth talking about. A few things to consider are:
1. down payment for an investment property is higher than a primary residence. Do you have the higher d/p (ie 20%).
2. You won't be able to use your RRSP $30K towards an investment prop.
3. Are you paying taxes in the US? You will have to pay 2 taxes (but I think you are already doing that right).
4. If you don't have a primary residence in Canada, some insurance company won't cover you.
5. Even if you hire a property management company, you will have to deal with some issues as they come up. Do you want to be a landlord and deal with this stuff?