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Updated over 5 years ago on . Most recent reply
Am I better off moving out or not moving out
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

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.