Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

23
Posts
2
Votes
Shelley Peever
  • Appraiser
  • Victoria, British Columbia
2
Votes |
23
Posts

Hold or Sell?

Shelley Peever
  • Appraiser
  • Victoria, British Columbia
Posted

Hello everyone - I own a single family home in BC Canada which is currently my principle residence, and I also own a duplex that is a rental property in Ontario Canada.  I would really like to continue to invest, although with the interest rates, the restrictions and prices in Canada it is a challenge.  My question is, how and where do I purchase a second investment property? Do I sell the duplex in order to afford a larger multifamily property? I live in BC and properties here are extremely pricey with good appreciation.  BC and Ontario are the highest rents in the Country here for sure, but it is very challenging to make the numbers work for multifamily investing. When I purchased the full duplex, I inherited one side of the duplex tenants who are paying far below market rent, and new tenants on the other side are paying market rent. My mortgage payments on the duplex increased dramatically over the last year as well, and currently it is appraised at 720K with 4,100/mo rent. It was cash flowing until now when I have to re-finance at higher rate. Ideas welcomed!

Most Popular Reply

User Stats

23
Posts
2
Votes
Shelley Peever
  • Appraiser
  • Victoria, British Columbia
2
Votes |
23
Posts
Shelley Peever
  • Appraiser
  • Victoria, British Columbia
Replied

Oh wow! I went to High School with the Mortimer family! I am from Bracebridge, and my father still lives there. We grew up on the River and then Leonard Lake - I understand and agree about the winter - I live in Victoria BC right now, but have debated owning a lake front property in Muskoka - trouble is, with the changing Short Term rental situation, could be difficult to take on - I would love to go there in the summer for example.  Currently, I own a duplex in Bracebridge, and it has appreciated in the past 3 years, as well as it cash flows. Wondering how to do what you did regarding appreciation, still being able to manage the costs if it is a high value property, which of course it would also be in BC - the changing zoning here in BC is interesting, and we are seeing people buying the single family zoned properties simply because there is no more land here on Vancouver Island. I want to continue to invest, just have to be strategic. Thank you, and that is amazing that you know Muskoka and owned a property there.

Loading replies...