First Time BRRRR vs Home at AVR and Rental Unit
Hello fellow Canadians ! ,
Very new , this looks like a great community to be a part of , and learn as first time investors.
My girlfriend and I have been looking at homes for the last month , but have only been getting our agent to show us homes that had an in-law suite , or the possibility to add one , or a rental unit .
While doing research on CMHC fees , zoning and just trying to gain general knowledge of what we would be getting into , I stumbled across a You-Tuber (Matt Mckeever) , who very much had great things to say about this site , as well as the BRRRR Method .
In my situation I've never really had anything to invest but I have managed to come up with 20 k that I was going to use as a down payment on a 250 k home in our area ( this would be the home we rented the basement out in) .
I am wondering if I am missing an opportunity here, this will most likely be the only time I will have a sizable amount of money to invest if I just buy this house , and from what I am reading about this method I would need a good chunk of my own money to start my first BRRR and I should be buying the worst house in the best neighbourhood , not a home at AVR already .
Any help is appreciated !