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Updated over 5 years ago on . Most recent reply

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21
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Steven Coppola
  • Windsor, CA (windsor)
6
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21
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Am I better off moving out or not moving out

Steven Coppola
  • Windsor, CA (windsor)
Posted

Hello BP! I'm 21 years old. You might take this into consideration below....

Say I buy a duplex and house hack. What do you guys think is a better strategy.

1) I move out right now and buy a duplex, and put down 5% because it my first residence. I get to hang onto more cash because I'm only putting 5% down. Say my tenant pays off 50% of the mortgage monthly and I'm paying the other half and not cash flowing but I'm building equity. Or......

2) I keep saving my money with no debt to my name and buy a duplex in 3-5 years with 20% down and have enough cashflow to pay off my monthly mortgage.

What do you guys think is a better strategy?

Thank you

Most Popular Reply

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14,748
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Theresa Harris
#3 Managing Your Property Contributor
11,422
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14,748
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Theresa Harris
#3 Managing Your Property Contributor
Replied

I would buy it now, but take your time to find something where the numbers work.  If you do it right, your tenant should pay more than 50% of your mortgage plus property taxes, etc.  As you are in Canada and a first time buyer you might qualify for the government incentives.

  • Theresa Harris
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